What It Has To Earn
How much revenue does the AI buildout have to generate to pay for itself? I ran the arithmetic. For 2026 the answer is about $248 billion. By 2030 it is $1.26 trillion a year. $148 a year for every person alive.
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Sep 22, 2026
The Last AI Model
The AI debate tends to start in the same place. How much smarter will the models get? Who builds the best one? Who wins the race to superintelligence? I would ask a different question. At some point, does smarter stop mattering?
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macro & strategy
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Aug 27, 2026
The Man Who Wrote The Book
We are in a historic buildout of AI, and I think this goes the way of every other revolutionary advance. Boom, then bust. This time is not different. Phase One gets the headlines. Phase Two gets the compounding.
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Aug 11, 2026
The End of the Beginning
SpaceX has always captured my imagination. So did Asimov, Philip K. Dick, and yes, Star Trek: The Next Generation. What changed is that a public listing makes investing in space tangible. The question is what the risk looks like, and where value gets created.
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