After Nvidia Earnings, Here’s the State of Ai.

It was Nvidia week, or better said AI week overall, and the takeaway was pretty clear: the AI cycle is still fully humming along. One of our companies, Zoom mentioned that Ai Companion usage was up 50% Y/Y, and they are just starting to offer a paid version. On Nvidia, which was the headline this week, despite export headwinds to China, Nvidia still grew nicely and forward demand signals remain intact. Margins, however, are trending lower, now in the low-to-mid 70% range. We expect them to eventually settle in the mid-60s through a full cycle. Meanwhile, tariffs were legally challenged, potentially accelerating deals (or not). And despite “Sell in May” fears, markets are ending the month strong — a reversal from the softness in February, March, and April’s tariff tantrum.

Now this week we want to highlight the state of Ai when looking at all the data we have accumulated here recently. Let’s dig into the data.

Here is the summary if you want just that:

• How fast is ChatGPT Growing? 19 min

• 700,000 Waymo rides.

• Jobs loss to Ai? So far nope!

• Tesla vs Waymo

So what is the state of Ai?

We tracked down a survey done by the BI team and 21% of U.S. adults used generative AI in April 2025, up from ~12% a year ago. It’s growing, and approaching the likes of social media where usage and engagement is incredibly high. 21% means there is still plenty of room to go.

The Dallas Fed also held a survey and the takeaway was as follows. Top enterprise use cases today: marketing copy, customer service, summarization, and image generation. These are lightweight, high frequency workflows, a sign of AI’s utility in communication heavy roles. However, future growth likely depends on deeper workflow integration (code generation, sales ops, financial analysis). That’s where monetization scales.

A different survey came from Box, which has a strong enterprise user base. While they asked a range of AI-related questions, one stood out: 47% of respondents are still in the early stages and 39% just beginning to develop an AI strategy. That reinforces how early we still are in enterprise adoption. The real question is whether this lag reflects AI’s current limitations — or simply the lack of integration and orchestration layers needed to bring AI into core workflows.

In the same Box survey, companies reported early wins with AI, but mostly on the cost and productivity side.

• 64% said AI is saving time

• 43% cited cost reductions

• Only 28% reported revenue growth

• Just 19% saw new product development

The takeaway: AI is still delivering on efficiency, not yet on innovation or top line growth. That’s not a bad thing, margin expansion alone is a solid ROI, but the next wave of enterprise value will come when AI drives new products, new revenue, and new business models.

Lastly, Box asked how companies plan to change their AI investment spend. The results were overwhelmingly bullish: 90% said they plan to increase AI investment, with roughly 15% planning to boost it by more than 25%.

Net-net: spending trends remain skewed positively. Despite AI still being in its early stages, companies aren’t pulling back. This reinforces that we’re in a multiyear adoption cycle, not a one-quarter experiment.

This view is echoed by RepVue, which collects performance data from sales reps and ranks companies based on sales productivity. At the top of the list? Mostly AI-native companies. Names like Harvey, Tempus, Cursor, and Windsurf lead the pack, a strong signal that AI tools are being actively sold. Many of these focus on communication, marketing, code generation, and note-taking, the exact areas where AI has found early traction.

Funding trends reflect this momentum too. According to Carta data, AI software leads all categories in seed-stage funding, both in terms of volume and valuations. Sectors like cybersecurity, semiconductors, SaaS, and proptech are also attracting strong interest — but AI remains the clear outlier.

In contrast, edtech is seeing minimal demand, likely due to AI disrupting the traditional education stack and raising questions about long-term business models.

On the Dallas Fed survey they asked about employment. So far so good with 80% suggesting little to no impact.

On the usage front, ChatGPT continues to show strong engagement growth. New data shows users now spend an average of 19 minutes per day in ChatGPT, a +194% increase over the tracked time period.

This aligns with earlier survey data: generative AI is increasingly embedded into daily routines. While 19 minutes may not seem like much, it’s meaningful when scaled across millions of users, especially for a tool still finding its way into structured workflows.

We also got purchase data for adobe ai gross adds. The data also shows that purchases of their ai solutions cotnues to grow.

One of the more heated AI battlegrounds today is autonomous driving, a distinct branch from generative AI, but no less important in defining real world impact. The competition is intensifying: with Elon Musk stating on X that Tesla’s robotaxi launch is expected next month.

This is now a two horse race. The implications go beyond cars, this is about full stack AI systems navigating the physical world. If Tesla can deliver here, we could be on the verge of a the biggest change in consumer dynamics.

But Tesla isn’t alone, or even first. Google’s Waymo is clearly in the lead with over 700k rides in California. I’ve personally taken over 20 Waymo rides, and I can say it felt like an iPhone moment, a clear before and after in how the world will work.

I’ll leave you with this: AI isn’t just about language or images, it’s about electricity too. Modern EVs are essentially computers on wheels, and as autonomy advances, the overlap between AI and mobility will only deepen.

Here’s a look at the current map of EV charging stations across the U.S.

It’s impressive, but just imagine what this map will look like in 10 years.

More cars. More autonomy. More intelligence embedded in the world around us.

That’s all folks. See you next week!

---

About Avory & Co.

Investing where the world is headed. 

Avory specializes in high-conviction equity strategies, emphasizing Secular Growth and Transformation Stories driven by exceptional teams. Data guides decisions. We cater to high net worth investors, family offices, and institutional investors. Note: This information doesn't constitute a recommendation to buy or sell any mentioned securities. Avory is based in Miami, Florida with clients all across the globe.

Speak to us: Schedule a Brief Zoom Meeting

Send us an email: Team@avoryco.com

Want to invest? We are on most platforms. 

Want More

🎥 Avory YouTube Channel

🎙️ Avory Podcast 

Disclaimer: Not a recommendation to purchase or sell any securities mentioned. This is for educational purposes only.