The Information's TITV ARK Invest’s Brett Winton on AI’s Next Phase, Amazon Pharmacy Ambitions, iPhone Delay | Nov 11, 2025
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Nov 11, 2025 
Brett Winton, Chief Futurist at ARK Invest, argues that the AI bubble narrative is all wrong, predicting vast user growth and pricing power in the AI sector. Gil Luria from D.A. Davidson discusses Apple's shift to foldable devices amid an iPhone delay. Hannah McClellan Richards of Amazon Pharmacy reveals plans for kiosks and same-day delivery to boost patient access. Oscar Höglund, CEO of Epidemic Sound, shares insights on their new generative AI tool while navigating artist compensation and copyright issues.
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Underwrite CapEx With Productivity Gains
- Businesses should view AI as productivity software customers will pay for incrementally, not necessarily full price.
- Brett Winton recommends sizing AI spend against expected productivity gains to justify data-center capex.
Robo-Taxi First, Humanoids Much Harder
- Tesla's robo-taxi commercialization is ARK's core underwrite; humanoid robots are orders of magnitude harder and costlier.
- Winton expects humanoid-scale commercialization nearer 2029–2030 after robo-taxi cashflows fund it.
NVIDIA Faces Many Nibblers, Not One Killer
- No single chipmaker will dethrone NVIDIA; multiple vertical players and cycles will nibble market share.
- Winton still sees huge AI data-center spend through 2030, making NVIDIA relevant despite eventual share erosion.