> the AI story will be decided in the S&P 493, not the Mag 7

Maybe? But aren’t they the Mag 7 for a reason? Don’t they control a substantial part of GDP? Don’t they have a significant impact on the global economy that the s&p 493 may not - especially with large scale adoption of these tools.

Not saying that this means AI spending at current rates will be profitable or not crash - but only that there may only be 7-10 big companies at the end of all of this and the S&P 493 will be irrelevant (it’s one potential scenario in my book at any rate)