Episode: The $1 Trillion AI Buildout | State of Markets
Pub date: 2026-09-30
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a16z’s David George, Sarah Wang, Alex Immerman, and Santiago Rodriguez unpack 25 key charts from the latest State of Markets presentation, from the scale of the AI infrastructure buildout to what adoption looks like inside companies today.
They examine why rising markets have so far been supported by earnings rather than multiple expansion, why hyperscaler CapEx is approaching $1 trillion annually, and why demand for compute continues to outrun supply. They also look at the downstream effects of that spending across chips, power, construction, and physical infrastructure. State of Markets
Then they move up the stack: OpenAI and Anthropic’s revenue growth, the gap between AI deployment and measurable enterprise impact, the rise of agents, falling inference costs, and what all of this means for SaaS. They close with where the team is spending time next, including consumer agents, robotics, autonomy, AI and biology, personal health, defense, and the continued diffusion of AI across the enterprise. State of Markets
Resources:
Follow David George on X: https://x.com/DavidGeorge83
Follow Sarah Wang on X: https://x.com/sarahdingwang
Follow Alex Immerman on X: https://x.com/aleximm
Follow Santiago Rodriguez on X: https://x.com/santiago__rdz
Read David’s piece ‘There are only two paths left for software’: https://a16z.com/there-are-only-two-paths-left-for-software/
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