Market Maps
The AI Infrastructure Market Map
The AI Infrastructure Market Map reads the stack through 2026 filings: chips, capacity, model labs, apps. Value concentrates where supply is scarce.
#capex
4 articles
Market Maps
AWS Margin Compression and the Cloud Reset
AWS margin compression is real: revenue grew 20% but operating income only 14% in FY2025. Read the cloud reset and AI capex squeeze from the 10-K.
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.
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.