Inside the AI Value Chain: Reflections from the Road

Our West Coast AI road trip reinforced that enterprise adoption is still early, but it is accelerating quickly and remains broad enough to support multiple winners.

We see strong opportunity in advertising and software as AI improves conversion rates, automates creative work, and shifts value toward systems that can turn data into action through agents.

The buildout is also constrained by power, compute, networking, and advanced packaging capacity, which keeps semiconductor demand elevated even as supply chains stay tight.

At the same time, risks remain around uncertain monetization for agentic software, uneven consumer trust in agent commerce, flat cybersecurity budgets despite rising threats, and robotics that are still years from broad commercial scale.