1 filters applied
Distilling high-signal intelligence into digestible insights.
NuggetsShowing 9 of 9
Corporate investment in AI across model providers, infrastructure and software tripled in a single year, reaching $37 billion in 2025. Spend was allocated across the infrastructure layer — foundation models, model training and AI infrastructure — and the application layer, which captured more than half of all AI dollars.7 The rapid growth of application layer spend may signal that enterprise adoption is…
A historic inflection point
Railroads unlocked new markets and gave rise to industries like mail-order retail in the 1800s. Electrification boosted productivity by enabling innovations like the moving assembly line in the early 1900s. Then, as the 1900s gave way to the new century, the digital economy was built upon nascent internet infrastructure, which connected global markets and gave rise to e-commerce.…
"The big five American firms have assembled about 10 times the compute to train their current LLM compared to their prior LLMs... if the scaling laws hold, then a 10x increase in training compute results in models that are about twice as capable." - Stephen Bird (On the widening gap between proprietary and open models) 00:03:46
"The pure technologist…
Tail Risks Rising: From 10% to 30% | Feb 24, 2026 | Apollo Global
Putting the total amount of hyperscaler capex into perspective | Feb 2026 | Apollo Global Management
Source: Haydn Belfield
Combined 2026 CapEx for the Big 4 (Alphabet, Amazon, Microsoft, Meta) is projected to be $590 billion.
Equivalent to ~65-70% of the US military budget ($850–$900bn)
2. ~1.9% of US GDP Rivals peak spending of the Interstate Highway System (~1.8% GDP in the late 1950s)
Zerohedge: Once MSFT goes FCF < 0, the off-balance sheet tsunami will make Enron look like amateur hour | Source : Peter Berezin BCA
FY26 CapEx Estimates #appeconomyinsights