Chamath questions the real ROI from enterprise AI

Chamath says the real ROI from AI for most large public companies may still be extremely small.
His argument is that much of the AI earnings story gets distorted by including $NVDA and other direct infrastructure winners.
When looking beyond the largest AI beneficiaries, he says the actual lift to S&P 500 company earnings appears closer to 0% to 2%.
That is the key tension in the AI trade.
The capex is real.
The infrastructure revenue is real.
But the broad enterprise productivity payoff still has to show up clearly in earnings.