Capital flows, investment theses, and market opportunities in AI.
6 artikelen
Europe leads in AI adoption but exports its best companies to US capital at scale.
Inference costs are collapsing as model performance peaks, fundamentally reshaping where AI investment value accrues.
AI infrastructure spending is vastly outpacing returns, signalling a capital misallocation crisis hiding in plain sight.
Bull thesis: AI infrastructure capex will drive transformative value; bear thesis: LLM economics are structurally poor and capital will be misallocated.
LLM performance convergence and commodity compute availability are eroding pricing power for all but lowest-cost or most differentiated providers.
Scaling laws driving AI progress are weakening, threatening compute-dependent investment theses and reshaping competitive advantage.