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The AI Boom Is an Infrastructure Supercycle

AI is about infrastructure more than it is about software

Dave Friedman's avatar
Dave Friedman
Jun 15, 2025
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Welcome to the hundreds of new subscribers who have joined over the past few weeks. In today’s free post, I look at AI as infrastructure. The durable value, I argue, accumulates in physical infrastructure, not software written on top of LLMs.

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