The AI Boom Is Bigger Than Anyone Thinks | Dan Ives

Ives says the AI trade is still early-innings, but sovereign/in-house AI adoption is quietly eroding frontier labs' token revenue growth.

• Early innings claim: Ives says the AI capex cycle is less than 15% through a projected $4-5 trillion multi-year spend, with every $1 of capex generating a $5-6 multiplier across tech.
• Sovereign AI as headwind: Ives argues enterprises increasingly build and train their own models rather than route all queries to frontier labs, calling token-consumption plateau at labs like Anthropic 'a massive headwind that not a lot of people are talking about.'

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