Azeem Azhar

And at that point, we should start to see more and more companies talking about the results they're getting.

If they don't talk about them, they might still be getting results and just don't want to share, which is not unheard of in this market.

So that's the third layer.

Then the fourth layer is really about the politics of absorption.

So are we really able to absorb this politically?

And there are complexities.

You know, the idea of sovereign AI, sovereign technology, which I wrote about in my first book as well, is becoming incredibly, incredibly real.

It's a race for the US and for China, but for

Middle powers, which is really everyone else, right?

If you're not US or China, you're kind of bunked in as middle powers.

It's a challenge, right?

How much control are you going to actually have on this absolutely critical, critical infrastructure?

And it creates this strategic dilemma for states.

There are concrete signals of these smaller companies doing things, of course, the UK, of course, the Gulf.

Brazil and India both have new AI data center projects running into the tens of billions.

But it's going to be really complicated for those middle powers when they think about not so much the models, because you can always get an open source model, but they think about the chips, they think about ultimately the serving infrastructure.

And that is going to play out significantly, certainly over the next couple of years.

But the final one, I think, is this.

And this is the most paradoxical part of this AI wave where 2 billion people are using these tools.

People like nano banana and they like image generation and they like Sora and they like other things.