This is yet another reason why I think a very large financial collapse is coming. My guess is that the AI bubble will burst spectacularly, and is probably now large enough to take a lot of things with it. I think it will make 2008 look really rather small.

This is continuing the decades-long trend of financialization.
IIRC, Piketty made the point (and I paraphrase) that monied interests have learned that there's more wealth to be obtained by passive investment than by running actual businesses.
I should add that that results from fifty-odd years of continuous upward transfer of wealth--income inequality--wherein there's way too much wealth at the top that goes into that passive investment and speculation instead of, I dunno, making the world better eg maybe finance a shift to passive energy even if buying AMD stock is more profitable. You get the idea.
So everything becoming a bank (while banks move away from banking as Matt Levine periodically reports) is just something evolutionary.

Reminds me of when I lived in Utah, the biggest bank was actually RC Willey, a furniture store. Depressing really. We financed our first couches as married college students. Luckily we quickly learned better financial habits.