Tomasz Tunguz · 11 November 2026 · Industry Analysis

Who Captures the Most Margin in AI?

Tomasz Tunguz, MD @ Theory

The AI value chain distributes gross profit across five layers—power, data centers, GPU operators, inference vendors, and applications—with GPUs capturing 28% of margin. Rising compute costs and vertical integration will reshape competition and determine which layers maintain pricing power.

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Topics: AI (Horizontal) · AI Infrastructure

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