The AI Investment Stack

The AI economy is a stack of seven layers with radically different competitive dynamics. Over $725B in hyperscaler capital expenditure has been committed. This piece maps each layer with current data, names the companies that matter, identifies where durable pricing power lives, and evaluates which layers face genuine disruption risk. It draws on over three hundred dispatches published between February and June 2026. The most common question about AI investing is whether to invest in AI. The question is wrong. The bet is placed. The question now is where the returns concentrate.