As Google prepares for its I/O conference set for May 2026, it emphasizes the emerging “agentic AI” technology—systems capable of making autonomous decisions and adapting to their environments. This new wave of AI could potentially overshadow ordinary companies that quietly leverage these technologies to enhance profitability.
History suggests that the significant gains during the AI era may come not from the major tech firms developing AI, like Alphabet Inc. (GOOGL) and Microsoft Corp. (MSFT), but rather from the “Applier” companies that effectively implement AI in their operations. An example from the 1920s radio boom illustrates this, where successful companies were advertisers and retailers rather than manufacturers.
Investors should look beyond the AI builders to identify Applier firms that are utilizing AI for operational efficiencies and improved profits. In this rapidly evolving landscape, execution becomes more critical than mere adoption of new technologies.
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