Open Weights Push the Moat to Power, Land, and Chips
Chamath is describing the second half of Jevons. Open weights are the efficiency shock. Cost per token collapses, which means more people run more models in more places, which means more compute burned, not less. Watt made the steam engine efficient and Britain burned more coal than ever. And it changes where the value sits. If the model is free, the moat moves to whoever can actually serve it: power, land, buildings, and chips already in the ground. That’s a real assets business, not a software one. Two of the five on his list are public. $IREN owns 5GW of secured power and $1B of ARR operating today. $NBIS sells the compute at scale. The other three rent theirs. Free models make the picks and shovels more valuable, not less. Long $IREN $NBIS.
