How fast
The models are improving fast. The spreading, so far, is not.
Stop 2 · How fast →How fast AI lands, and who keeps the value
The bottleneck was never the motor.
American factories could buy electric power from the early 1880s, and it did not show up in the productivity statistics until the 1920s. The motors worked. What took four decades was rebuilding the factories around them, and nobody tears down a factory that is still standing. This site tracks AI on the same bet: the technology is fast, and the things it has to change are slow.
Readings updated 2026-11-04 · newest figure in the essay dated 2026-10-04
Tonight's three readings
Who profits
So far, the profit is staying with the chip makers
The chip makers' share of the stack's gross profit: 72.6%
Stop 4 · Who profits →Where we are, after Perez
Frenzy, by the site's published rule.
- The model Money arriving
- Running it Money arriving
- The firm's own knowledge Money arriving
- The front door Paid here, loosening
Latest changes
- 2026-09-29Vertical versus horizontal application fundingunclear
- 2026-09-28Circular financing scaleconcentrating
- 2026-09-27Concentration among covered chip filers (HHI)stable
The path · three acts, nine stops
Act I · Now
Act II · The money