Analysis & Opinion

SpaceX, Anthropic and OpenAI are coming to market already worth more than every U.S. tech IPO since 1980 combined. Using nine documents, from Amazon's 1997 prospectus to Vanguard's count of private unicorns, this piece asks one question: by the time ordinary investors can buy, how much growth is left?

A rate hike doesn't break anything the day it lands. It breaks things the day someone has to borrow again, and this time the biggest borrower is the AI buildout.

If this company vanished tomorrow, how long until someone else could do its job? Sort the AI industry by that one question and profit lines up with the answer.

You can get the chips in six months and the transformer to power them in twenty-nine. The AI boom's bottleneck is now concrete, steel, cooling water and a place in the grid queue.

The fastest chips ever built spend much of their time waiting for data. That one fact turned memory from a commodity into an execution race between three companies.