AI's Silicon Backbone

AI does not fit neatly into the familiar arcs of personal computers (PCs), smartphones or even the dotcom era. Some technologies genuinely do break the mold, and AI appears to be one of them. Treating it as just another garden-variety tech boom risks misreading both the durability of demand and where the true risks lie. Increasingly, AI is behaving more like foundational infrastructure, a distinction that fundamentally alters how this cycle evolves.

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