U.S. equity markets are not driven solely by artificial intelligence. The global economy is undergoing a structural transformation, with investors shifting toward assets that build the future rather than traditional consumption-driven sectors. The rise in bond yields reflects an investment boom rather than pressure on markets.
Value is created first in private markets: Space Exploration Technologies Corporation (SpaceX), OpenAI, L.L.C., and Anthropic PBC have all raised billions and scaled significantly in private markets before their IPOs which represent an exit and liquidity event rather than a value-creation stage.
Valuations of artificial intelligence companies go beyond revenue growth. The key metric is token economics, namely the cost of computing, electricity, and memory consumed in each interaction. The winners will be those that combine lower token costs, operational efficiency, and a fully integrated operating model.
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