"The AI debate has long focused on models. But are we sure that's where the value will continue to lie?"

According to our Managing Partner Simone Cremonini, the playing field is already shifting elsewhere: to the infrastructure enabling AI—such as data centers, connectivity, and dedicated chips; to the ability to integrate models into applications, databases, and business processes; and, most importantly, to domain expertise. In other words, the ability to understand clients' specific needs and transform general-purpose technology into high-value, vertical solutions.

It is along these three levels of the value chain that, according to the analysis shared by Alkemia and Intermonte during the "AI Revolution: Winners and Losers" event, some of the most compelling opportunities for businesses and investors will emerge in the coming years. Because in the AI era, competitive advantage increasingly belongs to those who can make innovation useful, accessible, and integrated into real-economy processes.