Is building AI overvalued and leveraging it undervalued?

For awhile most of the hype has on the buildout, the hyperscalers and obvious beneficiaries like security. **Does every company associated with AI already have that future priced into their stock?** Is there any convex upside worth investing in still? Won't leveraging AI be a larger market long term? It’s also obvious that AI isn’t magic. It’s **great at some things** and **too unreliable** at others. But it is really good at processing and gaining insights from large amounts of information.  So I ask, 1. Where does **applying AI create unusually large financial value**?  **Who owns own huge amounts of proprietary data**, valuable workflows etc that become substantially more valuable especially **as applied AI gets cheeper**, better and better managed/mitigated? 2. Which have the most **unrealized value** in forward earnings? 3. Which haven’t seen that value **already priced in**…or at least have further upside from where they have. **Here are some I identified (with help from AI!). Several have already rerated so clearly this is not a new thesis.**  **CAI** Proprietary cancer dataset, AI for treatment and drug development. I got in at $15.79 but it continues to rise. **CCC:** Insurance/repair datasest and workflows **Waystar (WAY):** Healthcare-payment dataset. AI helps prevents denials and recovers money **Varonis (VRNS):** Agentic AI enterprise data permissions, though what stops a Microsoft from replicating **Schrodinger (SDGR):** Physics AI for drug discovery. I got in at $15.35 but am unsure how much these PhDs can commercialize.  **Sophia (SOPH):** Genomic/clinical data , AI for medical decisions. I got in at $5.91 **What do you think of these or others that might meet all three criteria?** I also looked at but passed on, mostly because the future value is already priced in: APP (had, then sold), TEM, HTFL, INTA I did buy some NOW into earnings but unsure I'll hold it.