Market Maps
The AI Infrastructure Market Map
AI infrastructure is a vertical stack: chips, hyperscale capacity, model labs, apps. Value concentrates where supply is scarce. Read through the 2026 filings.
#capex
4 articles
Market Maps
AWS Margin Pressure and the Cloud Reset
AWS revenue grew 20% but operating income only 14% in FY2025. The cloud reset is margin compression during the AI capex wave, read from the 10-K.
FAANG Strategy
Google's AI Strategy Is a Distribution War
Google's AI strategy isn't a better model, it's distribution: Search, Chrome, Android, Cloud. Read the playbook through Alphabet's filings and capex.
IPO & M&A
Meta's Open-Source AI Strategy Explained
Meta's open-source AI strategy commoditizes the model layer, funded by a ~$200B ad engine. The full play, read through Meta's own SEC filings.