AI Is Blowing Up Tech’s Money Rules. How Arm Could Make Qualcomm Pay More.

Artificial intelligence is doing more than changing what technology companies sell. It is testing the agreements that decide who gets paid when those products succeed. A licensing deal that looked sensible in the smartphone era can look painfully cheap once the same technology powers sprawling data centers. Meanwhile, content once given away to attract readers has become raw material for competing AI services.

Investors riding the AI infrastructure spending boom should take note: owning essential technology doesn't guarantee a bigger share of its value.