Test-Time Compute Scaling Drives the AI Jevons Paradox
Plus! AI Price Discrimination; Openness; Disclosure; Arbitrage; Meta
All posts
In chronological order
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There is an "AI Factor," and It's Worth Hedging
Unlock Premium to read this post →Plus! Sweeteners; The American Difference; AI Experiments; Media Relations; Sanctions are Hard, Continued
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The New National Champions
Read this article →Plus! Open Source AI; Meme Private Credit; Alpha Generators as an Asset Class; Going Hostile; Defense
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Longreads + Open Thread
Read this article →Tech Right, 10 bits, Smart Screens, AI, Gambling, Memes, Soviet Magic
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Venture Global as a Well-Structured Trade
Unlock Premium to read this post →Plus! Agents; Capital Returns; Creator Underwriting; Crypto Plays; Airlines
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Planting a Flag
Unlock Premium to read this post →Plus! Buildouts; Growth and Churn; Targeting Tweaks; DeepSeek; European Banks
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General-Purpose Technologies Revalue Natural Resources
Read this article →Plus! Meme Coins; Fees; Platforms; Opportunistic Offers; Private Accounting Fraud
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Longreads + Open Thread
Read this article →Skyscrapers, AI, Congestion Pricing, The Odyssey, History, Markets, Accounting, Loneliness, Slavery
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Meme Markets
Unlock Premium to read this post →Plus! Equity Comp, Squared; Venture Debt; 5%; Crypto Leverage; Closed-End Funds
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Two Models of Forward-Deployed Engineers
Unlock Premium to read this post →Plus! Corporate VC; The New AI Model; The New AI Model, Continued; The Long But Volatile March; Post-IPO
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Good Accounting is a Positive Externality
Unlock Premium to read this post →Plus! Crossovers; Politics: Back on Meta; Structure; Gradual Tariffs; Property Rights
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The Economics of Logos
Read this article →Plus! Elsewhere in Reputation Markets; Knocking Down Data Walls; Closing the Arbitrage; Cost Avoidance; State AI Investment