The Magnificent Seven stocks (Nvidia, Microsoft, Apple, Google, etc.) now represent approximately 33% of S&P 500 market capitalization, up dramatically from more diversified historical levels, and these firms are the primary locations where AI is being developed and deployed.

The question of whether AI is a centralizing or decentralizing force is critical: will the three firms with sufficient capex to build AI models maintain permanent monopolies, or will AI become commoditized and benefits accrue to long-tail users and appliers rather than builders?