VCs are betting they'll get out with at least some gains before this bubble bursts. They have literally nothing new, not even in theory. They'll build a smaller-but-not-that-small-still-better-than-you-expect model which will be kind of open for others, which means they'll cut some deal and pretend they did something and that they received something in return.
> point is that the pie-in-the-sky promises are insufficiently novel
You have no data to judge novelty on. If you think AI rocket science, they’re flubs. If you don’t, they have a shot. Either way, I can’t see novelty being unsatisfied.
