Scott Galloway

Meanwhile, China has more than twice America's energy capacity at half the cost.

Second greatest AI hallucination?

Job creation.

The average number of full-time employees at a data center is equivalent to the number of people working at two Applebee's.

NVIDIA and OpenAI duopoly comes under siege.

Based on its valuation, NVIDIA is telling the market it will add an additional $800 billion in revenue over the next five years, equivalent to the combined revenue of Apple, IBM, Meta, and Tesla.

OpenAI, which has $20 billion in annual revenue, is projecting it'll add $180 billion in revenue over the same period, equivalent to the combined revenue of Disney, Fox, The New York Times, Paramount, and WBD.

Also, OpenAI's $1.4 trillion in spending commitments exceeds Argentina's national debt.

Meanwhile, the competition is heating up.

China is putting out comparable models at a fraction of the price, see above.

Anthropic has captured the lead for enterprise users, and, as I predicted last year, the empire, Alphabet, is striking back.

Gemini summaries are improving, and arguably the greatest concentration of AI talent resides at Alphabet.

OpenAI could be our era's Netscape, i.e., the disruptor that enjoys a moment in the spotlight before being eclipsed by an incumbent.

Big tech pick, Amazon.

I'm bullish on Amazon, even though it underperformed the Mag 7 this year.

The collision of AI and robotics is the champagne and cocaine cocktail fueling Amazon's retail margin expansion, catalyzing a 2x increase in the gross merchandise value of its largest business, retail, by 2033, without adding any human workers.

Just as Ford's assembly line slashed automotive production time by 88%, Amazon's robotic investments have reduced the time from click to ship by 78%.

The rest of the Mag 7 capitalizes on the elevation of information, bits, over objects, atoms, while Amazon is leveraging bits to move atoms faster and cheaper.

Notably, the market hasn't priced this in yet.

In 2025, Amazon stock traded at a P-E ratio of 33 compared to its historic average of 58.