Steve Lucas
speaker
213 appearances
1 recordings
1 series
first heard Jul 2026
last heard 12 Jul
Steve Lucas’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
The one company that is unequivocally making money from AI is Nvidia.
That's the one company that seems to be making a ton of money.
There's a lot of other companies that have proven they can build amazing models and lose extraordinary amounts of money.
Thank you, Rachel.
Happy to be here.
Well, first of all, I think you're absolutely right.
Over the past couple of years, we've gone from, we didn't have AI, now it exists, to boards pressuring executive teams, CEOs, and leaders at companies to put AI into their company, build an AI strategy.
And in the two years that we've seen that pressure kind of mount, we've seen the birth of agentic AI inside of businesses and all those things.
I think that the pressure has now started to subside, and as you pointed out, now it's about returns.
And I've been quoted a few times as saying that ROI supersedes AI, and there is no doubt that that is the case today.
I just think it's the enormity of the pressure on that left-hand side, coupled with rushing into a lot of AI projects,
We're not seeing the high rates of return that you'd expect from businesses.
Now, that's going to change as AI matures and how organizations manage AI matures as well.
But we're definitely seeing a change in the wind.
Well, if you look at the four major hyperscalers in the U.S.
alone and the amount of CapEx that they put into AI last year versus this year, this is kind of the canary in the coal mine.
Last year, it was around $410 billion, and this year it's over $700 billion.
for four companies.
That's an extraordinary increase in spending.
And obviously that is not reflective of the broader market, but it's an indicator of the broader market.
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