Benedict Evans: AI eats the world (Spring 26) [pdf] | Hacker News

Benedict Evans’ updated AI deck suggests the market is moving from model uncertainty to a clearer platform-shift view.

As models commoditize, value may migrate down the stack from model providers to apps, workflows, and enterprise deployment.

The discussion highlights heavy capital spending, bubble concerns, and the risk that model-layer profits get compressed.

For investors and builders, the key question is where durable margins will come from in a software stack shaped by AI infrastructure.