In this post, I cover the following:
How AI adoption is concentrating returns faster than any prior tech wave
Why competing at the foundation layer is a capital game
The competitive response of Big Tech (e.g. the Magnificent Seven)
Why even well-funded labs now need to tap into the balance sheets of entire nations
How China’s AI startups illustrate limits of innovation when faced with capital constraints
In the world of accelerating returns, what are the implications for investors?