William Blair·2026-06-10·via All Articles on Seeking Alpha
Summary
The cloud has come back to Earth. In 2021, the metrics that defined growth were subscriptions, ad impressions, and active users. Today, the most important metric in my mind is tokens.
There are a multitude of LLMs today, and you can organize them by capability, market, and geography. What's clear across all LLMs is the aggregate virality of adoption.
So, what we’re moving toward is a world of much greater complexity. There are more companies tied to more incumbents throughout the ecosystem. It’s not a one-to-one mapping; it’s a web.
Klaus Vedfelt/DigitalVision via Getty Images
Hugo Scott-Gall: Last time you were on the show, we discussed intangible and weightless assets. Today, I suspect our conversation is going to be heavier. Would you agree?
