Lo Toney

The AI debate has been framed as a race to build the smartest model. That framing is already outdated. Training builds capability. Inference determines margins. The model battle was fought on t...

Yesterday’s video sparked a debate about Apple’s discipline versus innovation. Today, I want to focus on the math behind it. The prevailing view is that Apple “lost” the AI race and is now renting...

Two months ago, the consensus was that Apple had "lost" the AI race. The narrative was that their lack of a frontier model was a failure of innovation. On CNBC in November last year, I argued the ...

The Nvidia–Groq deal is not about eliminating a competitor. It is an architectural admission. I broke down this specific bottleneck on CNBC (clip below). As AI systems scale, inference economics...

Most people think Nvidia bought Groq. The headlines certainly read that way. But that framing misses what actually happened...and more importantly, why. Nvidia did not acquire Groq in the traditi...

Yesterday’s article focused on the financing side of the AI buildout. On Wednesday, I joined CNBC to discuss the other half of the story: liquidity. A 25 bp cut was already priced in. The real s...

Over the past few weeks, I have been writing about an underappreciated shift in the AI infrastructure cycle: the move from training to inference. Inference already represents ~15x the lifetime cos...

Over the past two decades, Google has quietly shifted its architecture three times: PC → Mobile → AI. In the PC/web era, the browser became the monetization surface. Chrome was not just a product...

Over the past several weeks, I have been writing about two trends that appeared independent but are now converging into a single structural shift in the AI economy. The first is Google’s TPU strat...

I joined Jon Fortt on CNBC to discuss NVIDIA’s earnings and why this quarter is a readout on the entire AI economy. We talked about the shift from training to inference, the rise of sovereign comp...

Here is the deeper breakdown behind my CNBC discussion with Jon Fortt from yesterday on NVIDIA. Nvidia’s earnings are now the quarterly readout for the entire AI economy. In the article, I cover...

The vertical-integration race is officially on. Apple used it to define the smartphone era. OpenAI is now applying that same idea — just with compute, models, and AI-native interfaces. Full segm...

Apple wrote the playbook for vertical integration. OpenAI is reading it out loud. Apple built an empire by owning every layer of the experience with chips, hardware, software and services. OpenAI...

We have entered the age of AI industrial strategy. In the past 30 days, OpenAI has partnered with NVIDIA, AMD, Broadcom, Oracle, and Amazon Web Services (AWS) — not to raise capital but to control...

Ten days ago, I joined Dominick Chu on CNBC’s The Exchange to discuss OpenAI’s Developer Day, and what looked like a single headline: the OpenAI–AMD partnership that instantly added over $60 billio...

On Tuesday, I joined CNBC with Jon Fortt and Morgan Brennan to discuss Nvidia’s $100B investment in OpenAI — one of the largest vendor-financing deals in tech history. The key question: does this ...

The AI Stack: Where Value Lives I recently joined CNBC to break down the rapidly evolving AI stack: from Nvidia’s dominance in infrastructure, Anthropic innovating in the model layer and the rise ...

AI is not just hype...it is a layered ecosystem. From Nvidia’s chips, to Anthropic's innovative models and Perplexity’s interface, we are witnessing a reshaping of how tech value is created and c...