AI Infrastructure Layer

“All open source taking share does is kind of take margin dollars Out of the, ah, frontier model layer, and effectively by, thereby, you know, there is elasticity, thereby driving token demand, you need more demand for compute, and the margins, you know, anthro…”

“I think there is still value to be created and accrued to the infrastructure layer. We're not done. The build out's not done. But I also think now that we've got enough new toys at the technology that we will see massive value creation in the application layer…”

“And so I think that There are going to be high margins that get achieved at the infrastructure layer and sort of sustainable, profitable businesses in a way that it's less immediately clear at the application layer.”

“So our theory has always been the value is going to accrue in two places at the chips layer and at the AI infrastructure layer, what we would call ontology. But those two layers I think are going to be pretty defensible.”