Executive Summary
Ben Horowitz identifies a structural shift in AI that creates unprecedented winner-take-all dynamics through researcher scarcity. Only 40 people globally can build large-scale AI models, having worked at Google, Facebook, OpenAI, or Anthropic. This scarcity explains billion-dollar researcher valuations that appear 'absolutely bananas' from the outside. Unlike previous technology cycles requiring infrastructure buildout, AI deployment leverages existing internet infrastructure, accelerating adopt...
Key Investment Opportunity
AI Infrastructure Moat Sustainability
Companies with scarce AI research talent and GPU access maintain winner-take-all positions as traditional software constraints disappear
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