Series · 2 parts
The Economics of AI
Capex cycles, hyperscaler spend, M&A, and the debt stack underneath the boom.
01Part 1·The Death of Old SaaS Is Not a Victory Speech — It's a Distress Signal
Three rounds of layoffs, each with a grander narrative. The denominator keeps shrinking. ClickUp's 100x org is not strategy — it is a confused product reaching for an AI alibi whil…
02Part 2·Hedge Funds Are AI'maxxing — and the Exit Door Is Getting Narrower
1,059 hedge funds have made a record, leveraged, one-directional bet on AI semiconductors. The underlying thesis is probably correct. But 'probably correct thesis' and 'good risk-a…