Thesis. The 2026 AI cycle shifts from conversational models to "digital workers" (agents) and physical AI (robots, driving, inspection); value…
AI will lead to mass dumbing down of society. This is one of the most underestimated risks of AI transformation.…
Contagion in AI financing cannot be understood through valuation levels or even growth rates. It must be understood through the…
Private credit funds face significant 2026 risks from two AI-related channels: disruption to software borrowers and demand shortfalls in AI…
They allow hyperscalers to expand capacity rapidly while keeping the bulk of associated debt off their consolidated balance sheets, converting…
EXECUTIVE SUMMARY. QUANTITATIVE FINANCE Contagion in AI financing cannot be understood through valuation levels or even growth rates. It is…
Circular financing in the AI sector refers to a tightly interlinked system of equity investments, compute commitments, guarantees, and off-balance-sheet…
AI bubble risks are elevated as of mid-to-late 2026, driven by an unprecedented capital expenditure boom outpacing near-term monetization, high…
The three initial theses are maintained, but with increased robustness: Quality of Big Tech Profits: The non-economic share of the…
SpaceX is not a blockchain protocol, a crypto cloud, a native DePIN network, or an on-chain payment processor as of…