Inside the next phase of AI boom: Here's what to know

Summary

CNBC's Robert Frank reports on Robert Smith's view that the next phase of the AI boom will be AI agents performing specific tasks for companies. Smith argues enterprise software's proprietary data and high-accuracy agent requirements make it less commoditized than LLMs and hyperscalers, and that most enterprise software companies are private, pushing investors toward private markets. The segment also discusses whether AI agents themselves could eventually be commoditized.

• Robert Frank joins Squawk Box to discuss the next phase of AI investing.
• Robert Smith says AI agents will be the biggest winners after hyperscalers and data centers.
• Vista Equity Partners has built an 'agentic factory' to deploy agents across portfolio companies.
• Smith argues LLMs and hyperscalers are more likely to commoditize than enterprise software.
• Enterprise software's proprietary data and high accuracy needs protect it from commoditization.
• 97% of enterprise software companies are private, so investors need private markets for exposure.
• Hosts question whether AI agents could ultimately become commoditized.
• The segment highlights private markets as the next area of action.