It’s the 1870s. America is building railroads at a pace the world has never seen.
The men laying the tracks become legends.
The railroad barons who make the history books.
But the person who gets quietly, structurally rich?
Andrew Carnegie.
Carnegie didn't build the most famous railroad. Rather, he owned the steel rail that every railroad needed.
When demand exploded, he owned the constraint — and the constraint owned the economics.
Forty years later, the same pattern emerged.
Oil was plentiful, but America's last new refinery opened in 1977 and no new capacity was built for decades. Crude was everywhere. But refining capacity held all the pricing power.
Again, it was the constraint that determined who got rich.
Then there was fiber optics in the late 1990s.
Then semiconductor foundries in the 2020s.
The pattern doesn't change. Just the constraint.
Right now, the AI constraint has shifted into three crucial parts of the economy.
Tomorrow I'm walking through exactly where the constraint sits, what the data signals say, and what the supply chain looks like.
Wall Street hasn’t taken this story mainstream... yet.
Matt Tuttle
This material is provided for informational and educational purposes only and should
not be construed as investment, legal, tax, or accounting advice. The views expressed are those of the author as of the date presented and are subject to change without notice.