The AI PC category has a credibility problem. Two years into the NPU era, most on-device AI still feels like a solution searching for a problem. The hardware arrived before the software had anything meaningful to say, and Microsoft’s Copilot rollout did little to change that narrative. Rather than building a coherent ecosystem experience, Microsoft…

The next phase of the AI PC market will be won less by raw AI specifications and more by enterprise usefulness. Intel is repositioning the commercial PC as a managed, secure, on-device AI endpoint that can execute work, observe itself, and improve user experience without sending every workflow back to the cloud. What stands out…

The Thesis in 60 Seconds We believe the shift from monolithic LLM inference to multi-step agentic workflows structurally changes the compute mix inside datacenters. Training-era architectures assumed GPUs would dominate every phase of inference. Agentic workloads have challenged that assumption. When an agent calls a tool, queries a database, waits for human approval, or orchestrates…

Executive takeaway. GTC 2026 reinforced our view that NVIDIA is shifting the competitive field away from performance and toward the economics (TCO) of the AI factory as a whole. We believe the decision is actively shifting to cost per token, tokens per second per watt, deployment speed, utilization, and revenue per megawatt, thus the moat…

Microsoft announced a significant organizational realignment this week, consolidating its consumer and commercial Copilot efforts under a single unified structure. Jacob Andreou has been elevated to EVP, Copilot, reporting directly to CEO Satya Nadella, with accountability spanning design, product, growth, and engineering across both segments. Mustafa Suleyman, who previously held broader oversight of Microsoft AI,…

Similar to the exercise we did on Anthropic, we wanted to do a similar deep dive on OpenAI. In our view, both companies have meaningful overlap but also important differences in technology, strategy, and market positioning. The exercise for both was a hypothetical: what would an initiation note look like on these companies, given neither…