Applications & agents
Cheaper models can improve margins or be competed away through lower software prices.
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Related research ↗MINGYANG / AI INVESTMENT RESEARCH
Explore the AI stack.
Follow a request or trace an investment. Every layer has a different business model, constraint and source of value.
AN EXPLORABLE INVESTMENT LANDSCAPEOne request.
One request.
An entire industry.
Move through the layers. Find the bottleneck.
Understand who earns the next dollar.
Software → intelligence → compute → infrastructureEconomic dependencies · not measured transaction flows
From technical progress to investment consequences
Models & reasoning
Model efficiency lowers unit cost; the net effect on hardware depends on demand growth and competitive pricing.
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Related research ↗Cloud & inference runtime
Cloud revenue can grow while depreciation and investment absorb the cash generated.
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Related research ↗GPUs & custom accelerators
Our demand thesis allows both growing compute consumption and shifts in supplier share.
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Related research ↗Memory, optics & networking
Richer content helps only if qualification, yield, pricing and customer demand support returns.
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Related research ↗Power, cooling & construction
The strongest exposure can sit at a physical constraint, but the entry valuation still matters.
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Related research ↗Foundries, packaging & equipment
The original equipment thesis expects a lag from memory economics into investment; that lag must be confirmed by orders.
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