Yeah that is technically true in that the law doesn'tsay that verbatim, but long term profitability is the goal since that is what is in the best interest of shareholders. The actual language is:
Duty of Obedience - basically CEO needs to do what the board and bylaws dictate
Duty of Information - don't mislead shareholders
Duty of Loyalty - put shareholders' interests first. Meaning long term profitability
Duty of Care - make business decisions with necessary forethought and planning, don't be negligent.
This is basically interpreted as ensuring the long-term financial success of the company. Long term financial success = maximizing profit. Profit allows you to expand and make more profit. Therefore profit is the primary goal.
Saying profitability isn't what the law dictates is sort of like "civil war wasn't about slavery, it was about states rights". To do what? Own slaves. "A public corporation's fiduciary duty to investors doesn't mandate profit-seeking, just acting in their best interests." And their best interests are....? Profitability.
https://online.hbs.edu/blog/post/fiduciary-duty-to-investors
So if I produce surplus intelligence, can I sell it back to the grid like with solar? Like if I want to just sit at home and look at memes all day, I'd have some to spare probay.