The author says AI has not delivered the productivity or profit promised: combined company revenue $229 billion by August 2026, sector debt $445 billion heading toward $600 billion, Nvidia’s P/E below the U.S. market average, and a forecast that AI could disrupt $4.7 trillion of other firms’ profits by 2035.

Warnings from named lab chiefs that AI could kill people are treated as fear used to sell products, lift investor hopes, and grow security spending and autonomous weapons with the military, not as a proven extinction clock. Tools do not kill, the piece argues; owners and uses do.

The alternative offered is public rules so people innovate and control AI for shared, less extractive ends—not Luddism and not a security state. 

There is no doubt that AI is leading transformation in different spheres of life and society, influencing every sector of the economy, politics, culture, individual life, infrastructure, and industrial growth. The AI led ICT shapes governance, policy and decision-making debates unlike any other period in history. However, the AI race has not produced the efficiency it has claimed to achieve; it has not accelerated productivity as claimed; it has not produced the profit it has claimed to generate. Investors are not making money. 

For example, Nvidia Corporation’s price-to-earnings ratio is below the US market average. Despite its phenomenal growth, Nvidia is not making the profit it claimed to make. The combined global revenue of all AI companies has reached $229 billion by August 2026. AI companies are borrowing heavily to invest; the AI debt market now stands at a staggering $445 billion and is expected to grow to $600 billion by the end of 2026. Despite dubious ways of calculating revenue and getting huge tax benefits, AI companies are not showing economic........

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