Amid 'Token Optimization' & 'Open-Model Invasion', UBS Says The AI Trade Is Not Breaking, It's Maturing

The twin AI trends of token optimization and a share shift to cheaper open models (Chinese or otherwise) are dominating investor's thoughts over the last several weeks, as they judge whether and how these trends will impact AI spending and specifically chip/hardware suppliers, the hyperscalers (AWS/Azure) and the software sector.

What UBS Heard...