"I don't think anything has changed" in the overall A.I. story, says Dave Nicholson, but he believes it can vastly change depending on which company you look into. He expects tariffs to shape A.I. cost structures, increase what Dave calls "co-opetition," and start a potential push away from Nvidia (NVDA). Meta Platforms (META) building its own ecosystem through LlamaCon is a model he expects other companies to follow.