In 2026, global AI net profit is expected to be $637 billion. The combined U.S. and South Korea are set to capture more than 84% of the world’s AI net profit. And most of the profit is concentrated in three AI infrastructure companies: the computing-power king, Nvidia, and the memory kings, SK Hynix and Samsung. The large-model layer is the biggest consumer, while the customer-facing application layer still has yet to take off.

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