AI aggregators — platforms that combine multiple models into a single interface or API layer — are facing similar headwinds. Companies like Perplexity AI and OpenRouter have built orchestration layers that route queries across models, but Mowry warns new entrants to “stay out of the aggregator business.” As model providers roll out their own enterprise tools, governance layers, and integrations, middlemen risk being squeezed out.

Drawing parallels to the early days of Amazon Web Services, Mowry noted that many early cloud resellers vanished once AWS expanded its native tooling. The startups that survived added real services like security and DevOps — not just access. Despite skepticism around wrappers and aggregators, he remains bullish on developer platforms and direct-to-consumer AI tools, as well as growth in biotech and climate tech, where access to massive datasets is unlocking entirely new value creation.