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Tech Economics

Identifying tomorrow’s tech giants before they become obvious — by investing in the technologies shaping the future of humanity.

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Latest Issues

The $60 billion company with negative gross margins

Two facts, both reported in the last ninety days, and I have not been able to make them sit comfortably in the same spreadsheet.

Two facts, both reported in the last ninety days, and I have not been able to make them sit comfortably in the...

6 days ago
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One number decides whether AI profits are real

On January 29, 2025, Meta told investors that its servers and network equipment would last five and a half years, up from five.

On January 29, 2025, Meta told investors that its servers and network equipment would last five and a half year...

7 days ago
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Token Deflation: The Treadmill Killing AI Margins

In late 2021, GPT-3 cost $60 per million tokens.

In late 2021, GPT-3 cost $60 per million tokens.

12 days ago
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Can Ads Ever Pay for Inference?

900 million people use ChatGPT every week.

900 million people use ChatGPT every week.

13 days ago
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Quantum’s Cost Wall

Last quarter, IonQ booked $65 million in revenue.

Last quarter, IonQ booked $65 million in revenue.

14 days ago
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