As AI models commoditize, lasting wealth will accrue to those controlling chokepoints like distribution, payment rails, and a stablecoin dollar, not to the labs (The Commanding Heights)

As AI models become commoditized, the enduring accumulation of wealth will shift from the labs developing these models to entities controlling critical chokepoints. These chokepoints include distribution channels, payment rails, and stablecoin dollars, which represent scarce and controllable positions of economic power. Those who hold these positions are expected to durably capture the gains from increasingly capable and diffused intelligence.

This analysis shifts the focus from AI model development to control over distribution and payment infrastructure, unlike most discussions centered on model capabilities.