Artificial intelligence (AI) has given investors plenty of growth to celebrate. Paying for that growth is becoming the harder part. The same technology that creates new cloud customers can also change how existing businesses earn their money. For shareholders, that means watching both sides of the ledger: What AI adds and what it puts at risk.
The industry's spending race already threatens returns across the AI supply chain. Google's latest quarter adds a more uncomfortable possibility, as building a better product could weaken the economics of the business financing it.