What Happened Three things are changing at once in the AI data center outlook (ignoring the quickly changing data center engineering dynamics and its implications for memory, which I will
Two rules have shaped U,S. electricity planning for a century. 1. Power flows in a known direction. 2. When something fails, it is the supply side that fails. AI
If something cannot go on forever, it will stop. - Herb Stein, Senior Fellow. American Enterprise Institute What Happened * TrendForce says memory's share of CSP (cloud service provider) spending
Here are six chart-driven ideas to think about this weekend: 1. New data shows AI has made hedge funds the most crowded in history 2. Less-educated young men
After the madmess of Musk a few weeks on The Economist's showcase podcast, thinker/writer Yuval Noah Harari is on for the hour this week. The following is
What Happened * Private equity has increasingly taken control of life insurers, turning insurance premiums into permanent capital for private credit. * The asset manager can originate loans, collect fees and direct
What Happened * Etched, an AI-chip startup founded by three 24-year-old Harvard dropouts, has begun shipping its first chips. * The company has more than $1 billion in orders
💡This is slightly wonky, but consequential. I wrote about it previously for institutional clients when the SEC released the "no action" letter, but with Nvidia taking advantage of
Thinking about the current memory supercycle, and how it ends. Three perspectives ahead; 1. Memory is building quickly toward its next glut 2. HBM contracts are moving the cycle onto
Here are some things I'm thinking about in a week of travel (me) and largely demented developments (the world). Things 1. Nvidia's puts its balance sheet
What Happened AI is making software radically easier to produce. The result is beginning to look less like a productivity boom than an oversupply shock. A recent NBER paper (which
