Since web 1.0 is our best analogue, I am thinking of it like this: Late 1990s internet infrastructure buildout means that most of the captured value was at the

Since web 1.0 is our best analogue, I am thinking of it like this: Late 1990s internet infrastructure buildout means that most of the captured value was at the hardware level (HP Computers, Dell, Intel, Cisco etc.). 2020s AI infrastructure buildout appears to be the same. NVIDA is capturing a lot of value, and experiencing explosive growth. Late 1990s/early 2000s was a time of tremendous development for web software , but no one really had a business model. These LLMs are like the web browsers of that era -- they are an interface to access other peoples IP, but no one really knows what the financial model looks like. It wasn't until the mid 2000s/early 2010s that the business models came into sharp focus for web services. Like web browsers, the LLMs might be a vital tool for enabling the capture of value for businesses, but it might not be the actual thing that they end up monetizing.