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The architecture of technology & capital.
Essays
All essays
The War for Time
Meta is selling near-frontier inference at a fraction of what OpenAI and Anthropic charge, and the discount is aimed at their margins.
Jul 15, 20267 min read
AI Stack
Explore the stack
Understand the machine, layer by layer.
Power, compute, models, digital and physical AI: what each layer does, where it bottlenecks, and who is levered to it.
Markets
Enter markets
Follow the money through the AI stack.
See who’s big, how much moves between them, and where the physical ceilings (CoWoS, HBM) choke. Then pull any name apart before you commit.