Zortix matched this thesis to Technology ETFs as the exposure the bearish case argues against, most actionable for readers who already hold them. Not a recommendation.

AI apps' large TAM precludes acquisition by incumbents

A specific risk for high-valuation AI application companies was framed: their inflated valuations, justified by a larger total addressable market (TAM), make them too expensive for the legacy incumbents they aim to disrupt to acquire.