. @a16z just raised $1.1B for their Machine Age Fund. Here's what caught my attention ↓ → The fund targets hardware and infrastructure across semiconductors, memory, networking, data centers, energy, cooling, robotics, and edge devices. → The thesis: AI development isn't limited by software anymore. It's limited by access to electricity, chips, memory, and data center capacity. → The companies building models get all the attention. But the ones providing power, cooling, networking, and manufacturing capacity might be where the real value accrues. → This is a16z making a pick-and-shovels play. → Every AI company fights over the same constrained supply of chips, power, memory, and data center space. I think that by investing in the infrastructure layer, a16z doesn't need to predict which model wins. They just need AI adoption to keep growing, which, TBH, I think it will at this rate. Global spending on data centres could reach $7 trillion by 2030, so the opportunity here is obviously massive. But I just gotta ask, if we're in an AI bubble, what happens to those headline numbers if it pops?