To be fair — and this matters, because I don’t want to overstate the deflation — there is a genuine military and intelligence dimension where the frontier matters. Where the premium tier is essential.…
The Story They Told ThemselvesEvery great capital pile needs a story. Not just a commercial story — “we’ll make money.” A civilisational story. “This is who we are. This is what we do. This is why it…
The Meaning Crisis: Work as Identity, Not Just IncomeAnd here’s the dimension that the economic analysis misses, because economics measures income and output and productivity, but it doesn’t measure…
The East’s Different Social Contract: Why the West Is More FragileAnd here’s the structural asymmetry that makes the Western political economy more fragile than the Eastern one in the face of…
The Eastern Acceleration: How Cheap AI Compresses Western Wages FasterAnd here’s where Priority 2 feeds directly into Priority 4. The Eastern cost advantage doesn’t just compress the pricing of AI…
Let me be precise about the mechanism, because the public debate is dominated by the wrong question. The question everyone asks is: “Will AI take my job?” And the answer, for most people, is: “Not…
Priority 4: The Broken Social Contract — When Cognition Gets Cheap and the Middle Gets HollowThe Promise That Was SoldLet’s start with the narrative, because the narrative is the political fuel, and…
Here’s the shift. Priorities 1 and 2 were about money and markets. Financial structures. Valuation multiples. Revenue projections. Unit economics. And money is liquid. A stock reprices in a…
The four largest US hyperscalers alone plan roughly $725 billion in capex for 2026, up 77% from an already-record $410 billion, and Goldman now projects $5.3 trillion from them between 2025 and 2030.…
Here’s what pulls. Here’s where the gravity is.Priority 2: The Commoditisation of Intelligence — And Why It’s the Deepest ThreadThe financial circularity I just walked through — the Nvidia…
