The Nvidia Way is the Regular Way, Just Faster
Plus! Beware of DOGE?; Dual Listings; Search and Chat; Training Data; Bond Vigilantes with Chinese Characteristics
All posts
In chronological order
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Meta's Least-Untrusted Clone Model
Unlock Premium to read this post →Plus! AI Interfaces; The Many Peaks of Mobile; Borrowing Distribution Networks; Ad Arbitrages; More YouTube AI IP
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Infrastructure on top of Infrastructure
Unlock Premium to read this post →Plus! AI as an Interface; AI and Property Rights; Covering an EV Short Position; Heterogeneous Consumption Baskets as Subtle Union-Busting; Second-Order Effects
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What Would it Look Like if The Pod Shop Model Blew Up?
Read this article →Plus! Economic Blocs; Benefits; Headlines; IP and Finance; Squaring the Global Imbalances Circle
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Longreads + Open Thread
Read this article →Kotkin, Luttwak, Poker, DRW, PCs, Statistics, AI, Hamilton
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That Top-of-Cycle Feeling
Unlock Premium to read this post →Plus! Search; Cost of Capital; Duration; Aggregate Demand; Leaky Restrictions
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Just Another Risk Asset
Unlock Premium to read this post →Plus! SPVs; The Global Advantage; Cachet; GLP-1 Friendliness; Integrations
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How High Does AI's Revenue Per User Get?
Unlock Premium to read this post →Plus! The Challenges of Scaling Challengers; The Reddit Loop; Scaling AI by Doing Things That Don't Scale Yet; Complete Markets; Legitimacy and Growth
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Social Media as a Test of Human-in-the-Loop Generative AI
Read this article →Plus! Holdcos; Cash and Control; War Economies; In-Kind Dividends; Currency
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Longreads + Open Thread
Read this article →Trading, Money, Homemakers, Taxes, AI, Passive
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Initiations
Unlock Premium to read this post →Plus! Alternative Data; Size and Momentum; The Full Audience; Same-Day
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Are VCs Incentivized to be too Nice for Venture Debt?
Unlock Premium to read this post →Plus! Art of the Cram-Down; Transaction Costs; Amazon Air; Bull Markets; Misinformation