Three deals this week looked unrelated. They are the same deal. A chipmaker bought the software layer, a software giant built its own models, and the biggest model-maker built its own chip — and the strategic logic behind all three is identical. Stephen Forte connects them into one idea: everybody is building their own stack.

In this episode:

• Qualcomm buys Modular (~$3.9B) — why acquiring software that runs AI across any chip is an attack on Nvidia's real moat, the CUDA software lock-in.
• Microsoft's MAI models — the largest backer of OpenAI quietly builds the capability to not need OpenAI, and what that says about vendor dependence.
• The bull-vs-bear debate — Yann LeCun's warning that the economics cannot persist, given a fair hearing and a d ...