I Traced The AI Capex, And Found 6 Profit Pools (One Is An Asymmetric Bet)

2026-05-09 08:30:00 ET

Introduction

AI has hit the economy with the strength of a hurricane. It has also been the core focus of my research over the past three years, as I tried to follow the money and see where the best opportunities lie. I worked to identify the key bottlenecks of the whole supply chain, while also continually highlighting that the engine of the whole revolution is the hyperscalers, which are the true key players, even though not all of them are LLM developers. We started some time ago by talking about "Capex Nation," the 3% World, and the megatrend of Geo-Capex . The topic is so rich that every time I wrote an article, I felt I was dealing with only a tiny tile of a very large mosaic. As I moved on, however, I started jotting down some notes to help me visualize what is happening and better assess single stocks within a wider framework....

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