Value accrues at the bottom of the AI stack

LLM providers build atop vast amounts of infrastructure and value flows down the stack

The current AI boom has created a gold rush of wrappers, plugins, and prompt-powered SaaS apps. Venture capitalists, predictably, have piled into the upper layers of the stack. These companies are building lightweight services on top of large language models. It’s a comfortable place for them: fast to build, easy to pitch, and hypothetically scalable. B…