Dan Niles believes Amazon will do well because it hosts Anthropic workloads, has massive physical infrastructure benefiting from robotics and AI, and is the biggest public cloud vendor.

Dan Niles believes Apple will do well because it has a huge installed base of 1.5 billion iPhone users and can license AI from other companies like Google for approximately $1 billion a year.

Dan Niles believes OpenAI is in a much trickier spot than Google because it is caught between Google on the consumer end and Anthropic in the enterprise space.

Dan Niles states that the AI trade in public markets has been going sideways for several months.