Hyperscalers are estimated to pour over $700 billion into AI capex in 2026, yet owning a bottleneck does not guarantee owner earnings. We run Chamath's six-layer AI stack, from ASML to NVIDIA, through a Graham-Buffett lens to see where free cash flow and ROIC actually accrue.


• Free DeepValues app, intrinsic value and margin of safety for any stock

iPhone: https://apps.apple.com/us/app/deepvalues/id6775568608

Android: https://play.google.com/store/apps/details?id=app.deepvalues.android&referrer=utm_source%3Dspotify%26utm_medium%3Ddescription%26utm_campaign%3Dmarket

• Is the market overvalued? Buffett Indicator & Bubble Watch

iPhone (Buffett Indicator): https://apps.apple.com/us/app/buffett-indicator/id6747404614

Android (Bubble Watch): https://play.google.com/store/apps/details?id=com.luluventures.bubblewatch.android&referrer=utm_source%3Dspotify%26utm_medium%3Ddescription%26utm_campaign%3Dmarket


Chapters

(0:00) Decoding AI Value

(4:02) Deep Value Equation

(5:20) Infrastructure Chokepoints

(8:44) Macro Risk Capital Destruction

(10:10) Chips System-Level Moat

(11:30) Models Commoditization

(13:10) Jevons Paradox of Intelligence

(14:09) Execution Kubernetes of Intelligence

(16:28) Data Divergence of Value

(17:50) Physical AI Actuation Thesis

(19:34) Jevons Paradox of Intelligence

(22:35) Execution Kubernetes of Intelligence

(23:20) Get the apps


DeepValues toolkit

• Run the numbers on any stock yourself, free: https://app.deepvalues.ai/?ref=podcast&src=value_investing_in_chamath_s_ai_stack-en

• Free Margin of Safety Weekly, every Saturday (guru moves, market temperature, the week's research; no account needed): https://app.deepvalues.ai/letter?src=spotify&ref=value_investing_in_chamath_s_ai_stack

• Open-source research on 300+ companies: https://research.deepvalues.ai/?utm_source=spotify&utm_medium=description&utm_campaign=market&utm_content=value_investing_in_chamath_s_ai_stack

• Deep Value Intelligence, the multi-agent AI analyst: https://deepvalues.ai/?utm_source=spotify&utm_medium=description&utm_campaign=market&utm_content=value_investing_in_chamath_s_ai_stack

• Developer API and MCP server for your AI agents: https://app.deepvalues.ai/developers?utm_source=spotify&utm_medium=description&utm_campaign=market&utm_content=value_investing_in_chamath_s_ai_stack

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