"This risk is easy to hedge. Plenty of assets will do well in a scenario in which humans have more discretionary spending power and more free time."
I would argue Google is a good hedge for this as well since if AI reduces enterprise workflow lifestyles and there are more consumer freelancers, Google has a much bigger consumer facing business. This is the one thing that makes me always swing back and forth between these two names, however I do think both will produce good returns in the AI era. However, the paranoid part of me always thinks - Google came out of nowhere and got on the Microsoft windows desktop. I use almost all Google's products exclusively even though Msft offers them too (I do still use Excel and Word). I didn't explicitly choose this it just sort of naturally evolved out of using the Chrome browser. This reminds me that even on someone else's platform you can still make inroads and take market share!
Nothing to stop you owning both! I agree it’s possible to make inroads. The question is whether those inroads materially impair profitability. Google didn’t really come out of nowhere in productivity. They invested billions and years to make relatively little progress with enterprise.
"This risk is easy to hedge. Plenty of assets will do well in a scenario in which humans have more discretionary spending power and more free time."
I would argue Google is a good hedge for this as well since if AI reduces enterprise workflow lifestyles and there are more consumer freelancers, Google has a much bigger consumer facing business. This is the one thing that makes me always swing back and forth between these two names, however I do think both will produce good returns in the AI era. However, the paranoid part of me always thinks - Google came out of nowhere and got on the Microsoft windows desktop. I use almost all Google's products exclusively even though Msft offers them too (I do still use Excel and Word). I didn't explicitly choose this it just sort of naturally evolved out of using the Chrome browser. This reminds me that even on someone else's platform you can still make inroads and take market share!
Nothing to stop you owning both! I agree it’s possible to make inroads. The question is whether those inroads materially impair profitability. Google didn’t really come out of nowhere in productivity. They invested billions and years to make relatively little progress with enterprise.