Big incumbents face new competition as smaller AI players, like DeepSeek, tap significant opportunities, suggesting winners may emerge outside the largest tech giants.

The AI opportunity remains vast and multi-cycle, with continued bets on startups that boast strong founding teams, rising lifetime value, and lower delivery costs.

Valuation caveat: despite abundant funding and high valuations for AI startups, the overall opportunity in AI is far larger than current investment levels imply.

Grimeland argues AI adoption is accelerating faster than prior tech shifts, with leaders worldwide prioritizing AI investments across industries and geographies.

Unlike the dotcom era, AI growth is backed by real revenues—OpenAI reaching $10 billion ARR and Lovable surpassing $100 million ARR in eight months—reducing bubble concerns.

AI markets aren’t in a bubble, says Antler founder Magnus Grimeland, pointing to tangible revenues and rapid, broad adoption that contrasts with the dotcom era.

AI is reshaping consumer behavior and how people search, with online activity shifting as Google’s share drops from full dominance to around 20%..ACCESS