Questions whether OpenAI represents a single point of failure for market sentiment and tech valuations.
John
Heath Terry
Rejects the single point of failure thesis, citing multiple major players (Google, Microsoft, AWS, Amazon) and real enterprise adoption by companies like Citi, JPMorgan, Pfizer, Walmart.
Asks point blank if corporate America is actually finding value in AI yet.
John
Heath Terry
Yes, corporate America is finding value, evidenced by adoption pace, hyperscaler revenues, and backlog numbers.
Asks if the AI trade evolves beyond hyperscalers into enterprise AI by 2026.
John
Heath Terry
Yes, the trade will evolve up the stack (chips ? optical ? memory ? storage ? hyperscalers ? software/data layer) and into derivative beneficiaries.
Notes that application software names have been depressed on the AI trade due to fears of cannibalization by OpenAI/Google.
John
Heath Terry
Clarifies he did NOT say application software companies would benefit yet. Horizontal AI applications (like Copilots) have gotten little traction compared to narrow, fit-for-function applications built by enterprises.