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AI is infrastructure, not software

Infra financiers, not ML researchers, will determine AI's fate

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Dave Friedman
Dec 01, 2025
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AI is this weird thing where everyone in Silicon Valley seems to think it’s software, but anyone who understands infrastructure sees that it’s obviously infrastructural and financial, with a software layer abstracted on top. This observation cuts straight into the deepest mispricing in the entire AI economy. The industry is living inside a category erro…

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