The AI Market May Split into Three Camps in 2026

The AI market is expected to splinter in 2026 due to the differentiation between companies with a product but no business model, those burning cash to fund AI infrastructure, and those on the receiving end of AI spending. Three camps are identified: private companies or startups, listed AI spenders, and AI infrastructure firms. Big Tech companies such as Amazon, Microsoft, and Meta are cutting checks to AI infrastructure providers like Nvidia and Broadcom, while private companies like OpenAI and Anthropic lured $176.5 billion in venture capital in the first three quarters of 2025.