Silicon Valley Has Lost Its Biggest Advantage

AI's capital intensity has shifted competitive advantage from software engineering to heavy industrial supply chains; Caterpillar's stock has doubled in a year as data-centre buildout requires power plants, cooling systems, and physical infrastructure rather than code. If you're building AI infrastructure or tooling, your real competition is no longer other software teams—it's the supply chain. Founders who can cut power demand, accelerate cooling, or replace LNG with alternatives will unlock billions in cost savings for the companies that are now spending more on concrete than on chips.