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AI development is shifting from simple answer engines toward sophisticated agentic orchestration, where the primary value lies in systems that autonomously execute complex, multi-step workflows. Perplexity CEO Aravind Srinivas argues that the "frontier" of AI is now defined by the ability to orchestrate across models, tools, and personal context to maximize token value per watt. While model builders race for dominance, the physical infrastructure—specifically power procurement, data center capacity, and high-bandwidth memory—remains the industry's most significant bottleneck. Future economic value will be captured by companies that act as master orchestrators, integrating local and server-side compute to deliver 24/7 autonomous agents. These systems will move beyond traditional advertising models, generating revenue through high-impact, specialized tasks that fundamentally alter how businesses operate and scale.