The Economics of AI ☆

The industry's core tension: infrastructure spending measured in hundreds of billions per year, against inference prices that fall roughly tenfold per capability tier per year and open models pressing margins from below. Bulls point to genuine revenue curves (OpenAI and Anthropic reached multi-billion run-rates at record speed) and productivity gains; bears to depreciation schedules on GPUs and circular vendor-financing deals. Every stock on the Stocks page is a position in this argument.