Very thoughtful framework. The distinction between AI infrastructure and AI applications feels especially important heading into 2026. After a capex-heavy phase, it makes sense that the market will reward those showing measurable ROI and real-world adoption (vs. buildout narratives). Thanks for the article! (and the heads up on Pagaya, hadn't heard of it before).
Strong take on the AI application layer thesis. The Zeta pick is paritcularly compelling because marketing ROI is one of the few AI usecases with immediate measureable impact. I've seen similiar dynamics at enterprise saas companies where adoption accelerates once CFOs demand tangible returns on AI spend. The 2026 GAAP profitability milestone combined with Athena AI rolout could be a serious cataylst.
Really good write up. Thanks Ray!
Thanks, Chris.
Really think that Pagaya will outperform in 2026 (if we have a good consumer credit market of course)
I think, unless there is a recession, they will do well.
OMG, those OpenAI circular deals. Bubble for real?
Great write-up Ray!
Thanks, Gab.
Merry Christmas.
Very thoughtful framework. The distinction between AI infrastructure and AI applications feels especially important heading into 2026. After a capex-heavy phase, it makes sense that the market will reward those showing measurable ROI and real-world adoption (vs. buildout narratives). Thanks for the article! (and the heads up on Pagaya, hadn't heard of it before).
Strong take on the AI application layer thesis. The Zeta pick is paritcularly compelling because marketing ROI is one of the few AI usecases with immediate measureable impact. I've seen similiar dynamics at enterprise saas companies where adoption accelerates once CFOs demand tangible returns on AI spend. The 2026 GAAP profitability milestone combined with Athena AI rolout could be a serious cataylst.
Excellent review of AI beneficiary companies for 2026.. some I never heard off
Glad to hear it!