“It’s completely unclear to me who’s going to monetize and make money out of all this capex,” said Wood at the Fortune Innovation Forum.
Wood, now the global head of equity strategy at Jefferies Hong Kong, said that the arms race began in 2023 when Microsoft invested in OpenAI. He argued that investors are missing a crucial point: that nearly all the money made so far is accruing not … [3278 chars]
Source: Fortune | Published: 2025-11-21T03:52:24Z
Credit: Fortune
