No industry has ever paid more for less time. Firms string microwave towers across continents, dig straighter fiber, and pay premium rent to sit closer to the matching engine — all to buy microseconds. In modern markets, latency isn't a spec. It's the product.

But the arms race has hit a wall money can't move: every signal still stops to become electricity — switched, converted, cooled — millions of times per trade. When an industry is competing on cable geometry, the physics is finished.

Inside: why the latency race ends at the conversion layer; what colocation economics reveal about where the value really sits; how logic that runs on light restructures the stack from exchange to terminal; and who is positioned to own what comes after the microwave tower.
This isn't a trading strategy. It's an industry map for the next rebuild of market infrastructure — written for builders who want to see it before their industry does.

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