Not where everyone is looking

Table of Contents

1. Where Everyone Looks

The glamorous top of the stack gets all the attention.

The focus:

This is where the spotlight is.
But it is not where the constraints are.

2. Where the Bottlenecks Actually Are

The physical world — the unsexy infrastructure layer — is where the real constraints live.

True bottlenecks:

These factors determine the upper boundary of AI scaling.

Sound strategy requires recognizing that bottlenecks are not at the model layer, but in the infrastructure that makes the model layer possible.

The constraints that matter most are buried deep in the physical stack:
processing plants, extraction operations, and resource supply chains.

Not the companies with:

But by the companies and countries that secure:

This determines who can scale models materially, not just technically.

The future of intelligence does not run solely through algorithms.
It runs through:

The foundations of AI are physical, not abstract.
Strategy begins by understanding where the real constraints live.