Solo venture capitalist Elad Gil shared sharp insights at TechCrunch Disrupt 2025, describing artificial intelligence as one of the most unpredictable tech revolutions he’s ever witnessed. Having invested early in companies like OpenAI, Mistral, Perplexity, and Harvey, Gil says some AI markets are now dominated by clear winners — while others remain wide open for ambitious newcomers.
Clear Leaders in AI Foundation and Coding
According to Elad Gil, foundational model development is already a winner-takes-most market. Giants such as Google, Anthropic, OpenAI, xAI, Meta, and Mistral have solidified leadership. Despite hundreds of local initiatives — like South Korea’s sovereign AI projects — the barrier to entry for new foundation model players is now exceptionally high.
Gil also sees AI-assisted coding as a matured battlefield. Market leaders like OpenAI’s Codex, Anthropic’s Claude Code, and startups like Anysphere’s Cursor and Cognition’s Devin are difficult to surpass. He noted emerging challengers like Magic and Poolside, but said only outliers with exceptional technology or community traction could disrupt the status quo.
Industries With Established AI Winners
Gil identified medical transcription and customer support automation as two verticals already cornered by strong players. Startups such as Abridge and Ambience dominate transcription, while customer support is led by Decagon, a company he’s backed that raised $131 million at a $1.5 billion valuation in 2025. Competing platforms, including Salesforce, HubSpot, and OpenAI chairman Bret Taylor’s Sierra, are integrating AI deeply into enterprise customer experience.
Wide-Open Frontiers for New Entrants
Despite growing consolidation, Elad Gil AI markets analysis highlights several frontiers that remain wide open — notably AI security, fintech, accounting, and financial tooling. These sectors combine high value with uncertainty, offering room for disruptive startups to define entirely new categories.
Gil also cautioned that rapid revenue spikes can mislead investors. In today’s AI landscape, many enterprises are experimenting broadly with emerging tools — but not all early contracts will last. He cited Harvey, the legal AI startup valued at $8 billion after three major funding rounds in 2025, as a rare example of an AI company that’s “just working.”
The Big Picture
For Gil, the current AI boom remains both chaotic and full of potential. “The more I learn, the less I know,” he admitted. Yet even amid unpredictability, his experience shows that while foundational AI and coding platforms are largely decided, much of AI’s next wave — from security to finance — is still anyone’s game.
The Elad Gil AI markets perspective offers a roadmap: winners have emerged in some arenas, but vast opportunities remain for founders who can combine technical brilliance with timing.
