New Delhi, July 10 -- Artificial intelligence is supposed to boost productivity, improve customer relations, and drive innovation-all things that can give brands an edge over rivals, right?

But what if AI renders many of those advantages moot?

That's the question that Gavekal Research Chief Executive Officer Louis Vincent Gave asks in a note Wednesday. And it's meaningful for investors who are trying to determine the long-term value of stocks.

Take productivity. If AI makes items significantly cheaper to produce, consumers can buy more of them. But if they get too cheap, suddenly a status symbol becomes a commodity.

Gave cites the example of TVs, which people now buy without much thought to the brand, and he warns that the same could ...