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Ben studies how technology transitions reshape competitive advantage and market structure, from semiconductors and AI infrastructure to adoption and business strategy.
A fresh perspective is needed on foundry economics at the leading edge. For years, the industry lacked a clear cost-per-transistor framework, even as the economic foundation of Moore’s Law was becoming less durable. That framework held through N3E. It no longer holds at N2 and A16, and the evidence
Read →Neoclouds sit at the center of the AI infrastructure durability debate because they are increasingly the external channel through which hyperscalers secure additional power and compute to convert demand into revenue. CoreWeave ended 2025 with $66.8 billion in contracted backlog. Nebius signed a deal
Read →Prerequisite: 800 VDC: The Inflection Point Reshaping Datacenter Power and AI Infrastructure (March 2026). This report builds directly on that analysis and assumes familiarity with the power architecture transition it describes. 800 VDC: The Inflection Point Reshaping Datacenter Power and AI Infrast
Read →For those of us who have covered Arm for decades, we remember the days when this was a $500-600M yearly revenue company, and hardly growing. How times have changed. The evolution of Arm, now clearly framed as Arm 2.0, has been years in the making, with all the stakeholders recognizing that an IP bus
Read →There is perhaps no more consequential debate around the technology industry today than whether the current AI infrastructure buildout represents a bubble destined for collapse or the logical, sustainable deployment of mature technology. The numbers are indeed staggering, a root cause of people’s an
Read →The Architecture Graphics Built The GPU exists because graphics demanded a very specific kind of silicon—hardware capable of running identical mathematical operations across massive data volumes in parallel, repeatedly, without stalling. What looked like “drawing pictures” was always a continuous si
Read →The semiconductor industry has experienced cycles of varying magnitude throughout its history. The PC era brought sustained growth. The smartphone revolution created what many called a supercycle. The cloud computing buildout extended that expansion further. What is happening now is something catego
Read →In mobile computing, performance is defined by the energy cost of operations. The limiting factors for modern Systems on a Chip (SoC) are thermal headroom and battery constraints, shifting the architectural focus to the infrastructure that feeds the silicon. The power delivery network (PDN) design f
Read →In the broader narrative of the AI boom, a new category of infrastructure provider has emerged, colloquially termed the “neocloud.” The economic logic of the neocloud is, at first glance, simple arbitrage: the hyperscalers (AWS, Azure, Google Cloud) are supply-constrained and expensive, creating an
Read →The surge in AI infrastructure investment has reshaped the value of power in the United States. Bitcoin miners, who once optimized purely for cheap electricity and fast deployment, now find themselves in possession of something that AI operators urgently need: energized land with existing interconne
Read →The easy story is “this looks bubbly.” Spending is massive AND front-loaded, the narrative is high, and a handful of winners dominate the landscape. Hyperscaler capital spending is tracking to roughly $424B in 2025 and stepping toward ~$500B in 2026, after topping $100B in a single quarter earlier t
Read →Ariticle Summary/Thesis Every transformative technology arrives twice. First as hardware and headlines—motors, wires, GPUs, data centers—then, years later, as redesigned work that finally shows up in the productivity numbers. Electricity followed that arc. The earliest adopters simply swapped steam
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