The analyst suggests that the current power shift from platforms to components due to AI infrastructure bottlenecks is not permanent, expecting platform companies to repeat the 2010s playbook of software-hardware co-design. This vertical integration is evident in custom ASICs like Trainium, TPU, MTIA, and OpenAI's Jalapeño chip, alongside CXL and memory optimizations. Google is forecast to spend more on Capex in 2027 than the entire semiconductor industry's revenue a decade ago, relentlessly optimizing its stack.