- Essays··8 min read
the kernel of truth and the trillion-dollar bet
A bubble is not the same thing as a lie. There is a real technology, it gets oversold, and the financing built on the overselling becomes the actual fragility. The right question isn't whether AI is a bubble — it's who's holding the debt when demand disappoints.
ai-bubblehyperscaler-capexcircular-financingproductivity-paradoxRead - Essays··8 min read
The bill nobody booked
The most expensive line item in your AI budget for the next two years is the one your finance team has not yet named. It is sitting in your environment already — half-built pilots, ghost fine-tunes, redundant copilots — capitalising itself into your monthly cloud invoice.
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