A rational conversation on where AI is actually going | Benedict Evans
Lenny's Podcast: Product | Career | Growth
May 31, 2026
Benedict Evans argues AI is a massive, transformative platform shift, yet remains in its '1997 stage.' He emphasizes that long-term value will likely accrue to applications and vertical solutions rather than foundational model labs, which risk becoming undifferentiated commodity providers.
Key insight: The global mobile industry has a revenue of about a trillion dollars a year, yet mobile data consumption has grown 2,000 times since 2010; despite this, telco stocks have gone nowhere because they are low-margin commodity utility providers—a potential warning for AI model labs.
