Roberto Chamorro gilaberte @robchamow: "📝 AI Infrastructure and Second-Order..."

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📝 AI Infrastructure and Second-Order Effects Many investors look at AI and focus only on the models: ChatGPT, Gemini, Claude. But what really matters is who controls the infrastructure where all of this runs — and who owns stakes in the models that may end up winning. Let’s break it down. The models ChatGPT belongs to OpenAI. Microsoft owns about 27% and is its main shareholder. It’s no coincidence that ChatGPT runs on Azure. Claude belongs to Anthropic. Amazon owns around 15–19% and Google about 14%. Neither controls the company, but both have skin in the game. Claude runs on AWS. Gemini is 100% Google. The infrastructure Amazon, Microsoft and Google are investing hundreds of billions of dollars to build the data centers where all these models live. Meta is also in the race, although it is more focused on its own developments. It doesn’t matter which model wins. Inference, training, every generated token… everything passes through their servers. The second-order effect most people miss Microsoft wins if ChatGPT succeeds. And it also wins if it doesn’t, because Azure keeps growing anyway. Amazon wins if Claude scales. And it also wins if it doesn’t, because AWS keeps growing anyway. Google wins with Gemini. And it also wins with Claude, because it owns a stake in Anthropic. They’re not betting on a single horse. They’re buying the racetrack. Roberto Chamorro Full article: AI infrastructure and monetization open.substack.com/pub/robertochamorrogilaberte/p/amazon-google-microsoft-y-meta-650000?r=5b5str&utm_medium=ios This content is strictly educational and reflects only my personal opinion. Investing in financial markets and crypto assets involves a high risk of total capital loss. $AMZN (Amazon.com Inc) $GOOG (Alphabet) $META (Meta Platforms Inc) $MSFT (Microsoft) $NVDA (NVIDIA Corporation)

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