A16z Advances Theory Of Well For AI

Andreessen Horowitz partner Anjney Midha recently outlined the "Theory of Well," arguing companies that control chokepoints in the AI stack will capture lasting value and pricing power. The firm raised a $4.25 billion AI-focused fund in 2024 and points to infrastructure plays such as Nvidia, CoreWeave and Scale AI as examples, signaling a shift in venture interest toward infrastructure over applications.