In liquid markets, investors often rely on indicators such as the Fear & Greed Index to gauge market sentiment and momentum. In private markets, however, reactions are delayed. Data takes longer to emerge, valuations adjust more slowly, and sentiment often shifts beneath the surface before it becomes visible in numbers. Over the past few weeks, a growing discussion has engaged the Nordic investor and entrepreneurial community: are we already in an AI bubble?

With the impressive lineup of AI unicorns emerging from Stockholm in recent years, a new generation of companies is rapidly rising. We are seeing expansive growth in firms such as[ Legora](https://legora.com?utm_source=chatgpt.com) and[ Lovable](https://lovable.dev?utm_source=chatgpt.com), while at the same time newly founded companies are reaching remarkably high valuations despite limited traction or revenue. 

 

This raises another important question: who ultimately captures the value in the AI stack? 

 

Many application-layer companies are building close relationships with customers and owning the user experience. Yet a significant share of their revenue may quickly pass through to foundational model providers such as[ Anthropic](https://www.anthropic.com?utm_source=chatgpt.com) and other infrastructure players. The application layer creates intimacy with customer demand but how durable is that position over time? 

 

A third dimension concerns compute and energy. How will the economics of compute evolve as energy prices become more volatile while AI workloads continue to expand? Recent projections from[ McKinsey & Company](https://www.mckinsey.com?utm_source=chatgpt.com) suggest that by 2030, global investments in data centers may need to reach $6.7 trillion to satisfy the growing appetite for compute power. 

 

Historically, transformative innovation has often required entirely new perspectives, not only technological breakthroughs.

One example can be found in the rapid expansion of sewing machine adoption during the industrial era. Growth accelerated when companies introduced installment payment models, enabling customers to spread costs over time and dramatically expanding access to the technology.

Similarly, entirely new industries can emerge simply by reframing overlooked needs. Femtech, a term coined as recently as 2016 by Danish entrepreneur Ida Tin, represents a rapidly expanding frontier of devices and digital solutions dedicated to women’s holistic well-being.

As we consider what is required to truly shift the needle in innovation, sectors like femtech are essential to the conversation. They remind us that transformative growth often comes not only from new technologies, but from new perspectives on human needs. 

 

Sharing some personal reflections on women’s health in this podcast by the Women's Health Gap.

🔗 Spotify: [https://lnkd.in/e6rrgXXt](https://lnkd.in/e6rrgXXt)

🔗 Apple Podcasts: [https://lnkd.in/eG\_bVD6J](https://lnkd.in/eG_bVD6J)

How do we financially surf the next wave of innovation?