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Benedict Evans, one of tech's most widely-read analysts, joins Jacob Effron. The conversation centers on Benedict's core thesis that comparing AI's scale to past platform shifts (the internet, mobile, PCs) is analytically useless, and that the more productive move is studying how those previous technologies actually evolved economically to reason about where AI's value will accrue. He argues the one genuine difference this time is that we don't know AI's physical or scientific limits, unlike past shifts where the boundaries were at least knowable, and that this uncertainty is what fuels both AGI hype and doomerism without resolving anything. Benedict unpacks why capabilities remain jagged, meaning usage is jagged too, why coding became the first real enterprise use case thanks to scalable verification, and why most consumer and enterprise use cases still have to be invented by entrepreneurs rather than emerging spontaneously once models improve. He also lays out why foundation model labs may end up structurally like TSMC rather than Windows, valuable but bounded rather than owning the entire stack, walks through why automation has historically meant more work rather than less (using a hundred years of rising accountant headcount as evidence), and explains why industries like Uber and Airbnb, or Caterpillar and the internet, show just how unevenly this kind of technology actually lands. Throughout, he offers candid, historically grounded takes on OpenAI's product sprawl versus Anthropic's narrow coding bet, Apple's stumbled AI moment, and why most companies, unlike Silicon Valley, have far bigger priorities than AI on their minds. 0:00 Intro 1:31 Is AI Bigger Than the Internet? 10:10 Barriers of Getting From Demos to Daily Use 20:15 Why Job Predictions Fail 25:52 Where's the Moat? 33:55 Will Models Eat the App Layer? 39:25 When Average Isn't Enough and Models Don't Work 45:58 Reflections on OpenAI 55:04 Consumer Usage Is Still Shallow 58:51 What's Required for More Enterprise Adoption 1:03:47 Opinion on Sora 1:06:27 Quickfire With your host:  @jacobeffron  - Managing Director at Redpoint

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