What is an AI data center? It’s parallelizable and instantly deployable “cognitive labor” that can be metered/billed down to the micro-unit (tokens). And if that is true, then this capex buildout is the foundation of a new economic layer. What’s that worth? A pre-AI economic stack was: 1. Natural resources (extraction) 2. Infrastructure (energy, internet) 3. Compute / industrial production 4. Platforms 5. Applications 6. Human labor AI doesn’t just sit inside one layer, it collapses and rewrites multiple layers of this stack.