The $1 Trillion AI Buildout | State of Markets
The $1 Trillion AI Buildout | State of Markets  
Podcast: The a16z Show
Published On: Wed Sep 30 2026
Description: a16z’s David George, Sarah Wang, Alex Immerman, and Santiago Rodriguez unpack 25 key charts from the latest State of Markets presentation, from the scale of the AI infrastructure buildout to what adoption looks like inside companies today.They examine why rising markets have so far been supported by earnings rather than multiple expansion, why hyperscaler CapEx is approaching $1 trillion annually, and why demand for compute continues to outrun supply. They also look at the downstream effects of that spending across chips, power, construction, and physical infrastructure. State of MarketsThen they move up the stack: OpenAI and Anthropic’s revenue growth, the gap between AI deployment and measurable enterprise impact, the rise of agents, falling inference costs, and what all of this means for SaaS. They close with where the team is spending time next, including consumer agents, robotics, autonomy, AI and biology, personal health, defense, and the continued diffusion of AI across the enterprise. State of MarketsResources:Follow David George on X: https://x.com/DavidGeorge83Follow Sarah Wang on X: https://x.com/sarahdingwangFollow Alex Immerman on X: https://x.com/aleximm Follow Santiago Rodriguez on X: https://x.com/santiago__rdz Read David’s piece ‘There are only two paths left for software’: https://a16z.com/there-are-only-two-paths-left-for-software/ Stay Updated:Find a16z on YouTube: YouTubeFind a16z on XFind a16z on LinkedInListen to the a16z Show on SpotifyListen to the a16z Show on Apple PodcastsFollow our host: https://twitter.com/eriktorenberg Please note that the content here is for informational purposes only; should NOT be taken as legal, business, tax, or investment advice or be used to evaluate any investment or security; and is not directed at any investors or potential investors in any a16z fund. a16z and its affiliates may maintain investments in the companies discussed. For more details please see a16z.com/disclosures. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.