Nikotes

Have been thinking about this as well. We've all had a front-row seat to the discussions and debates around the buildout, but once you get to use cases, the debate is fixated on coding and personal agents and drops off thereafter. Not as much around where broader enterprise adoption is. Found that surprising, especially because you need real enterprise adoption for any of this stuff to matter 5 years from now. I picked up coverage of software, compute, and, power earlier this year and it was pretty jarring how far apart the software company debates were from and compute/power/semis/labs discourse. If you follow the traditional SaaS businesses, especially the big system-of-record guys, it's clear that for most, real adoption and usage of AI products sold by the SaaS space is a late 2027 event at the earliest. $NOW and $TEAM are quickly realizing that they need to deploy engineers to customer sites like $PLTR. Both are telling investors to expect little to no revenue upside from customers using enough tokens to generate an overage beyond contracts. The "AI benefits" are contract expansions/upselling to plans that include it, an effort that companies seemingly believe must precede driving usage. Messy/noisy. Then, if one looks at the infra SaaS players ($SNOW etc.), most of them aren't "benefitting from AI" the way you're thinking - they've just found new customers that spend at lot of money with them today. On the enterprise side, what you're seeing is not a big wave of AI usage demand, it's a big acceleration in cloud migrations that enterprises believe make them more "AI-ready". Migrations are often multi-year in nature. Cyber has elements of this as well. Taken together, the logical reaction is "this means air pocket in 2027", but it's not like labs/the current apps aren't still growing rapidly, it's not 100% clear we're out of the woods on scarcity/buildout just yet, and some companies are farther along with their AI product launches than others. That said, "air pocket" sounds scarier than it is. Think that's mostly because it implies deceleration, and it today like 80%+ of tech companies across both software + semis have a decelerating topline (most from growth rates that are attractive) and markets are punishing that right now. In SW, it seems to be creating a lot of GARP-y profiles that are attractive in cases where one believes that terminal value is not going to 0. Patience while holding something cheap + durably growthy for a year gets rewarded in 2028+ with the benefits of acceleration etc.