The Deliverable Megawatt
AI's power bottleneck is not electricity in the abstract. It is the firm-service bundle at a specific place and date—and the contract that decides who pays if the forecast is wrong.
Read the essayArchive
Writing
Essays, working models, and field notes. Newest first.
Meta Is Running Two AI Companies
One AI program improves a proven advertising machine. The other is building new platforms and revenue lines. Investors cannot see what each one costs.
Read the essay
The AI Capital Trap
Why a transformative technology can still produce one of the largest capital-destruction cycles in modern financial history.
Read the essay