The first wave of the AI boom rewarded the most obvious names. The next wave spreads wealth across the entire infrastructure stack: foundries, custom silicon, networking fabric, and enterprise deployment tools. Hyperscaler CapEx is climbing, agentic AI drives inference loads that dwarf training, and every gigawatt of new compute pulls dollars through a long supply chain.
A lot of agent prototypes based on stateless APIs tackle simple use cases: one prompt, one answer, maybe one tool call. Production work is different. Real workflows unfold across many steps, require context from previous actions, depend on multiple tool outputs, approvals, and system state, and need trusted guardrails in secure environments.
