Essays

A journey through the technologies advancing humanity: the AI stack, the companies building it, and the ideas that decide who captures the value.

All essays

Meta is selling near-frontier inference at a fraction of what OpenAI and Anthropic charge, and the discount is aimed at their margins.

Technology makes the basics cheap. It makes the meaningful infinite.

Nine months ago, we called the talent spending rational. Last week, the first model shipped. Now comes the harder question.