저자: ChamathPalihapitiya · 외국인
요약 보기
AI 2단계(도구·에이전트)가 끝나고 3단계 '기업 컨텍스트' 수혜주로 이동 중이라는 주장. 1단계 엔비디아·TSMC·브로드컴·마이크론, 2단계 팔란티어 상승 언급. 3단계 수혜로 세일즈포스(에이전트포스 ARR 15억달러, 22% 급등 후 PER ~15.9), 오라클(638억달러 계약잔고, PER ~18.5), 워크데이(구독매출 +14%, 목표 상향), SAP(클라우드 주문잔고 ~230억유로, 선행 PER 26.5) 제시. 4종목 모두 '지금 매수' 권고.
다듬은 글
Chamath Palihapitiya just made a bold prediction on the All-In podcast: the second phase of the AI revolution is officially coming to an end, paving the way for the next trillion-dollar market opportunity. We are nearing the end of this second phase of AI. So if the first phase of AI was models, and you think of the model as a brain, then the second phase is tools, right?
And agents. This is analogous to giving the brain eyes, hands, a notepad for memory, and a keyboard for data entry. You take this primary object that answered the question well and make it more useful, almost an autonomous entity. But soon we will begin the next phase. At least, that's what I see in the businesses I work with: it's still not enough.
Now we need to make this autonomous agent more aware, give it context, and allow it to do its job much more intelligently. This means you take a brain, add arms, legs, limbs, eyes, etc. to it. But then you have to train him to be a lawyer, a customer service representative , a sales agent, or whatever.
And to take this next step, you need a huge amount of contextual information. So the people who control this today, the big accounting systems—what I said before and what I'm emphasizing now—they occupy an incredibly special place in the ecosystem. Whereas the first phase was purely about physical silicon and infrastructure, which pushed Nvidia up over 800%, and also sparked massive growth in TSMC, Broadcom, Supermicro Computer, and an explosive 1200% jump in Micron.
The second phase directed capital into software shells, agent frameworks, and developer platforms. This second wave has driven a massive surge in software, sending Palantir shares up over 500% in two years. However, as Chamat points out, individual AI models and lightweight wrappers run into an operational barrier because they lack the deep native context needed to perform complex real-world workflows.
This brings us directly to the third phase of AI expansion—the corporate context. The next wave of huge market fortunes will not go to model developers, but to established system archives that store critical corporate data, regulatory frameworks, and operational records. We're currently tracking four market leaders who are ideally positioned to capture this shift before the public knows about it.
Let's start with the first action, which is at the very heart of this transition to the third phase. Salesforce Inc., trading under the ticker symbol CRM. For the past two years, Wall Street has pressured software giants with a false narrative of a “SaaS apocalypse,” fearing that autonomous AI agents will destroy traditional models.
This existential discount sent Salesforce shares plummeting from $360 to $160, valuing the high- margin titan as a cyclical producer despite nearly $34 billion in trailing- 12-month gross profit with margins of over 77%, but CEO Marc Benioff pulled off a brilliant strategic turnaround. Instead of spending tens of billions to build models from scratch, Salesforce deepened its strategic alliance with Anthropic by launching Claude Force.
This combines Claude’s world-class reasoning engine with Salesforce’s vast distribution network of over 150,000 global corporations, giving Anthropic instant scale and Salesforce its primary AI weapon. The financial return was immediate and dramatic. In its fiscal second quarter 2027 report, Salesforce reported record revenue of $11.35 billion , up 11% year over year, and free cash flow grew 82% to $1.1 billion.
The real breakthrough is their agent AI platform, Agent Force, which has reached $1.5 billion in annual recurring revenue with a staggering 240% year-over-year growth rate. The AI consumption metric, agent work units, grew 97% sequentially to 3.2 billion, demonstrating the rapid acceleration of adoption in the enterprise sector.
Despite a sharp one-day rally of over 22%, which pushed the price to $252, the stock trades at an attractive forward P/E ratio of around 15.9. Management raised its guidance for the year as the contract backlog reached a record $66.3 billion. By turning existential AI threats into its primary growth driver, Salesforce has firmly established itself as a fundamental winner in the enterprise AI wave.
Moving on to the second major beneficiary of the third phase, we look at global enterprise database titan Oracle Corporation, trading under the ticker symbol ORCL. For months, Wall Street bears have pushed a cautious narrative about Oracle's massive $638 billion contract portfolio, dismissing it as risky and unproven , punishing the stock for high capital expenditures.
