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The AI Money Map

Follow the money through the AI stack — who is spending, who is earning, and who is exposed when the boom reprices.

3Parts
  1. 1
    a computer chip with the letter a on top of it
    Frontier Labs Are Betting on a Market That Doesn't Exist YetThe biggest AI labs spend like utilities and price like startups. Every funding round is a wager that today's losses are buying a market that hasn't formed.May 25, 20263 min read
  2. 2
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    In the AI Boom, the Margin Lives in the MiddleThe companies selling compute and chips into the AI race capture the steadiest profit. In a gold rush, the reliable money is in picks and shovels.May 25, 20262 min read
  3. 3
    group of people using laptop computer
    Building on Someone Else's Model Is a Rented MoatThe app layer is where AI meets users — and where defensibility is hardest. When your core capability is an API call, your moat is rented.May 25, 20262 min read