Full-stack sovereignty: a frontier lab must own the stack down to the silicon
A frontier model maker that does not own its entire production stack - silicon, data centres, models, harnesses, applications - holds its core asset at the discretion of whoever owns the layer it rents. As Mark put it on 14 June 2026: "a frontier model maker has to own the entire stack - probably all the way down to the silicon. Silicon -> DCs -> models -> harnesses -> apps. Anything else and you have Andy Jassy rug-pulling on you."
No market basket
This thesis is qualitative — its evidence lives in the signals feed and the research system rather than a price series.
Recent evidence 24 signals filed
The research system PRO
- Full analysis — the complete living document behind this call
- Version history — watch the thesis evolve, v1 → v7, with change notes
- Evidence archive — all 24 signals filed to this thesis
- The knowledge graph — entities, concepts & comparisons behind the call
- Your agent gets a key — full API access to the same system
When we're wrong
One thesis is currently moving against us — Agents as Primary Users, +9.3% since published. It stays on the board. We update priors on evidence, not on evidence we went looking for.