That's not a very interesting opportunity for insitutional investors (hedge funds, banks, pensions, etc). They have the resources and confidence to move fast an

That's not a very interesting opportunity for insitutional investors (hedge funds, banks, pensions, etc). They have the resources and confidence to move fast and cleverly and don't need to make big bets on far off possibilities. They have better things to do with their money in the meantime. The nearly $1T in investment hype since Q42022 was chasing the possibility that revolutionary commercialization of generative AI might arrive any day. That no longer seems likely. As you note, there seem to be at least a few more profound discoveries that need to be made and matured, and so that revolution is still a long way out (from the perspective of these investors), even if it looks meaningfully more possible than it did two years ago.