None of them have built a competing product that gained meaningful traction against the U.S. incumbents
...and here I thought SAP was German.
Try to think of this stuff from the point of view of a Silicon Valley CEO. You're responsible, above else, to make the share price goes up, and in particular to convince all your investors that the high price of the stock is justified because you're growing fast. You don't have a lot of income to justify this, but you used to be able to justify this with clicks, views, eyeballs, and the fact that you employ a lot of technical people.
The problem is that your company was growing based on borrowing money really cheaply, and it worked for decades. But the flow of low (or zero) interest capital you were funding your company with has dried up. Interest rates are higher, and the pool of investment capital that had flooded the markets for so long is moving to safer investments (because boomers are entering retirement) and because there's a lot of infrastructure spending eating up a lot of that investment, after the US slowed down outsourcing all manufacturing to China.
Now you have to stop spending so much. How do you cut spending but keep reassuring your investors and shareholders that you're still growing? Simple: Deus Ex Machina! Yes, we're laying off our tech people, but that's not because we're slowing down... it's because we're replacing them with AI. We're still producing as much output as we were before, but with fewer people. In fact, we're producing even more now!
Andrew Yang came from New York but he was definitely in the startup company scene. He hangs with these people. This is the kool-aid he's been drinking. But ask yourself... if it's all true and AI is so amazing, where are all the success stories? Where's the kid who created a competitor to Photoshop in his basement? Where's the actual vibe-coded AI-driven stock trading platform that some young finance guy created over a weekend? There are none and that's because it's all BS. If it were real, we'd be able to see the results.
We were so poor that we thought new clothes meant someone had died.