# Building for a Demand Curve That Might Not Exist **2026-03-28** ## Today's Thesis Tens of billions of dollars are flowing into physical AI infrastructure — OpenAI's Michigan Stargate data center, SoftBank's $40B loan positioning for a potential OpenAI IPO — at the exact moment Google research wiped $100B off memory chip stocks by suggesting AI may need far less hardware than assumed. The episode explores this collision between committed capital and algorithmic efficiency, plus Anthropic's legal win against the Pentagon, Wikipedia's crackdown on AI-generated content, and Meta's new brain-response prediction model. ## Stories Covered ### Memory chip stocks drop $100B as Google research suggests lower AI memory needs - [Financial Times](https://www.ft.com/content/e4e15692-187e-4466-832e-ec267e792292) - [TechCrunch (SK Hynix IPO)](https://techcrunc ...