Capital is quietly rotating from apps → infra.
Not the hype-cycle rotation — the real, structural one.
Signals I’m repeatedly seeing: • inference infra growing • retrieval pipelines getting funded • data systems / cyber infra cooling less • apps (especially wrappers) slowing • founders moving to deeper layers
What’s interesting is that this shift isn’t loud. It’s forming underneath the narrative, not above it.
My question to the HN community:
Are you seeing similar signals — in your teams, companies, investment decisions, or founder circles?
Not promoting anything — just exploring the signal.