$AAPL - Apple's AI strategy leverages unique access to user data and device integration, delivering meaningful value without massive CapEx. Their iPhone-centric approach is rational given consumer preferences for entertainment over productivity, and they're successfully delivering 2024-level AI capabilities that work reliably.
$ANTHROPIC - Anthropic's Fable model represents a significant technical leap, with reviewers calling it phenomenal and clearly elite. The company is in the lead on agentic AI capabilities, though their ideological approach and data retention policies create governance concerns.
Bearish:
$MSFT - Microsoft's reliance on the OpenAI deal meant their fundamental AI capabilities atrophied. Now separated from OpenAI, they're exposed as 'emperor with no clothes' with a software business fundamentally threatened by AI, while Satya appears to be on the hot seat trying to become the company's product manager.
$ANTHROPIC - Anthropic's 30-day data retention policy, silent model alterations, and ideological steering create trust issues. Their arrogance and willingness to compromise models upstream (as demonstrated in the DoD dispute) makes them unreliable for enterprise customers, with Microsoft already banning Fable internally.