The distribution of value capture across AI industry layers has shifted substantially over time.

“off of you know hbm or memory for ai even though theoretically their value they were delivering was humongous now you've got well actually kiss mc makes way less value than the memory guys um is that actually how much you know they're capturing less value you know so so the the value capture shifted around a lot which is very fun for um people tracking the market or participating in the market like like jane shared as an example um there's”