The AI boom is entering a new phase. Early excitement around large models is now giving way to a deeper race for the infrastructure and applications that make AI work in the real world. From the chips and energy systems powering massive data centers to the rapid rise of specialized AI applications across industries, the geography and priorities of investment are shifting fast. Governments, venture capital, and tech giants are all competing to fund the next layer of the AI economy. This opening keynote explores where capital is flowing across the AI stack, from computing power and infrastructure to vertical applications, and what these investment patterns reveal about the next phase of the AI revolution.