Thanks for breaking down the pieces. Fond memories of life in the 80’s. One thing feels a little different about AI vs PCs: Michael Dell could build PC’s from his dorm room, but the massive capital required for inference capacity limits the competition at the foundational level. AI feels more like railroads and electric power companies where you got standards but at some point while margins compressed, the market leveled out to a few providers with guaranteed but constrained margins. That doesn’t change the point about where value will be created elsewhere in the supply chain as you’ve pointed out. There may have been a limited number of power companies, but they enabled lots of appliance manufacturers.