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Investing Across the AI Stack

Investment research across the AI value chain, from chips, power, and data centers to models, platforms, data, and vertical applications.

AI value chain map (analytical scope)

Capital and cost move up and down the stack; value capture does not follow stack order.

  1. Compute & Infrastructure

    Question: Who commits capital?

  2. Models & Inference

    Question: What becomes a commodity?

  3. Platforms, Data & Distribution

    Question: Who has pricing power?

  4. Applications & Vertical AI

    Question: Who keeps data and workflow?

  5. Business Models & Valuation

    Question: Do economics improve with scale?

  1. COMPUTE & INFRASTRUCTURE

    Sterling Infrastructure: Time to Sell? A Good Company, but About Fair Value Now

    Key question: Who controls the power, land, and construction bottlenecks behind AI data centers, and does that scarcity reach shareholders?

  2. COMPUTE & INFRASTRUCTURE

    Applied Digital Corporation: $36 Billion in AI Data Center Leases, but How Much Value Reaches Shareholders?

    Key question: How much of contracted power and AI data-center rent remains for common equity after construction cost and capital claims?

  3. COMPUTE & INFRASTRUCTURE

    Bloom Energy: An AI Power Bottleneck Winner, but How Much Success Is Already Priced In?

    Key question: How much of AI data-center power scarcity can become durable cash flow and common-equity value for a power-equipment manufacturer?

  4. BUSINESS MODELS & VALUATION

    FDE Economics: What Wonderful and Reflection Need to Prove

    Key question: Can field deployment convert into repeatable product and software economics?

  5. PLATFORMS, DISTRIBUTION & MOATS

    AWS Is Hiring FDEs. But Can You Hire Your Way Into an FDE Organization?

    Key question: Does learning at one customer accumulate into product and organizational moat for the next?

  6. APPLICATIONS & VERTICAL AI

    Will Rogo Eat the Financial Intelligence Stack? Two Years with AlphaSense Changed My Answer

    Key question: In financial AI, which layer—workflow, scarce data, models, or distribution—captures long-term value?