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Investing in the Jevons Expansion

If AI follows a Jevons trajectory (and five pieces in this series argue that it does), the investment question isn't whether demand will expand, but where the expansion creates bottlenecks. This piece maps the Jevons framework onto concrete investment layers: energy, physical infrastructure, custom silicon, and the application tier. It also addresses the most common objection (that GPU diminishing returns cap the expansion) and explains why multiple overlapping cost curves make the case stronger, not weaker.