is anyone actually making money from AI or is it just the chip sellers?

Because i have been thinking about this and something doesn't add up. Reason with me... (p.s. I stand to be corrected.) the hyperscalers Microsoft, Google, Amazon, Meta are collectively spending over $700 billion on AI data centres this year. yeah 700 BILLION DOLLARS. NVDA is printing money. AMAT is printing money. the picks and shovels guys are obviously winning. But who else? Do you know of any company outside of semiconductors that has genuinely moved the needle on revenue because of AI. Not "we integrated AI into our workflow". Not "our AI product is coming soon". I would like to actually know if there is a revenue line that changed. Because from my pov the ROI gap is getting harder to ignore. Palantir trades at a price-to-sales ratio of 86. The historical ceiling before things get ugly is 30. NVDA is 7% of the entire S&P 500 on its own. 57% of the economists in a Deutsche Bank survey said that the AI bubble is the single biggest market risk this year. Bigger than tariffs. Bigger than the Middle East. Bigger than the recession. And yet NVDA just did $68 billion in one quarter. The revenue is real. So i can't figure it out. is the money going to flow downstream to actual businesses eventually? or are we building the most expensive infrastructure in history for returns that never fully materialise??