AI demand is growing 10x a year while the hardware underneath it grows 20-30%, GPU supply is booked out to 2028, and chips are the one thing in computing history whose price is going UP.
a16z just put $1.1 billion behind that gap with the Machine Age Fund, and we pulled the conversation between Ben Horowitz, Martin Casado, and Raghu Raghuram breakdown into the exact thesis, the hard numbers, and the founder profile they are writing checks to, so you can see where the next decade of AI value is actually moving before you build or raise into it.
Know the panel before you read them.
Ben Horowitz cofounded a16z and has invested through every compute epoch since the client-server era.
Martin Casado leads the firm’s infrastructure practice and pioneered software-defined networking at Nicira before venture.
Raghu Raghuram is an a16z managing partner and former VMware CEO, the one person here who ran data center infrastructure at scale for a living.
Three people with hardware in their bones are telling you the model is no longer where the money is.
In this guide you’ll find:
Why a16z Says the Model Is No Longer the Bottleneck
The Supply Crunch That Turns AI Into a Physics Problem, Not a Growth Problem
Why This Is Nothing Like the Dot-Com Dark Fiber Bubble
What Capital Can Now Buy in AI That It Never Could Before
The Rebuild: From 5kW Racks to DC Power, Concrete, and Per-Model ASICs
The Exact Founder and Check the Machine Age Fund Is Writing
👋 Just a quick note before you continue!
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