Part 3/8:
Drawing parallels to the internet boom in the late 1990s and early 2000s, Hazen suggested that just as hardware vendors like JDS Uniphase and Cisco initially attracted investment, the real value emerged from companies that leveraged these technologies to offer products and services directly to consumers and businesses—companies such as Facebook and Amazon. This historical context indicates that the upcoming AI wave may favor software companies and hyperscalers, which are positioned to capture more of the AI value than previously anticipated.