Woodside Capital: A Guide to AI in 2026: 12 frontier models, tokens, capex and the SaaSpocalypse

Mark Bagley's 15-slide field guide to the AI ecosystem as of mid-2026: the 12 frontier models compared, why token bills keep rising, AI coding and the 'SaaSpocalypse', Apple's local-AI bet, $725B of capex and the five bottlenecks that matter, the chip race, the seven-layer AI stack, agents and memory, and six trends for 2027.