If the models are more efficient, the tasks that still need a server will get the same result at a lower cost. OpenAI can also pivot to building more local models and license them to device makers, if it wants.

The finances of big tech companies isn't really relevant anyway, except to point out that Ed Zitron's arguments are not based in reality. Whether or not investors are getting stiffed, the bad outcomes of AI would still be bad, and the good outcomes would still be good.