Impact’ via Morgan Stanley (10/23) Enabling Infrastructure CPUs Big Data / Cloud GPUs Computing Cycles Over Time – 1960s-2020s, per Morgan Stanley Note: Axis is logarithmic; i.e., there are expected mechanical, and software systems, new data centers are going up at speeds that resemble consumer tech cycles more than real estate development. But beneath that velocity lies a capital model that’s anything losers. Alasdair Nairn’s ‘Engines That Move Markets’ (link here) distills two centuries of such cycles, and his observations are prescient for today’s AI boom. Highlights of his observations follow…