Programming note: The Diff will be off Monday for Memorial Day, back Tuesday. Longreads * Ed Conway on the surprisingly interesting history of car paint. The crux of this piece is that early in the history of the automotive industry, most of the time that elapsed between when supplies entered a
Plus! Network Effects; Microsoft's OpenAI Bet; AI Enablement; Cap Structure Arbitrage; The Very Long Game
Plus! Nvidia; Reputation; Algorithmic Dealflow; Two-Track Urban Economies; AgTech
Plus! The Services Economy; Directing Capital; Remote; The High Cost of Free Returns; Zoom and AI
Plus! AI and Incumbents; Buying Reputation; Restaurant Pricing; Debt, Prices, and the Pull-Forward Effect; Assets and Distribution
Energy, AI and Science, AI and School, Tech and Politics, Institutions, Bonds, Trust
Plus! The Meta Chip; The Varieties of Debt Hangover; Instacart and Ads; Twitter: Media Down the Funnel; Icahn's Short and Paradoxical Crashes
Plus! Ads & Scale; AI and Convergence; Distribution; "Car Service. You've Invented a Car Service."; Cycles and Behavior
Plus! Hardware and Services; Market Cycles; Regional Crypto Markets; CEO Beta; The New News Social Network
Plus! Efficient Markets; Logistics; Markups; The New Geography; Marking to Market; Diff Jobs
Philosophy, Jeopardy, Ugly Houses, Clerks, Value, Economic Profits, Fox
Plus: Expert Networks; Going Remote Inputs; Data Leaks; GPUs