AI Is Turning Big Tech Into a Commodity Business

September 22, 2026 — Big Tech built some of the most profitable businesses in history on network effects, enormous margins and powerful competitive moats. Zach Abraham argues the AI arms race may be changing that economic model. As Meta, Google, Amazon, Microsoft and others pour extraordinary amounts of capital into AI, they're increasingly competing directly with one another for the same customers, compute and products. Zach explains why that could mean more spending, less pricing power and a business model that begins to look surprisingly similar to a commodity producer. He also discusses today's market action, international valuations, the latest moves in oil and the dollar, Bitcoin's improving technical setup, and why today's markets continue to reward looking beyond the headline indexes.

FREE LIVE WEBINAR — THE GAME PLAN

Join Zach Abraham live October 1 at 3:30 PM Pacific for The Game Plan — a free webinar on the market risks shaping the rest of 2026, including inflation, energy, interest rates, AI spending, and what investors should be watching next.

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