AISeeking Alphaabout 3 hours ago
AI Has An Overlapping TAM Problem
1 min read
The aggregate $7.3 trillion market cap of AI service providers far exceeds the realistic total addressable market. AI service revenues were $43.7 billion in 2025, implying a trailing revenue multiple of 162X. Current valuations require outsized market share from each company, but overlapping TAM makes this improbable.
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