THE DIFFWhy Do AI Labs Follow the Zaibatsu Model?
Plus! But Doctor...; The Venture Supply Chain; Financial Rearrangements; Media; Complements
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Company profiles, markets, strategy, and the connections between them.
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How Fast Does Software Depreciate These Days?
Plus! Service Businesses; Layoffs; Office Politics; Self-Limiting Bubbles; Venues
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Robots Are Coming for Jobs That Don't Exist Yet
Plus! Scale; Preorders; Politics; Funding; Investor Relations
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Longreads + Open Thread
Chocolate, Money, Jünger, Victorians Again, Disagreeability, CDS, Disruption, Heavy Water
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Written, Spoken, or Somewhere in Between
Plus! Fakes; Minimum Viable Streamer; Hacks; Deployment; Fundraising
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The Solo Data Labeling Business
Plus! Strategic Investors; Marginal Cost; Corporate Finance; The Usual Deal; Tranching
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What is the Unit of AI Output? Or AI Progress?
Plus! Angels; Optionality; The Bundle; Spiky Capabilities; 1.5-Sided Markets
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Doing Business in the Dark Forest
Plus! Stock-Based Compensation; Infra; Balance Sheets; An Ownership Society; The Sonic Boom of Trust
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Longreads + Open Thread
Pharmacometrics, Healthcare, Ahamed, GTA VI, DOGE, Fees, Efficiency, AGI
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Seeing like the Weights
Plus! Vibecoding and the Router Model; Ad Load; The Guilded Age; Anthropic; Ads
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AI Spy
Plus! Network Effects; On-Demand Software; Shipping; Collateral; The Number
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The Other Side of Market Concentration
Plus! In-Kind Investments; Moderation; Options; Scraping; Failures