A lot of AI discussions seem to mix two different questions together.
One question is whether AI is useful. I think the answer is clearly yes in some areas: coding, document work, customer support, data analysis, medical imaging, internal workflows, etc.
But the investment question feels harder: who actually captures the long-term profit from that usefulness?
Is it the chip companies, cloud providers, software companies, power/infrastructure players, or the normal businesses that use AI to cut costs?
The internet changed the world, but that didn’t mean every internet stock was a good investment. I wonder if AI could be similar: real technology, real use cases, but very uneven shareholder returns.
How do you think about this distinction when looking at AI-related investments?