The AI Boom Is Bigger Than Anyone Thinks | Dan Ives

— Dan Ives argues the AI trade is in early innings with only 4% of US companies having adopted AI, creating massive runway for growth across infrastructure, software, and enterprise.

— Token consumption is declining per customer as companies build sovereign AI internally rather than relying solely on frontier models like OpenAI and Anthropic, creating pricing pressure on large language model providers.

— Regulatory capture concerns suggest Anthropic and OpenAI's calls for AI regulation may aim to slow competitors rather than reflect genuine safety concerns; profitable companies like Meta and Google aren't advocating slowdowns.

— The US-China tech race is critical; slowing AI development domestically hands advantage to China, making data center approvals and open-source initiatives essential to maintaining US leadership.

— The Ives Ultra Fund (IVAI) is a new public vehicle allowing retail investors to gain exposure to private AI companies previously accessible only to institutions.

— Diversify AI exposure across the entire value chain—own core hyperscalers (Microsoft, Amazon, Google), chip makers (NVIDIA, AMD), infrastructure (Cisco, Dell), and cybersecurity plays rather than concentrating only on frontier model labs or memory stocks.

— Consider the Ives Ultra Fund (IVAI) as a vehicle to gain public market exposure to leading private AI companies; Ives believes the private AI lab valuations face headwinds from sovereign AI adoption and token price compression.