As AI collapses the cost of cognition, durable value migrates to the physical: the infrastructure that powers intelligence, and the execution businesses that deliver it. Where capital should flow, and where it should not.
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Operator-authored memoranda.
Conviction-led research on the shifts reshaping capital and infrastructure. Each memorandum is written for three audiences: allocators, operators, and observers.
The countries that deliver power fastest, not the best models, will capture the inference economy. India's structural case, with Tamil Nadu as a pilot corridor.
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