All-In with Chamath, Jason, Sacks & Friedberg · Saturday, August 8, 2026
Brad Gershner noted that a Morgan Stanley report indicates Microsoft is achieving over a 30% return on invested capital for its tokens-as-a-service business. This aligns with the broader trend discussed where infrastructure and services, rather than just model development, are proving highly profitable in the AI space.
“Sachs is out this week saying, you know, Sadie Morgan Stanley's report and saying they're seeing over a 30% return on invested capital in tokens as a service, right? So in the infrastructure business.”
“So I think David's exactly right. Those are such good businesses, right? You deploy capital, everybody's running it from you.”