Ben Thompson on AI, aggregation, and the economics of technology power

In this Invest Like the Best conversation, Ben Thompson examines the AI race through strategy, infrastructure, and business-model economics. He argues that a simple national “win” can create dangerous incentives around supply-chain chokepoints, while the commercial buildout faces timing risk between massive capital investment and durable returns. The discussion revisits aggregation theory, advertising, custom chips, TSMC, and how AI may reshape Nvidia, hyperscalers, Meta, Microsoft, Amazon, and Apple.