If you’re making calls about the AI endgame five or ten years out — this pushes the book’s deflation curve to its limit and asks the question every investor and founder eventually faces: when intelligence itself nears free and floods the world like water and power, where does value flee? The ...

If you’re building or about to build an AI company — this folds the book into founding decisions: which layer to build at, how to dig a moat, which are the ways to die, when to sell to the platform. The core is one line and a day-one checklist. No company names — positions and mechanisms. The...

If you allocate AI assets, or hold a pile of AI names and don’t know what ruler to measure them with — this folds the book’s judgment into an operating manual you could put in front of an IC. No company names (companies go stale; layers and mechanisms don’t). How to allocate, how to discount, ...

If your moat is built on “users can’t leave,” if you value switching costs in downstream apps, or if you’re judging how high-risk a scenario agents can actually deploy into — here’s why regulation isn’t a fuzzy blob of “policy risk” but three independent variables, each repricing a different l...

If you value AI upstream, judge how geopolitical risk discounts into compute assets, or are eyeing the sovereign-AI budget — here’s how politics reprices upstream: it doesn’t change the direction profit flees toward scarcity, but it installs a gate on who is eligible to own the scarcity. Phys...

If you invest in AI infrastructure, judge how long upstream compute can keep earning, or allocate across data centers, power, and chips — here’s a judgment that traditional-utility P/E badly underrates: the power supply curve is the master switch on the duration of the entire AI upstream profi...

If you invest in enterprise AI, sell agents to large accounts, or are puzzled that “adoption is sky-high but profit won’t budge” — here’s the arithmetic that troubles every CFO, and how it decides where the AI money actually flows. Every enterprise-AI survey repeats one finding: adoption is a...

If you build AI apps, invest in them, or keep wondering “is this a company or just a feature” — here’s the sharpest sieve there is: if the model company shipped your core feature natively, for free, tomorrow, what would you have left? “Most prospectors went broke; the people selling shovels g...

If you invest in AI apps, run an agent company, or are measuring AI software with a SaaS ruler — here’s a structural change the market badly underrates: software has a cost of goods sold for the first time. Traditional software sells a tool: you buy a better hammer (a seat of CRM, an IDE); ho...

If you build AI apps, invest in AI distribution, or keep asking “where exactly is my moat” — this is the new battlefield of AI-era distribution: it no longer fights for your attention; it fights for the agent’s power to choose. The most profitable playbook of the past twenty years is Aggregat...