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 c
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