Everyone is building the next big model. Almost nobody is building the next intelligence. There's a foolish, unspoken consensus in AI right now: if human-level AGI is coming, it'll come from frontier labs training bigger LLMs and wrapping them in better harnesses. That assumption is short-sighted — and almost certainly wrong. LLMs are powerful tools. They are components of AGI systems, and scaffolding for building them. But they cannot be the core of human-level intelligence.