Tokens Are the New Clicks
The agentic inference-efficiency paradox, and what it does to the capex thesis.
Cognition Is Not Free
The trilogy ended at trust. This is what comes next... the layer that decides what thinking is worth, and who pays for it.
We May Be Scaling the Wrong Layer of AI
The market sees one kind of efficiency coming. There are two and they don't arrive on the same timeline.
Cheap Compute Is the New Cheap Ride
Token prices are falling. The gravity behind the fall is not what you think.