Microsoft Build 2026 was the week Windows stopped trying to win on the spec sheet and started trying to win on the thing that makes a computer worth using. For years the Windows answer to the Mac was some version of “we can match that.” A faster chip here, a borrowed feature there. This was…

Note: This report builds on our April framework separating the different business models emerging across neoclouds, GPU clouds, and power/infrastructure landlords. Later this week, we will publish a more technical SWOT across hyperscalers and neoclouds, focused on how competitive capabilities map to AI workloads, cloud architecture, and broader CSP trends. Neoclouds and the Three Business…

A lot has happened since our first anchor report on memory back in February. We argued that the first phase of the AI memory story was about repricing coupled with the markets need to understand how the demand cycle has changed with AI compute. As we anticipated, HBM became scarce, conventional DRAM tightened, NAND began…

When we first published Secret Agent CPU in March, the goal was to understand how inference changes when the workload moves from answering a prompt to completing a workflow and build a market sizing model for how much agentic use cases could increase the TAM for server CPUs. Our research identified, in traditional inference, the…

We spent the early part of the week at Dell Tech World, and a specific takeaway from conversations with Dell executives, customers, and practitioners was that the enterprise data layer is moving back to the center of the AI discussion. Agentic AI makes that inevitable once you grasp how the workflow is changing. Claude Code/Cowork…

Google used Google I/O this week to announce intelligent eyewear partnerships with Warby Parker and Gentle Monster, powered by Gemini and built on Android XR with Samsung and Qualcomm. The announcement was notable not just for what the glasses can do, but for how deliberately Google thought about what they need to look like. That…