Oppenheimer
The AI Refresh: From Spending to ROI
September 16, 2026
Key Takeaways:
- Chip and data center shortages could shape AI’s growth for years.
- Cheaper AI could mean more applications and greater computing demand.
- Financing and future revenue will help determine the pace of expansion.
- Networking, software and power broaden the opportunity beyond chips.
- Robotics could fuel another wave of growth, on a longer timeline.
Could making AI cheaper create even greater demand for the technology behind it? It is one of the intriguing questions at the heart of Episode 120 of Let’s Talk Future.
Host Jane Ross reunites with Oppenheimer’s Rick Schafer and Tim Horan for a fresh look at AI’s expanding reach. Both remain optimistic, with a close eye on the practical challenges of turning that potential into lasting business value.
For Schafer, the pressure is visible across the semiconductor industry. Demand continues to outpace supply, while new chip factories take years to build. Even the availability of electricity and skilled workers can influence how quickly data centers add capacity.
Horan explains why falling AI costs could accelerate adoption. When more tasks become affordable, new applications can emerge, increasing overall demand for computing. AI tools that help programmers write software offer a glimpse of how that expansion can take hold.
The conversation also looks ahead to robotics and the growing role of networking, software and power. Together, these perspectives offer listeners a broader understanding of where AI could go next, and why different parts of the market may advance at different speeds.
Hear the full conversation for Schafer and Horan’s views on the opportunities taking shape and the questions that matter most.
Up Next
Disclosure
This podcast is the property of Oppenheimer & Co. Inc. and should not be copied, distributed, published or reproduced, in whole or in part. The information/commentary contained in this recording was obtained from market conditions and professional sources, and is educational in nature. The information presented has been derived from sources believed to be reliable but is not guaranteed as to accuracy and does not purport to be a complete analysis of any strategy, plan, security, company, or industry involved. Opinions expressed herein are subject to change without notice. Oppenheimer has no obligation to provide any updates or changes. Any examples used in this material are generic, hypothetical and for illustration purposes only. All price references and market forecasts are as of the date of recording. This podcast is not a product of Oppenheimer Research, nor does it provide any financial, economic, legal, accounting, or tax advice or recommendations. Any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.
Securities and other financial instruments that may be discussed in this report or recommended or sold are not insured by the Federal Deposit Insurance Corporation and are not deposits or obligations of any insured depository institution. Investments involve numerous risks including market risk, counterparty default risk and liquidity risk. Securities and other financial investments at times maybe difficult to value or sell. The value of financial instruments may fluctuate, and investors may lose their entire principal investment. Prior to making any investment or financial decisions, an investor should seek advice from their personal financial, legal, tax and other professional advisors that take into account all of the particular facts and circumstances of an investor's own situation. The views and strategies described may not be suitable for all investors. This report does not take into account the investment objectives, financial situation or specific needs of any particular client of Oppenheimer or its affiliates.
This podcast may contain forward looking statements or projections regarding future events. Forward-looking statements and projections are based on the opinions and estimates of Oppenheimer as of the date of this podcast, and are subject to a variety of risks and uncertainties as well as other factors, including economic, political, and public health factors, that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and projections.
The performance of a benchmark index is not indicative of the performance of any particular investment; however, they are considered representative of their respective market segments. Please note that indexes are unmanaged and their returns do not take into account any of the costs associated with buying and selling individual securities. Individuals cannot invest directly in an index.
This content is intended for informational purposes only and should not be construed as investment advice or a recommendation to buy or sell any security. No part of this podcast should be interpreted as a testimonial regarding the advisory services of Oppenheimer & Co. Inc. Any references to performance, investment opportunities, or market outlooks are based on current opinions, which are subject to change without notice. Past performance is not indicative of future results. All investments involve risk, including the potential loss of principal.
Oppenheimer Transacts Business on all Principal US Exchanges and is a Member of SIPC 9120851.1