I wouldn't say that. Based on TwoMinutePapers, they have made some remarkable advancements in AI R&D. The difference is, they didn't release a prototype to the public.

I think the big pitfalls they want/need to avoid are confident incorrectness (ChatGPT is lovely except when it confidently says nonsense) and advertiser comfort (they are a business after all). Clearly they don't have a market-ready product. But I wouldn't write them off.

Obviously, though, competition is unambiguously good.