AI: The ROI Runway Could Be Long Outside the Tech Sector
Summary
Torsten Slok argues that the ROI runway for AI investments outside the tech sector could be longer than in software, as many industries require deep process re-engineering and data governance. He cautions that current equity valuations may overestimate near-term earnings, especially if token costs and model routing do not converge to zero, leading to potential repricing and slower AI-driven productivity gains in non-tech sectors.