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Applied AI·June 23, 2026·1 min read

The AI market has become a ‘rubber band’ — the question now is how far it can stretch, says Goldman strategist

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Hyperscaler capex keeps stretching while AI software gets cheaper to build elsewhere—margin is migrating from generic apps to infra, proprietary data, and distribution. If your AI business model assumes sustained pricing power without a moat in those three, treat this as a warning to re-underwrite your unit economics.