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14 pieces · Newest first
Permission Has a Price
The AI build-out no longer needs only capital. Beijing now licenses the know-how, ratepayers and voters decide on the power, the credit market charges to insure the debt, and the labs have begun handing society a share of the equity before they list. Consent has become an input, and it is being priced.
Everyone Is Long the Build-Out
AI has become the default holding of ordinary savers, financed through private credit that is rarely marked to market, while its costs surface in power bills, gas balances and the price of a phone. Exposure to the build-out is no longer a choice; it is what everyone already owns.
Duration Mismatch: Financing the AI Build-Out
The AI build-out has become an externally financed industrial project. The binding risk is not valuation but duration: three-to-six-year hardware funded with five-to-forty-year money, secured on a revenue pool concentrated in two private labs.
The Grid Sets the Pace
Data centres are trucking in gas and moving into old trading floors to find power, banks are re-labelling nuclear and the grid as green, and most of the demand in the connection queues will never be built. The AI build-out now moves at the speed of delivered megawatts.
US Treasury Market Outlook
Supply, demand and the next 12 months: a new EquityTribes research publication on the changing structure of the Treasury market.
Overview · Full report by requestGioia and Žižek Wrote the Same Essay This Week. Neither Knows It.
A music critic and a Slovenian philosopher both arrived at the same conclusion: AI has become a belief system, and Peter Thiel is its most dangerous theologian.
Hand-Crafted Skills Still Beat Auto-Generated Ones. The Research Proves It.
A new benchmark shows human-curated agent skills outperform self-generated ones by 16 percentage points. I just spent a week proving it accidentally.
Hold Forever, Sell Never
Two non-American compounders — one in Toronto, one in Milan — are quietly inverting the LBO playbook. Buy, fix, hold forever. The asset class their existence implies is larger than the unicorn class, and almost nobody is pricing it correctly.
Text Is the New State
What changes about operating businesses when the software you're shipping has to be trusted, not verified. A field guide for capital allocators and operators living through the transition from deterministic systems to probabilistic agents.
What Battery Arbitrage Teaches Us About Multi-Agent Architecture
The parallels between optimising battery storage dispatch and designing agentic AI systems are more than metaphorical. Both are fundamentally about making sequential decisions under uncertainty with imperfect information.
EPEX Day-Ahead: The Spread Compression Problem
As solar capacity grows, midday price floors are eroding the arbitrage window. What this means for BESS economics in Switzerland.
European Defence Tech: The Acquisition Window That Won't Stay Open
The convergence of EU defence spending mandates, Ukrainian battlefield innovation, and US political uncertainty creates an 18–24 month window for strategic investors.
MCP Servers Are the New APIs
Model Context Protocol is quietly becoming the standard integration layer for AI agents. Why this matters for enterprise orchestration.
Flow Field #017
Perlin noise-driven particle system exploring emergent pattern formation. Explore a new composition, pause the trails, or replay a seed.
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