Emerging narrative

AI infrastructure is bifurcating along geopolitical lines. US hyperscalers (Google, Microsoft, Amazon) face capex constraints that Nvidia is exploiting through financial guarantees and compute-as-a-service models. Meanwhile, Asian national champions (SK+Naver in Korea, Xiaomi in China) are building parallel infrastructure stacks with domestic supply chains. The agent layer (MCP vs. potential Asian alternatives) is becoming the next battleground, with Anthropic's Claude Code ecosystem creating network effects that could determine the standard. Hugging Face, caught between commoditization and geopolitical fragmentation, must choose a side.