Two numbers from this chart.


AI API price: down 96% since 2022.
Hyperscaler capex: up 12x in the same window.
Most people see the first number and call it democratization but nobody is building a strategy around the second one.
That's not a coincidence. That's a structural capture play.
Every AI startup celebrating cheap models is running on compute they don't own, on infrastructure they can't replicate, controlled by three companies.
Sovereign AI starts with sovereign infrastructure. Everything else is just a better priced dependency.
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