Four a16z partners unpack the charts behind the firm’s latest State of Markets presentation, covering the scale of the AI infrastructure buildout and what adoption actually looks like inside companies today.
They trace why rising markets have been carried by earnings rather than multiple expansion, why hyperscaler capital spending is approaching $1T a year, and why demand for compute keeps outrunning supply.
The conversation then moves up the stack to agent adoption, falling inference costs and what all of it means for software businesses.
