Diversify Across AI Value Chain: Sundar
THE SO WHAT
JPMorgan’s message to private clients—spread bets across chips, infra, models, and apps—codifies what many operators already feel: no one knows where the most durable margin will settle. If you’re building in one layer of the stack, assume your investors are benchmarking you against risk-adjusted returns across the whole value chain, not just your direct peers.
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