Chamath's AI Stack: Who Gets Paid From $700B Capex? | Stock Market
Deep Values: Value Investing Deep Dives · Nov 5, 2026 · 23:45
Deep Values: Value Investing Deep Dives
Deep Values: Value Investing Deep Dives · Nov 5, 2026 · 23:45
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Hyperscalers are estimated to pour over $700 billion into AI capex in 2026, yet owning a bottleneck does not guarantee owner earnings. We run Chamath's six-layer AI stack, from ASML to NVIDIA, through a Graham-Buffett lens to see where free cash flow and ROIC actually accrue.
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Chapters
(0:00) Decoding AI Value
(4:02) Deep Value Equation
(5:20) Infrastructure Chokepoints
(8:44) Macro Risk Capital Destruction
(10:10) Chips System-Level Moat
(11:30) Models Commoditization
(13:10) Jevons Paradox of Intelligence
(14:09) Execution Kubernetes of Intelligence
(16:28) Data Divergence of Value
(17:50) Physical AI Actuation Thesis
(19:34) Jevons Paradox of Intelligence
(22:35) Execution Kubernetes of Intelligence
(23:20) Get the apps
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Episodes: Deep Values: Value Investing Deep Dives
