Executive Summary
Databricks CEO Ali Ghodsi declares LLMs are commodities while 95% of enterprise AI projects fail. This creates a stark bifurcation in the AI market that most investors are missing. Ghodsi's commodity thesis—'you can get gas from this gas station or that gas station, it doesn't matter, just compare price'—directly contradicts the trillion-dollar capex narrative driving semiconductor valuations. Meanwhile, Glean CEO Arvind Jain reports $200M revenue run rate with enterprise customers like Royal Ba...
Key Investment Opportunity
Enterprise AI Application Layer
Value accrues to software applications with proprietary data moats rather than commoditized model providers
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