AI INFRASTRUCTURE BOOM ENTERS RISKIER PHASE

The explosive growth in AI buildout is colliding with real-world limits, creating both risks and opportunities beyond traditional infrastructure plays, according to Ahlsten. The shift marks a critical juncture for the AI industry. While early phases focused heavily on hardware and data center expansion, the next wave will require navigating resource scarcity, energy constraints, and supply chain complexities. Traditional software companies face particular pressure as AI reshapes economics. Seat-based licensing models used by Salesforce, Workday, and ServiceNow could face headwinds as AI alters how businesses calculate software value and deployment costs. Ahlsten identifies emerging opportunities in sectors beyond semiconductors and infrastructure as the industry matures. The pivot suggests investors should broaden their lens beyond chip manufacturers to capture longer-term AI-driven value creation across diverse industries.