The AI stack reveals value accumulation concentrated at the extremes, with high margins in data centers and infrastructure, and potential for high value in applications, while models and cloud services are increasingly commoditized. Developers and investors in Southeast Asia face a challenge as the most profitable layers are capital-intensive and dominated by established players, while the application layer, though promising, currently shows lower margins and unproven impact. Understanding this 'smile curve' of value capture is crucial for identifying competitive opportunities.
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