In the AI sector, hardware and LLMs have already solidified the two foundational layers of the stack—both generating massive cash flow at scale. Yet true large-scale AI application platforms have yet to emerge. My take: The first wave of breakout, category-defining AI applications will hit developer and researcher workflows first. We’ve already seen this with AI coding—Anthropic scaled to a nearly $1 trillion valuation in roughly one year. Consumer-facing AI applications, on the other hand, will take longer to reach massive scale and will extend far beyond today’s chatbot-style LLM apps.