Markets are pricing in long-term AI winners. This veteran investor says history proves customers win more than innovators.

Veteran investor Rob Arnott cautions that the current market enthusiasm around AI may be misplacing its bets on perceived long-term winners. Arnott, chairman of Syzygy Asset Management, argues that historical trends suggest customers often benefit more than the companies innovating new technologies. This insight implies that while investors might be focusing on the tech companies leading the AI charge, the real beneficiaries could be those who effectively utilize these advancements. This perspective challenges the conventional wisdom that always rewards the most innovative firms.