The argument that AI infrastructure is the primary value layer — not software built on top of it — no longer requires a speculative case. The companies building and supplying that infrastructure are generating invoiced growth that exceeds what any model release has produced in direct revenue. When AMD's data center segment expands by more than half and Astera Labs nearly doubles, those are numbers that reflect contracted demand, not sentiment . The software narrative around AI has always assumed that infrastructure costs would fall fast enough to make the…