Data companies are positioned as AI infrastructure as compute expands

Data companies are described as a foundational infrastructure layer comparable to fiber, internet, CPU and RAM providers: they capture or construct resources from the real world and supply them to AI laboratories. Their business viability is characterized as potentially comparable to that of Nvidia, though this is presented as an assessment rather than an established conclusion.

The analysis identifies data and compute as the two current bottlenecks for AGI or ASI, with compute described as the larger constraint today. It predicts that roughly 10 times more compute could come online over the next two years, after which high-quality data may become the dominant bottleneck.

The strength of a newly released DeepSeek model is attributed to the quality and curation of its data, an unverified assessment in the supplied material. The strongest data companies are characterized as research businesses that create post-training tasks, test them on GPUs with open-source models and offer them to AI labs.