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AI tenants
The truly bearish AI narrative for some companies is not that AI disappoints. It is that AI succeeds beyond expectations. If foundation models become the new operating system, then companies like Netflix, Spotify, Adobe, Salesforce and even parts of Microsoft may increasingly look like tenants living on top of someone else's platform. The value would migrate downward, away from the applications and toward those controlling the models, compute and infrastructure. The recent weakness in all five of the above-mentioned stocks is noteworthy. Is there an "AI will succeed beyond expectations" trade going on here?