BGV’s Anik Bose breaks down the economics behind the AI spending boom and says enterprises ultimately need tangible ROI through higher revenue, greater profitability or lower costs. He points to Amazon (AMZN) and JPMorgan Chase (JPM) as examples of companies seeing potential benefits from AI, while much of corporate America remains in the experimentation phase. He warns that if enterprise demand fails to materialize, AI model companies could feel the pressure first, followed by chipmakers and hyperscalers.