Obvious · 13 October 2026 · Investment Thesis

From Software to Science: Venture Capital’s New Frontier is Atoms

Obvious

Venture capital is shifting from software to physical technologies as AI collapses software development costs and the SaaS model loses defensibility; the strongest opportunities now lie at the intersection of AI-accelerated atoms—chips, energy, robotics, biotech—where capital intensity and technical moats remain defensible.

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Topics: AI (Horizontal) · AI Infrastructure · Semiconductors

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