The big cloud platforms are starting to see meaningful returns on AI investment – and much of it can be traced to the rise of AI agents. Milford Senior Analyst James Buchanan says debate has been rife over whether more than $1 trillion in forecast AI capital expenditure would generate genuine returns or simply inflate a bubble. But the increasing proliferation of AI agents – akin to a “digital employee that never sleeps”, Buchanan says – represents a major step up in capability. The tech is enabling businesses to handle far greater volumes of work, with UK insurer Aviva already using an agent to resolve 90% of its customer inquiries. With Anthropic and OpenAI both rumoured to be eyeing IPOs, Buchanan says investors will soon have more ways to get a slice of the action.
