Annualized Enron Rate
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Ladies and gentlemen, we are in a glorious, splendiferous, outrageous era of crap! Some call it “high-yield,” some call it “speculative-grade,” but to those of us living in the…
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The year is 2026, and you are a hyperscaler CEO. You zip up your Patagonia vest, type UPDATE ME ON CALENDOR TOODAY into ChatGPT, and see that you have a meeting with your CFO.…
Credit Crunch
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Premium: The Hater's Guide To AI Debt (Part 2)
The year is 2026, and you are a hyperscaler CEO. You zip up your Patagonia Vest, type UDPATE CALENDER WHERE WHY to your Muse agent, and it tells you that your CFO has sent you an…
Hyperscale Normalization
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The AI Hater's Manifesto
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What Happens If OpenAI Dies?
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This week, the Wall Street Journal ran an alarming illustration of AI’s potential share of GDP that I’d argue did more to muddy the waters than actually telling anyone anything,…
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According to The Information , in early 2024, Broadcom CEO Hock Tan hosted a “coffee chat” with employees of the recently-acquired VMWare , and introduced them to his particular…
Dead Money
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Where're All The AI Chips?
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AI Is Already In Dangerous Hands
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Concentration Risk
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Premium: The Hater's Guide To Circular Financing (Part Two)
You know, sometimes it’s kind of hard to explain the “circular” part of circular financing to people, in the sense that some of the agreements are kind of clunky. NVIDIA funds…
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[NVIDIA Company Meeting, the present day, YMCA playing] JENSEN HUANG : We love NVIDIA, don’t we folks? We’re the biggest, most-beautiful semiconductor company, we make the…