Milk Road AI The AI Trade Isn’t Over: Why We’re Only in Year 3 of a 10-Year Buildout w/ Dan Ives
Dec 17, 2025
Dan Ives, a renowned technology and Wall Street analyst, dives deep into the world of AI, comparing its current landscape to the early days of the internet. He dispels the myth of peak AI spending, citing ongoing demand and low enterprise adoption. Ives highlights the U.S. dominance in the AI race, thanks to Nvidia, while envisioning a future where humanoid robots transform industries. He also stresses the importance of diversified investments in AI and warns about potential power constraints, linking nuclear energy as a crucial part of this tech evolution.
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We’re In An Early AI Buildout
- Dan Ives compares the current AI moment to 1995/1996 rather than 1999/2000, arguing it's an early-stage buildout.
- He expects an eight to ten year cycle and warns against conflating early growth with a late-stage bubble.
AI Spending Still Has Massive Runway
- Ives says AI spending is accelerating, citing 12:1 demand-to-supply for NVIDIA chips and a 50% recent jump in spending.
- He notes only ~3% of US enterprises and near-zero globally have fully adopted AI, implying massive runway.
Why The U.S. Has An Edge Over China
- Dan Ives argues the U.S. leads China in AI because of advantages in chips and hyperscalers like Microsoft, Google, and Amazon.
- He highlights NVIDIA's multi-year lead and U.S. talent like Musk, Altman, and Nadella as strategic edges.