Nasdaq drains 401ks into SpaceX, Anthropic, OpenAI IPOs
In which the index gods rewrite scripture so the faithful may be sacrificed on schedule.
James Thomason
Notes on investing in technology disruption. Engineer → Founder → CTO → VC & long/short equity PM. 25 years of Silicon Valley pattern recognition.
SpaceX's IPO Bagship carries full payload of Elon's mistakes
In which the great American space dream, it turns out, is just another vehicle where the greater fool flies coach.
Where bad ideas go to fly
SpaceX discovers the one thing AI was missing is rockets somehow
Narratives pick the KPI, and the KPI picks the losers
How the metrics that attract capital in emerging tech sectors systematically favor the companies least likely to dominate long-term
The pricing game versus the valuation game
Alpha for general purpose technologies skews later than you think
Too many winners, not enough market
A simple framework for identifying sectors priced beyond arithmetic reality reveals which AI layers face inevitable repricing
The option premium view of bubbles
Why we need our speculative manias.
Moore or less the bottleneck
What happens if software outpaces hardware in AI?
The AI utility trap
Rapid AI commoditization could be outpacing traditional value capture mechanisms
Deus ex nihilo
Decoherence and the superposition of capital in the OpenAI ecosytem
We're having turtle soup
Estimating the impact of the Administration's $100k tax on H1B visas
It's good to be the king
How Nvidia's Jensen Huang transformed Intel into a willing vassal
Notes on becoming a vampire
Character development was never Silicon Valley's strong suit
It's almost over
When AI's infinite supply meets weakening demand, the hangover won't be pretty.
Death rattle in the dream machine
Content warning: This piece contains strong language and themes. Hide your children. Avert your eyes. For the last 17 years, whenever the bell would ring, Pavlov would pick
