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OpenAI's Revenue Mix Just Flipped. Its People Are Leaving.
A research lab becoming an enterprise software company gets better revenue and a different institution.
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The AI Price War Is Running in Two Directions at Once
Why the cheap model got expensive and the expensive models got cheap.
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Two Intels: Pricing the Product Company and the Foundry Option
Why a 55-year first tells you more than the guidance does.
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Two Teslas: Pricing the Car and the AI Option
Tesla is a carmaker and an autonomy option wearing one ticker. Value them separately.
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The Consciousness Question: Why Labs Are Funding It
The pivot to consciousness research is risk management, not metaphysics. What it signals for AI governance.
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The Great Repricing: Buyers vs. Suppliers of AI
The market stopped paying for AI ambition and started pricing its cost. Buyers down, suppliers up.
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The Compute Constraint: Owning AI's Scarce Layer
A compute shortage that binds the richest buyers inverts the bubble thesis. Own the constrained layer.
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The Talent Premium: When Researchers Move Markets
Elite researchers are now a priced asset class. How to read the frontier-AI talent trade.
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The Gatekeeper Premium: Pricing AI's New Political Risk
Frontier models are now controlled technology. How to price the political-access premium and risk.
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The Trillion-Dollar Standoff: OpenAI's IPO Delay
OpenAI's pause is the first real test of whether public markets will fund AI's cash burn.
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The Angstrom Era: Who Captures IBM's Breakthrough
IBM rescued the scaling roadmap. The durable margin sits with the foundries and the enablers.
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Jalapeño: Pricing OpenAI's Move Into Silicon
OpenAI's first chip is a margin play on inference. How to price the vertical-integration race.
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The AI Drawdown: Stress-Testing the Memory Super-Cycle
A risk-repricing, not an earnings-repricing. How to read the most crowded trade's first real drawdown.
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The Sovereign Stack: Pricing China's $295B AI Bet
A state mandate is splitting global compute into two non-fungible stacks. Where the value moves.
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The Apple-Intel Signal: Pricing the Foundry Comeback
A non-binding post added tens of billions to Intel. The real value is foundry credibility.
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The Memory Squeeze: Pricing Power Moves Upstream
Apple just conceded pricing power to its supply chain. Where the economics move next.
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The Tokenmaxxing Reckoning
Where value and margin actually accrue as AI gets repriced on unit economics.
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The Tokenmaxxing Reckoning: Pricing AI on Unit Economics
Where value and margin actually accrue as AI gets repriced on unit economics.
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