Where are the biggest value opportunities in the AI stack?

Ben Horowitz

Horowitz · Andreessen Horowitz

AI Infrastructure

Ben Horowitz points to AI infrastructure, saying the infrastructure for AI is out of date and not strong enough — much like cloud computing's, which eventually got rebuilt from storage to networking.

The answer starts at 48:40.

Emily Man

Partner · Primary Venture Partners

Applications Layer

Emily Man says she focuses on the applications layer, the last level of the stack, after chips, infrastructure and models; she notes past tech shifts lay the pipes first before building on top.

Itamar Novick

Founder & General Partner · Recursive Ventures

Application Layer

Itamar Novick points to the application layer, saying AI infrastructure is in a bubble and application companies delivering end solutions to customers are the ones that emerge, not LLM firms.

The answer starts at 24:20.

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Morgan Flager

Managing Partner · Silverton Partners

Proprietary Data

Morgan Flager says the biggest advantage he looks for is a proprietary data and learning advantage, since data few others can access and learning from it or its metadata can sustain an edge others can't copy.

Anish Acharya

General Partner · Andreessen Horowitz

Consumer Product Design

Anish Acharya says the opportunity for this technology lies in basic consumer needs—feeling connected, loved, making progress, having fun—and that it is not a model or capability challenge but just a product design challenge.

The answer starts at 1:14.

Julien-David Nitlech

Managing Partner · Iris

Data-Homogenizing Layers

Julien-David Nitlech points to data-homogenizing layers, saying everyone will use them to make data homogeneous and operate automations, since current stacks aren’t fit for automation.

Sam Altman

Chief Executive Officer · OpenAI

Workflow Depth & Judgment

Sam Altman says the value is shifting to compute scale, workflow depth and human judgment, and that a founder's moat is the workflow, integration depth and switching costs built around whichever model they use.