a16z 解读 1 万亿美元 AI 基建：State of Markets 的 25 张关键图表

a16z’s David George, Sarah Wang, Alex Immerman, and Santiago Rodriguez unpack 25 key charts from the latest State of Markets presentation, from the scale of the AI infrastructure buildout to what adoption looks like inside companies today.

They examine why rising markets have so far been supported by earnings rather than multiple expansion, why hyperscaler CapEx is approaching $1 trillion annually, and why demand for compute continues to outrun supply. They also look at the downstream effects of that spending across chips, power, construction, and physical infrastructure.

Then they move up the stack: OpenAI and Anthropic’s revenue growth, the gap between AI deployment and measurable enterprise impact, the rise of agents, falling inference costs, and what all of this means for SaaS. They close with where the team is spending time next, including consumer agents, robotics, autonomy, AI and biology, personal health, defense, and the continued diffusion of AI across the enterprise.

David George

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is a general partner at Andreessen Horowitz, where he leads the firm’s Growth investing team.

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Welcome Col. Jeffrey Glover and Greg Barbaccia David Ulevitch and David George; David George & Jack Altman on AI, Autonomy, and the Next $25 Trillion Jack Altman and David George; Investing in Armadin David George and Stephenie Zhang; State of Markets II David George; OpenAI Understands Something Important and Rare David George

Sarah Wang

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is a general partner on the Growth team at Andreessen Horowitz, where she leads growth-stage investments across AI, enterprise applications, and infrastructure.

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Investing in TypeSafe AI Jennifer Li, Sarah Wang, Martin Casado, Marc Andreessen, and Ben Horowitz; Databricks CEO on AI Pacing, Cyber Risk, and the Enterprise Ali Ghodsi, Martin Casado, and Sarah Wang; Investing in Gimlet Raghu Raghuram, Sarah Wang, Shangda Xu, and Stephenie Zhang; You are not a model. Don’t price per token. Tugce Erten and Sarah Wang; Inside Cursor: The Anatomy of a Generational Startup Matt Bornstein, Sarah Wang, and Martin Casado

Alex Immerman

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is a partner on the Growth team at Andreessen Horowitz, where he focuses on fintech, consumer, enterprise, and crypto/web3 companies.

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Who Gets Paid When AI Does the Shopping? Alex Immerman and Santiago Rodriguez; From “System of Record” to “System of Intelligence” Gio Ahern, Stephenie Zhang, and Alex Immerman; Prediction Markets: They Grow Up So Fast Alex Immerman and Santiago Rodriguez; We Can (and Do) Solve Crime David Ulevitch and Alex Immerman; The Algorithm That Keeps Compounding Alex Immerman and Santiago Rodriguez

Santiago Rodriguez

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is a partner on the Growth investing team, focused on fintech, consumer, and crypto technology companies.

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Who Gets Paid When AI Does the Shopping? Alex Immerman and Santiago Rodriguez; Prediction Markets: They Grow Up So Fast Alex Immerman and Santiago Rodriguez; The Algorithm That Keeps Compounding Alex Immerman and Santiago Rodriguez; Good news: AI Will Eat Application Software Alex Immerman and Santiago Rodriguez; Investing in Kavak David George, Santiago Rodriguez, and Gabriel Vasquez

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