Whether it is building out data centers the size of cities or buying the rapidly-rising-in-price electricity to fuel them, trillions of dollars is being invested into the “AI economy.” And while buying the chips necessary is a topic du jour, fueling gains in Nvidia, AMD, Broadcom, and others, I think that the full life-cycle of these chips remains vastly underappreciated. The vicious and cutthroat competition required to maintain an “edge” in AI, means that these chips will rapidly become obsolescent, and in order to be a good investment, will have to earn more revenue, more quickly, than any technology or product in human history.