Everyone has already made money on the AI buildout. The next money gets made by whoever's actually using it.
For the past two years, the easiest trades in the market were the ones tied directly to AI infrastructure: the chips, the data centers, the power contracts. That money has largely been made. The stocks that ran hardest on that story have already been rewarded, and in some cases already punished, as investors start asking a harder question: who's actually turning all this spending into profit? That's the tension running through this year's AI story, and it's why the next round of winners may not look anything like the last one.
