In his guest essay for The Fyn Print, Sandeep Khomne presents a five-layer framework for understanding artificial intelligence as an economic stack rather than a single industry. The layers include Applications, Models, Infrastructure, Chips, and Energy, with profitability concentrated deeper in the stack. The visible layer of applications, such as chatbots and productivity tools, is often crowded and less profitable than the underlying layers. For instance, the Infrastructure layer is crucial as it encompasses the data centers necessary for AI operations, with significant investments like Google's $15 billion commitment in India. Khomne emphasizes that investors should allocate resources across all layers to capture the full potential of AI, cautioning against the common mistake of focusing solely on well-known AI companies. He highlights that energy is the foundational layer, with electricity demand from AI data centers expected to triple by 2030. This layered understanding shifts the investment focus to areas where scarcity and pricing power are most pronounced.