
Andy O’Brien
Portfolio Manager and Analyst at Putnam Investments (a Franklin Templeton company), managing the Putnam Global Technology strategy and covering U.S. technology, semiconductors, and software.
1
APPEARANCES
1
PODCASTS
012
DEC 30
JAN 6
JAN 13
JAN 20
JAN 27
FEB 3
FEB 10
FEB 17
FEB 24
MAR 3
MAR 10
MAR 17
MAR 24
MAR 31
APR 7
APR 14
APR 21
APR 28
MAY 5
MAY 12
MAY 19
MAY 26
JUN 2
JUN 9
JUN 16
JUN 23
JUN 30
JUL 7
JUL 14
JUL 21
JUL 28
AUG 4
AUG 11
AUG 18
AUG 25
SEP 1
SEP 8
SEP 15
SEP 22
SEP 29
OCT 6
OCT 13
OCT 20
OCT 27
NOV 3
NOV 10
NOV 17
NOV 24
DEC 1
DEC 8
DEC 15
DEC 22
DEC 29
JAN 5
JAN 12
JAN 19
JAN 26
FEB 2
FEB 9
FEB 16
FEB 23
MAR 2
MAR 9
MAR 16
MAR 23
MAR 30
APR 6
APR 13
APR 20
APR 27
MAY 4
MAY 11
MAY 18
MAY 25
JUN 1
JUN 8
JUN 15
JUN 22
JUN 29
JUL 6
JUL 13
JUL 20
JUL 27
AUG 3
AUG 10
AUG 17
AUG 24
AUG 31
SEP 7
SEP 14
SEP 21
SEP 28
OCT 5
OCT 12
Oct 1, 2026
The trillion-dollar AI question – can the boom keep paying off?
25:44
25:51
26:02
26:20
26:27
M
25:34Michael BrowneHOST
Andy, we're just swamped with demand that we shouldn't even be talking about price.

Andy O’BrienGUEST
Yeah, I mean, so, so a couple things I would, I would point out on that, and, and then I would come back to something Matt mentioned on, on efficiency gains.

Andy O’BrienGUEST
Um, what, what I think is, is interesting is that the amount of compute required per use case has gone up significantly.

Andy O’BrienGUEST
And so, uh, there, there was a recent analysis done that, um, you know, the difference between, um, the tokens required for, you know, an, an early chat request from ChatGPT three years ago versus an agentic function today is a, about a billion times, uh, more compute required.

Andy O’BrienGUEST
And then, um, you know, we, we've seen more than a fourfold increase just in, in token consumption compared to a year ago.

Andy O’BrienGUEST
Um, so, so you're kind of seeing those two things pair out, which is that even as we've had efficiency gains on the compute stack, which, which Matt mentioned, um, the demand signals have also in- increased dramatically.
10 MINS LATER
M
36:17Michael BrowneHOST
What would be the signals that something isn't quite right, that this, uh, this boom is beginning to, to, to, to peter out or falter, um, and, uh, how would you approach that?