Find XO: Big Tech Wages a $650 Billion Capex War; Founders' Weapon Is Cheaper Inference (fortune.com)

- Amazon, Microsoft, Google, and Meta have allocated $650 billion for AI infrastructure in 2026, and Stargate has reserved $500 billion over four years. - Although capital alone can't guarantee victory, the same capex has driven inference costs down to one-tenth in two years. - However, cheaper tokens do not necessarily mean cheaper services. - Usage can grow faster than cost declines, so small teams should verify repeated use and unit economics before focusing on model performance.