Aswath Damodaran predicts this for the future of AI: The next Amazon won't be Nvidia or OpenAI

Renowned valuation expert Aswath Damodaran argues that current AI infrastructure leaders like Nvidia may not become the biggest long-term winners, drawing parallels to the internet boom where Amazon, not Cisco, emerged as the dominant stock. He notes the AI trade has weakened in recent months while broader markets have held up, suggesting markets are less dependent on AI than widely perceived. He also cautioned that justifying around 26 trillion dollar AI valuations could imply unprecedented disruption to white-collar employment, with the ultimate winners likely being unknown companies, possibly even private, that will use AI infrastructure to deliver products and services.