This caused Oracle shares to fall significantly from a high of $345 to $140, creating a noticeable gap in valuation. However, Nvidia's unprecedented long-term forecast for AI demand has fundamentally changed the narrative. By confirming that the entire tech ecosystem is experiencing a supply shortage through fiscal year 2028, Nvidia has effectively de-risked Oracle's $638 billion portfolio, proving that contracted data center capacity is the most valuable asset in technology.
Unlike equipment rental providers, Oracle's main advantage is not just computing power. This is their unwavering foundation of corporate data. With its latest AI database , the 26 AI platform, Oracle integrates vector search, information retrieval, and agent-based reasoning directly into the database engine, enabling global corporations to monetize decades of private data.
As demand for AI rapidly expands beyond research labs into broader industrial and enterprise markets, Oracle Cloud Infrastructure is emerging as a leading choice, working alongside major cloud providers as the primary environment for running industrial AI workloads. Trading at around 18.5 times forward earnings , Oracle offers an asymmetric risk-reward profile for long-term investors.
As sentiment shifts and fundamental catalysts materialize, Oracle stands out as a beneficiary of the enterprise context, poised to capture the next wave of enterprise AI growth. Moving smoothly to our third pick, we focus on the undisputed leader in human capital and workforce management, Workday Inc.
, which trades under the ticker WDAY. While skepticism left over from previous sell-offs in the software sector caused Workday shares to retreat from their 52-week highs of around $250 to $110 earlier this year, its operating figures suggest a business that is scaling rapidly as it moves into phase three.
In its latest earnings report for the second quarter of fiscal 2027, Workday delivered a solid double-digit beat on expectations: total revenue of $2.65 billion, up 13% year-over-year , and non-GAAP EPS of $2.75, beating the consensus estimate by 14 cents. Subscription revenue grew 14% to $2.47 billion, while the trailing 12-month subscription portfolio increased 14.2% to $9.03 billion, supported by a strong total portfolio of $27.4 billion and 97% gross revenue retention.
The key to Workday's acceleration lies in monetizing the corporate workforce context. AI products alone drove over $100 million in new annual contract volume (ACV) in the second quarter, representing over 25% of all new ACV driven, while total annual AI revenue approached $600 million, up 200% year-over-year .
Over 5,500 enterprise customers are actively deploying Workday organic agents , up 35% from the previous quarter . With flagship solutions like a recruiting agent that automates over 8 million interview schedules in a single quarter. Management raised its full- year 2027 subscription revenue forecast to nearly $9.95 billion and raised its non-GAAP operating margin target to 31%.
Looking into fiscal 2028, Workday is targeting sustained 11% subscription revenue growth with at least two percentage points of incremental margin expansion, supported by a new authorized share repurchase program of $4 billion that underscores management's confidence in its valuation. Rounding out our list with the fourth dominant market leader, we look at the global foundation of enterprise resource planning and supply chain infrastructure— SAP, a company trading under the ticker symbol SAP.
While short-term concerns about the pace of AI adoption and minor margin challenges from the shift to cloud technologies have caused temporary caution in the market, pushing shares back from their 52-week highs of around $281, SAP's core operating engine continues to show strong growth resilience. In its latest earnings report for the second quarter of 2026, SAP reported total revenue of €9.88 billion, up 11% year-on-year at constant currency rates.
Thanks to a 24% jump in cloud revenue to €6.28 billion and a 27% growth in its flagship cloud ERP suite. Importantly, the current cloud order book accelerated by 26%, reaching almost €23 billion, demonstrating the active migration of corporate customers from legacy on-premises systems to SAP's cloud architecture to access new AI capabilities.
The fundamental key to SAP's third-phase capabilities is its unrivaled monopoly on the operational business context. SAP is not trying to compete in training basic general- purpose models. Instead, the company is implementing its AI assistant Joule and deploying over 400 autonomous agents directly into manufacturing, purchasing, and financial workflows.
By acquiring data platforms such as Dremio, Reltio, and Prior Labs, SAP is creating a unified “data-AI” stack that allows enterprises to seamlessly cleanse, analyze, and query data from both SAP and third-party systems. With a reasonable forward P/E ratio of 26.5, which is below the five-year historical average, SAP offers investors a stable balance of risk and return.
With a massive share buyback program of €10 billion through 2027 and operating margin growth to a target of 31.2% by fiscal 2028, SAP is positioned as a core enterprise gateway ready to capture the next wave of enterprise AI monetization. The market rotation towards the corporate context is happening right now, and capital flows are changing rapidly.
Place your portfolio in these four market leaders before Wall Street fully prices this third phase. Subscribing to the channel ensures you don't miss our next analysis.
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