Tomas Pueyo

Tomas explores the implications of AI disruption on the tech industry, drawing parallels to the railroad and airline industries. High capital costs, intense competition, and regulation made profits elusive for investors in those sectors, with most value accruing to consumers. He predicts a similar pattern for AI foundation models: major tech giants are aggressively competing, some open-sourcing models for free, diminishing returns for companies. NVIDIA's graphics chips are fueling the AI boom, but its growth may face headwinds as competitors emerge. Amidst uncertainty, Tomas advises retail investors to diversify beyond tech stocks and temper return expectations.