It comes from the case against Henry Ford after he saw his company was making gobs of cash and decided to give some of that to his employees. Shareholders successfully sued him to stop this on the grounds that he has a fiduciary duty to shareholders.
https://en.m.wikipedia.org/wiki/Dodge_v._Ford_Motor_Co.
As with anything legal, there is nuance, but the basic assertion that there is fiduciary duty to shareholders is not wrong.
I would question the efficiency claim. Uber and the like claimed incredible market dominance, driving local food delivery and taxi services out of business. They’re only now really being forced to find profitability.
I wonder if AI is going to be similar. The powerful models right now, as I understand it, have ludicrous power requirements. I don’t know their balance sheets, but in the current race to market share, I’m skeptical that most of these services are in the green.
What that ultimately says about the future I don’t really know. Like it could be we reach some point where the models get better, or more specialized, or something and profit arrive. Or maybe theres a point of diminishing returns where the profit just can’t be made, and once the hype falls off (and investors stop clamoring for AI) these companies will ask what they’re getting for the money spent.
(And of course I could just be straight up wrong about profits today not being there.)