Narratives are funny because they can be completely true and a total lie.
There's now a repeated narrative about how the AI bubble is like the railroads and dotcom and therefore will end the same. Maybe. But that makes it seem inevitable. But those who have that story can't see anything else and might even cause that to happen, collectively.
We can frame things with stories and determine the outcomes by them. If enough people believe that story, it becomes inevitable. There are many ways to look at the same thing and many different types of stories we can tell - each story makes different things inevitable.
So I have a story I'd like to promote:
There were once these big companies that controlled computing. They had it locked down. Then came ibm clones and suddenly, the big monopolies couldn't keep up with innovation via the larger marketplaces that opened up with standard (protocol) hardware interfaces. And later, the internet was new and exciting - compuserve and AOL were so obviously going to control the internet. But then open protocols and services won because how could they not? It was inevitable that a locked down walled garden could not compete with the dynamism that open protocols allowed.
Obviously now, this time is no different. And, in fact, we're at an inflection point that looks a lot like those other times in computing that favored tiny upstarts that made lives better but didn't make monopoly-sized money. The LLMs will create new ways to compete (and have already) that big companies will be slow to follow. The costs of creating software will go down so that companies will have to compete on things that align with user's interests.
User's agency will have to be restored. And open protocols will again win over closed for the same reasons they did before. Companies that try to compete with the old, cynical model will rapidly lose customers and will not be able to adapt. The money possible to be made in software will decline but users will have software in their interests. The AI megacorps have no moat - chinese downloadable models are almost as good. People will again control their own data.
It's inevitable.