INOD: low market cap ~$2.5B picks-and-shovels AI data annotation play that eats as frontier model labs compete.

AI SUMMARY — INOD is a low market cap (~$2.5B) company positioned as a picks-and-shovels play in AI, providing data annotation services that should benefit as frontier model labs compete and scale. The key risks include market concentration risk with a few large customers, competition from other annotation providers, and execution challenges in scaling operations.