- AI IPO arms race: Anthropic confidentially filed and OpenAI is prepping, with valuations nearing $1 trillion and plans to raise tens of billions — a frenzy reminiscent of the dot‑com peak.
- The most scalable AI money may not be fancy copilots but unglamorous needs: bank modernization (think COBOL), AI credit/fraud scoring in fast‑growing markets, and crop‑disease detection for smallholder farmers.
- History’s lesson: the durable profits go to the infrastructure everyone must pay for (routers, towers, data pipelines), which is why investors are snapping up AI data‑infrastructure plays rather than betting only on the flashiest models.
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