What Has to Go Right: The Math Behind AI's Trillion-Dollar Bet
Eric Flaningam (Timeless) published the most rigorous bull-case math on AI cap ex: clouds need ~$600B in third-party AI revenue by late 2027 and $1T+ by 2028 at 35% margins to earn their cost of capital. We steelman the piece — the depreciation treadmill, the three conditions (frontier breakthroughs, faster diffusion, surviving margins), and the 'apps decide what runs short' thesis — then deliver our conclusion: own the tollbooth, rent the factory.
The skinny
The skinny isn't ready yet — notes appear once the transcript is processed.