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Data Gravity

Chris Zeoli

Quantitative analysis of the infrastructure and systems powering AI—written for the founders and operators building them and the investors funding them.

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Substack
PricingOnly free issuesPublishesWeekly
Issues80Founded4 years agoLast Issue8 days ago
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Latest Issues

Who Captures Value in AI Infrastructure?

In brief:

  • One Blackwell GPU costs Nvidia roughly $6,400 to build — 45% of that is HBM memory alone — and sells for $30,000–$40,000. The 5–6x gap between those two numbers, captured entirely at the design layer, is the single clearest i...
8 days ago
34
2

The AI Networking Stack

Compute got the headlines; the interconnect gets the margins. Networking is now 10–15% of cluster cost, a ~$60B/yr business for NVIDIA alone that’s tripling YoY. The durable value is concentrating in three places a GPU-centric view misses —...

16 days ago
31

How an AI Token Travels Through a Data Center

Every AI product you have ever used is, mechanically, the same object: a token generator. Strip away the branding and a chatbot, a coding agent, a search summary, and an image caption are all the identical operation — a trained model run fo...

20 days ago
48
3

How Claude Code Cracked Coding

Ryan Dahl, who created Node.js, said it plainly in January 2026: “the era of humans writing code is over.” Boris Cherny, who built Claude Code, says pretty much 100% of his team’s code is now written by Claude Code. Linus Torvalds is pushin...

22 days ago
17
5

China's Open-Weight Takeover

For two years the consensus framing of the AI race was a capability gap: U.S. frontier labs led, China followed by 6–18 months, and export controls would widen the lag. As of mid-2026 that framing is the wrong abstraction. The gap that matt...

a month ago
22
1

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  • Chris Zeoli

    Partner @ Wing investing in AI infra, data and cyber.

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