at unvested underscore

Commanding heights by Will Manidis is going viral on X as a new thesis of where value will accrue in the AI buildout.

he discusses how:
* current AI financing will cause instability
- model training is 3.5x more expensive YoY
- token costs down 13x this year
- AI is commoditizing with no durable margins

* there will be two global powers US & China
- China sustains, cheap competitive models
- most of China’s wealth is in housing and cash with only 15% in the stock market
- Beijing does not need to prop up tech company valuations

* the US government will intervene with heavy spending

* US spending will be financed by outsourcing demand for a neo dollar - a stable coin based US dollar that drives all genetic work even for Chinese models

* Will’s investment thesis off of this is that value does not accrue in short term supply chain constraints rather in these commanding heights — where the value of the asset increases as AI is popularized
- financial infrastructure mostly stable coin
- specific gateways like distribution, customer access and interfaces

Not financial advice 🚨🚨

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