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The Rise of the Neocloud

Why Are AI Giants Renting Computers? The current situation in the AI infrastructure boom is that you spend tens of billions of dollars building your own data centers. And also you spend tens of billions of dollars renting data centers from someone else. The someone else, it turns out, is
The Rise of the Neocloud

Intel and Apple's Un-Breakup

The Factory, Not the Chip Ordinarily, when you have a corporate breakup, you don't look back. In 2020, Apple very publicly dumped Intel—a move that foreshadowed Intel's eventual decline—by ditching its processors to build its own superior M-series chips. And yet, this week brought
Intel and Apple's Un-Breakup

Google Inside Meta

The Humbling of Meta The story of the AI boom so far is that every tech giant is spending tens of billions of dollars to build its own world-beating intelligence. Mark Zuckerberg has been on a particularly aggressive campaign, poaching top talent for a secret "Superintelligence Lab" with
Google Inside Meta

Is Nvidia Buying Its Own Revenue?

Circular AI A fun trick from the dot-com era was circular financing, where a company would invest in a startup, and that startup would then use the money to buy the first company's products, creating the magical illusion of revenue growth. It is a little weird to see
Is Nvidia Buying Its Own Revenue?

The Hard Drive's Revenge

The Data Landfill The basic story of the AI boom is that it is a glorious, high-tech affair, driven by futuristic chips from Nvidia and god-like models from OpenAI and Anthropic. It is a story of brains. But it turns out that the AI boom is also a story of
The Hard Drive's Revenge

Nvidia and Intel, Together at Last?

The Great Unbundling There are two ways to build a chip empire. On one side is vertical integration, the old-guard model where a company like Intel designs and manufactures its own silicon. On the other is specialization, the modern approach where a "fabless" company like Nvidia designs the
Nvidia and Intel, Together at Last?

Nvidia's Impossible Bind

The Made-For-China Chip One way to think about the US-China tech war is as a grand strategic chess match. Another, it seems, is as a farce. Last month, the story was that China was rejecting Nvidia’s made-for-China H20 chip because its homegrown alternative from Huawei was somewhat competitive. This
Nvidia's Impossible Bind

Europe's AI Playbook

The Capital Efficiency Bet The rationale behind ASML's €1.3 billion investment in French AI startup Mistral, as we explored last week, is one of sound corporate strategy. The Dutch company that makes the world's most critical chip-making machines wants to embed AI into its own
Europe's AI Playbook

Oracle's Over-Engineered Cloud

The $455 Billion IOU Ordinarily, if you are a giant, publicly traded company and you miss your quarterly earnings, your stock goes down. Oracle's stock, apparently, did not get the memo. The company reported revenue and profit that fell short of expectations, and in response, its stock soared
Oracle's Over-Engineered Cloud

Meta Deep Dive

Section 1: Company Overview Meta's stated mission is to build technology that helps people connect, find communities, and grow businesses. The company's operations are centered around its Family of Apps (FoA), which includes Facebook, Instagram, Messenger, WhatsApp, and Threads. These platforms are offered to users at
Meta Deep Dive