The 300 billion dollar gap between AI investment and actual results

VCs just deployed $300 billion into AI this quarter while 95% of enterprise AI pilots delivered literally zero P&L impact and 42% of companies abandoned most of their projects. The gap between what enterprises are spending and what they're actually able to operationalize has never been wider in software history, but venture funds are still marking billion-dollar valuations like the 95% failure rate doesn't exist. Half the market is writing massive checks into infrastructure that's printing money while the application layer starves—and most LPs have no idea which side of that bifurcation their portfolio is actually on.