The Landowners of AI
BigTech Earnings and a look back at Nvidia GTC. BigTech incumbents are fragmenting into winners and losers. We have enough data to project the AI monopoly.
Good Morning,
What is BigTech going to become exactly?
When I started this publication around four and a half years ago, the term “AI Supremacy” meant to me the competition between the U.S. and China. However the American stock market is pointing in another direction.
What’s becoming more clear is that hyperscalers are the true landowners of AI. They are the custodians and the ones that benefit directly from the demand for compute in more Cloud computing and digital Advertising revenue. This week’s Earnings bonanza of BigTech (4 of the Mag 7 reported after the close yesterday) really displayed this 4 years later (ChatGPT debuted at the end of 2022) in more concentrated terms than ever before. A new world of technological domination is coming into view.
This means essentially that AI is driving unprecedented centralization not just in Silicon Valley but that has taken over Washington and the direction the U.S. is taking on the global state.
4 Years Later (Gen AI snapshots)
Capex keeps accelerating, like in the case of Meta guiding upwards.
Cloud Computing revenue growth is meaningfully accelerating
Digital Ads efficiency is improving a lot due to AI, e.g. at Meta and Amazon
The demand for compute is accelerating faster than capacity can keep up with
Datacenter impacts on GDP is concentrated in just a few companies
BigTech with their capital expenditures to build AI Infrastructure control the pace of the AI movement and the majority of most impactful AI products
They are also the ones who own major equity stakes in the likes of Anthropic, OpenAI and other AI startups who will become among the most (also concentrated) global winners in the AI arena
Tokenmaxing and Inference heavy demand is pushing bigger AI datacenter clusters into being
The landowners of AI also include of course the GPU and ASIC makers (AI chips), so Nvidia, Broadcom, TSMC and Google with their TPUs here becomes way more powerful in the 2020s. The rise of the (Philadelphia) Semiconductor Sector ETF displays a Semiconductor boom almost entirely controlled by American incentives. Ticker SOX. It’s up around 50% so far just in the first four months of 2026. Historical actually.
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