These companies are notorious for burning through cash faster than they make it, for losing money on every transaction, and for depending on eye-poping infusions of venture capital.*
Which I realize is beside your point, but still worth noting. It's a bubble inflated on the promise of AGI, which is no closer to than 5 years ago. It's like fully self driving cars in that respect.
But it's the hot new thing to invest in, and when the bubble finally bursts the shit will hit the fan and we'll all get splattered.
Which won't stop ChatGPT and the like from writing convincing copy, unfortunately.

*Read, say, Gary Marcus' substack. Or Ed Zitron's newsletter.