Lopsided AI Revenues

The article analyzes Q4 2024 revenue distribution across the AI industry, finding that NVIDIA's GPU business ($31B) dwarfs all software, infrastructure, and consulting segments combined by approximately 4x. The author examines revenue breakdowns from major public companies (Microsoft, IBM, OpenAI, Anthropic, Accenture, Salesforce) and concludes that hardware investments significantly outpace software revenue, with substantial growth potential for software to catch up as hyperscalers commit $250B+ to datacenters annually.