AI value shifts to application layer
The bullish case for AI applications argues that the most powerful investment opportunities are moving toward companies leveraging proprietary data.
The argument
Seth Gill of Robinhood argued that while physical infrastructure faces constraints, the market is moving closer to the application layer, highlighting Eli Lilly's use of proprietary data in AI as an example of high-value creation.
The thesis, stress-tested
✓ What validates it
- ✓Eli Lilly reporting measurable R&D efficiency gains from its Lily pod AI initiative
- ✓Software companies successfully monetizing agentic wrappers
▸ Risks discussed
- ▸Physical world constraints like energy and data centers lagging behind software capabilities
- ▸High cost of model training and token usage
Hear it yourself
"We've seen a pullback here at 4,300 here. Yeah. I mean, you had a lot of speculative money go into gold at the beginning of the year. We had a little bit of a parabolic move, so that was part of it. But the other part of it is we did have, two big central banks, Russia and Turkey, selling. Russia sold for four months in a row. Turkey was the biggest seller of gold in March, but those are the outliers. Central banks in general are continuing to buy. Bloomberg Surveillance across this nation. Oh, boy. And for San Antonio, we're at 3AM at a diner."
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