Apoorv, great analysis! I’m wondering if we can translate your blog into Chinese and post it in AI community. We will highlight your name and keep the original link on the top of the translation. Thank you!
I can't figure out how to restack images, in the app at least, but I've been saying since early last year that the lion's share of revenue will be in the apps people develop that make AI as easy to use as every other kind of software now works, without having to learn prompt engineering.
We're only just barely starting to see that, as UIs slowly start to improve and non-geeks like us start using them, and that pyramid on the left will get far, far more top heavy.
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
Great analysis, and interesting visualizations, i liked the triangles you used when splitting the value between semi, infra and software.
It will be interesting too see what will happen from 2025 and forward, as the heavy lifting made between 2023-2025, but cloud services will begin to offer more diverse solutions of AI hardware, and not just Nvidia's chips. Not that it needs to worry about Nvidia's future, but I don't think this moat will last forever.
I also wrote about a similar thing, more of a high level overview of the semi-conductors industry, with a section about AI chips, but you gave much more details about this specific vertical. well done!
Couldn’t find article you referenced on value shifting to tech enablers. Can you please explain what you mean by that and article by Vivek you are referring to?
Most of it resonated immediately and analysis was interesting throughout, thank you!
is best way to analyze the value capture of mobile by looking at the stock price? Not clear to me that apple was only second tier winner here. Also the categorizing of Amazon as "mobile internet" companies only seems to be off and skew results there. Maybe another cut would be to look at how the profit pools have shifted overtime between categories.
I'm not convinced the app layer will make a good investment, even as it accrues more value over time. GenAI is making software development easier, which will lead to more fragmentation at the app layer, and more competition in every category.
Apoorv, great analysis! I’m wondering if we can translate your blog into Chinese and post it in AI community. We will highlight your name and keep the original link on the top of the translation. Thank you!
Sure thing go ahead!
I can't figure out how to restack images, in the app at least, but I've been saying since early last year that the lion's share of revenue will be in the apps people develop that make AI as easy to use as every other kind of software now works, without having to learn prompt engineering.
We're only just barely starting to see that, as UIs slowly start to improve and non-geeks like us start using them, and that pyramid on the left will get far, far more top heavy.
Hello there,
Huge Respect for your work!
New here. No huge reader base Yet.
But the work has waited long to be spoken.
Its truths have roots older than this platform.
My Sub-stack Purpose
To seed, build, and nurture timeless, intangible human capitals — such as resilience, trust, truth, evolution, fulfilment, quality, peace, patience, discipline, relationships and conviction — in order to elevate human judgment, deepen relationships, and restore sacred trusteeship and stewardship of long-term firm value across generations.
A refreshing take on our business world and capitalism.
A reflection on why today’s capital architectures—PE, VC, Hedge funds, SPAC, Alt funds, Rollups—mostly fail to build and nuture what time can trust.
“Built to Be Left.”
A quiet anatomy of extraction, abandonment, and the collapse of stewardship.
"Principal-Agent Risk is not a flaw in the system.
It is the system’s operating principle”
Experience first. Return if it speaks to you.
- The Silent Treasury
https://tinyurl.com/48m97w5e
Love the analysis, thank you for this! ✨
Give it time. The wheel was immensely valuable thousands of years ago, it is mobility now. The world is still shaping itself around the AI railroads
Great analysis, and interesting visualizations, i liked the triangles you used when splitting the value between semi, infra and software.
It will be interesting too see what will happen from 2025 and forward, as the heavy lifting made between 2023-2025, but cloud services will begin to offer more diverse solutions of AI hardware, and not just Nvidia's chips. Not that it needs to worry about Nvidia's future, but I don't think this moat will last forever.
I also wrote about a similar thing, more of a high level overview of the semi-conductors industry, with a section about AI chips, but you gave much more details about this specific vertical. well done!
https://reassembler.substack.com/p/inside-the-chip-wars-power-profit-fight-over-the-new-oil
Amazing analysis with nuanced focus on core drivers that would create the momentum for curve inversion!
Couldn’t find article you referenced on value shifting to tech enablers. Can you please explain what you mean by that and article by Vivek you are referring to?
Most of it resonated immediately and analysis was interesting throughout, thank you!
is best way to analyze the value capture of mobile by looking at the stock price? Not clear to me that apple was only second tier winner here. Also the categorizing of Amazon as "mobile internet" companies only seems to be off and skew results there. Maybe another cut would be to look at how the profit pools have shifted overtime between categories.
I'm not convinced the app layer will make a good investment, even as it accrues more value over time. GenAI is making software development easier, which will lead to more fragmentation at the app layer, and more competition in every category.