Interesting How AI Investing Is Slowly Turning Into An Infrastructure Trade

The more I look at these mega private-company valuations, the less this feels like a traditional tech cycle. It increasingly looks like an infrastructure race. SpaceX is satellites, launch systems and communications infrastructure. OpenAI is compute infrastructure and enterprise AI layers. Anthropic is enterprise workflow automation and AI agents. Databricks is data infrastructure. Stripe is internet payments infrastructure. Even the funding structures are changing. Reuters noted the SpaceX IPO