The AI Economy: Where Value Moves Next

In this moderated conversation, investment professionals Chris and Andrew discuss the rapidly changing global landscape and the importance of maintaining investment flexibility. They explore the current AI-driven market, moving from a focus on hardware-centric bottlenecks like GPUs to the “full stack” economy, which includes everything from power and data centers to software and networking. A significant portion of the discussion centers on the shifting economics of AI, specifically the transition from high-cost frontier models to more capital-efficient open-source models and the rise of inference at the edge. They also touch upon macro risks, such as the impact of debt and the potential for AI to crowd out resources from other industrial sectors, while noting the evolving importance of ROI in AI-related capital expenditures.