EVENTS:   The Great Reset: AI, Geopolitics and The End of The Cheap Chips - MS Hwang/Counterpoint Research - 10 Feb 26   Making Weather Pay – The Outlook For Global Commodities - James Roemer/Best Weather - 11 Feb 26     ROADSHOWS: Commodities Research with a Focus on Oil and Energy - Kathleen Kelley /Queen Anne's Gate Capital   •   London   10 - 10 Feb 26       Predictive Investment Models for Idea Generation and Risk Management - Hugh Vuillier /Variant Perception   •   New York   16 - 19 Feb 26      

Hardware Eats Software As Atoms Become The AI Bottleneck, Not Bit

Entext

Thu 19 Feb 2026 - 10:00 EST / 15:00 GMT / 16:00 CET

Topics

• AI Makes software an industrial process - inference tokens are simply energy in compute form.

• The aggregate profitability of global IT sector has tilted decisively towards hardware sack.

• Secular intangible ROIC rerating over tangible since 2000s reversing.

• Intelligence glut drains many intangible moats.

• Raw materials such as copper, grid energy, rare earths for robotic drive motors new hard constraints.