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Howe’s Ledger

Howe Wang

Howe’s Ledger is where I push myself to think and write more clearly about AI, markets, infrastructure, and how technology turns into business value.

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Substack
PricingOnly free issuesPublishesWeekly
Issues67Founded3 years agoLast Issue2 months ago
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Latest Issues

The Memory Bill

When an AI model knows something, where does that knowledge sit, and who pays to keep it there?

The industry has several places to put memory. Knowledge can live in the context window, a compressed internal state, a learned model of the wo...

2 months ago
7

The Unbearable Lightness of the Flywheel

Nearly every vertical AI company I’ve worked with sells some version of the same story: users create data, the data improves the model, the better model attracts more usage, and the company eventually becomes uncatchable. The pitch appears...

2 months ago
7

The Agentic Data Problem

Claude is in Excel now. OpenAI has Operator. Google is shipping computer-use models. At Davos, Anthropic CEO Dario Amodei argued that AI could do “most, maybe all” of what software engineers do within 6 to 12 months. By now, the demos and p...

7 months ago
8

The Future on Margin

Last month, I argued that AI can still be early in adoption even if the trade is already mature. Readers kept asking the same question: if the technology works, adoption rises, and the earnings are real, what causes the market to turn?

Bub...

7 months ago
11

Early in AI, Late in the Trade

Nvidia just reported another quarter that, on paper, delivered everything the AI story has promised for two years. The stock popped on the headline and then bled lower. At the same time, the outer ring of AI proxies was getting taken apart....

9 months ago
86
10

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  • Howe Wang

    Notes on AI, markets, infrastructure, and how technology becomes business.

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