Long Lake co-founder @varunshenoy_ explains why the most valuable layer of the AI stack may not be chips or models: "You look at the whole AI value chain. You start at the compute or chip layer. There's many players there today. I don't know who's going to be the winner in 10 years, in five years. I wish I could index it." "If you move up the stack, there are the foundation models. OpenAI, Anthropic, Grok, Gemini. If you move even further up, there's infrastructure, inference, all the neo clouds." "What you start to realize is you basically want to index everything happening in AI. If you move all the way to the top of the stack, what you have is a services business that fundamentally owns the most valuable part of the entire chain, which is the relationship with the end customer." "As the chips get better, as the models get better, all those micro-optimizations allow us to provide much better service to the final customer." @llmh