The truth is we don't know yet. 

This morning I read a post by Jerry Normann - https://joincolossus.com/article/ai-will-not-make-you-rich/, arguing that AI is going to be more like shipping containers than like microprocessors, and as a result value creation will be diffuse, will flow to consumers, but will not create any large value for startups or investors as incumbents will capture all of the value and will be able to defend their moats. 

Last week I attended a talk -- chatham house rules -- where I saw a UK based investor say exactly the opposite. This person pointed out that token processing volume in Azure was increasing dramatically, and yet penetration in terms of overall market remanned small -- indicating that we are only at the foothills of transformation. That many companies started by a small group of people had reached valuations of tens of millions (Cursor the code editor was given as an example, along with some tools to help folk build websites more easily), and that there has never been a better time to attack the moats of incumbents who will likely buy you out at high valuation. 

One week, two totally contrasting views, no clarity yet.