The AI rollup mirage and the risk of repeating old mistakes

Across the technology investing world, investors are scaling their bets on a seductive thesis: Generative AI will transform low-margin service businesses into high-margin software companies. Several well-known platform venture firms have committed billions to this strategy and have begun to make their bets.

This essay is co-authored by Nathan Benaich and Nikola Mrksic, CEO of PolyAI.