Ray Dalio just dropped an interesting take on the AI gold rush. He's arguing that the real winners won't be those trillion-dollar tech giants everyone's piling into. Instead? The actual users and businesses applying AI are where the value will land.

His reasoning makes sense when you think about it. Market concentration is hitting extreme levels right now, and those megacap valuations are stretched thin. When everyone's crowding into the same names, that's usually when alarm bells should ring.

The takeaway he's pushing is classic Dalio—diversification isn't optional anymore, it's survival. Rather than chasing the obvious plays, maybe the smarter money looks at who's actually deploying this tech effectively.