What Past Tech Waves Can Teach Us About AI Market Leadership

UBS analysis of past technological waves suggests that AI market leadership will likely shift from infrastructure providers to platforms and application developers. Investors are advised to diversify across the AI supply chain and avoid over-concentration in hardware mega-caps as massive capex cycles eventually normalize.

Key Takeaways

• 1.Incumbents rarely dominate new technology eras automatically because they often focus on protecting existing profit pools.
• 2.Durable value in AI is expected to migrate from infrastructure toward platforms and applications that create sticky ecosystems.
• 3.When AI capex booms eventually fade, competitive hardware segments are the most vulnerable to overbuild risks and margin pressure.

Table of Contents

• Thought of the day
• What to watch: 2 June
• Market update
• Global asset class preferences definitions
• Appendix
• Risk Information

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