More than three years after ChatGPT's release, only 27% of executives say AI has met their ROI expectations. The history of factory electrification explains why — most companies are at the light-bulb stage, adding Copilot licenses rather than reconceptualizing their businesses around AI. In this episode I map the three stages of AI adoption, and show what it actually takes to move from chatbots to the autonomous company — the only stage where the moat becomes real.