> This is no different from the personal computer, and it is to be expected.
What are you talking about? The return on investment from computers was immediate and extremely identifiable. For crying out loud "computers" are literally named after the people whose work they automated.
With Personal Computers the pitch is similarly immediate. It's trivial to point at what labour VisiCalc automated & improved. The gains are easy to measure and for every individual feature you can explain what it's useful for.
You can see where this falls apart in the Dotcom Bubble. There are very clear pitches; "Catalogue store but over the internet instead of a phone" has immediately identifiable improvements (Not needing to ship out catalogues, being able to update it quickly, not needing humans to answer the phones)
But the hype and failed infrastructure buildout? Sure, Cisco could give you an answer if you asked them what all the internet buildout was good for. Not a concrete one with specific revenue streams attached, and we all know how that ends.
The difference between Pets.com and Amazon is almost laughably poignant here. Both ultimately attempts to make the "catalogue store but on the computer" work, but Amazon focussed on broad inventory and UX. They had losses, but managed to contain them and became profitable quickly (Q4 2001). Amazon's losses shrank as revenue grew.
Pets.com's selling point was selling you stuff below cost. Good for growth, certainly, but this also means that their losses grew with their growth. The pitch is clearly and inherently flawed. "How are you going to turn profitable?" We'll shift into selling less expensive goods "How are you going to do that?" Uhhh.....
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The observant will note: This is the exact same operating model of the large AI companies. ChatGPT is sold below unit cost. Claude is sold below unit cost. Copilot is sold below unit cost.
What's the business pitch here? Even OpenAI struggles to explain what ChatGPT is actually useful for. Code assistants are the big concrete pitch and even those crack at the edges as research after research shows the benefits appear to be psychosomatic. Even if Moore's law hangs on long enough to bring inference cost down (nevermind per-task token usage skyrocketing so even that appears moot), what's the pitch. Who's going to pay for this?
Who's going to pay for a Personal Computer? Your accountant.