Harry Stebbings says AI’s infrastructure layer now absorbs $800 billion to $900 billion in annual spending, dwarfing the rest of the market. He puts OpenAI and

Harry Stebbings says AI’s infrastructure layer now absorbs $800 billion to $900 billion in annual spending, dwarfing the rest of the market. He puts OpenAI and Anthropic at about $100 billion combined activity, underscoring where capital is concentrating.