Rachel Warren

The big takeaway for me is the AI landscape, it's not heading towards a winner-takes-all monopoly.

I think what we are going to continue to see is the fragmentation of the space into specialized territories with every player playing to their own kind of specific strength, right?

I mean, we've been talking a lot about Alphabet today.

Their advantage is the sheer distribution they have.

They have an unmatched flywheel.

They're weaving Gemini into Search, Android, YouTube.

They're winning in that passive consumer lane, especially with people that don't care about AI models.

but maybe they just want to use their phone or their search bar to get smarter results and outcomes.

I mean, you think about OpenAI, right?

They have the agility, the developer mindshare.

They've also got very high operational burn rates.

They have a very heavy reliance on capital backing.

But there is a very different place within this industry in which they operate.

Then you go to NVIDIA, right?

I mean, they're kind of insulated from the software battle because they control that foundational hardware toll road.

Obviously, Alphabet is scaling their own.

Well, and that's the thing.

And that is one note I want to add.

We were talking about sort of the lack of, at least in my view, utility of these new glasses.

I think the hardware utility for Alphabet is as they're scaling that TPU business.