Does Aggregation Theory survive in a world of constrained compute? Yes, insomuch as controlling demand will give power over supply.

Apple has survived 50 years by being the only company integrating hardware and software; if the company loses because of AI it will be because the point of integration changes.

Agents are fundamentally changing the shape of demand for compute, both in terms of how they work and in terms of who will use them. They're so compelling that I no longer believe we're in a bubble.

Thick clients were the dominant form of device throughout the PC and mobile era; in an AI world, however, thin clients make much more sense.

Microsoft got hammered on Wall Street for capacity allocation decisions that were the right ones: the software that wins will use AI to usurp other software.

If hyperscalers and chip companies don't build up a TSMC competitor they are set to forego billions of dollars in revenue and stunt the AI revolution.

The first live sporting event was broadcast in the Vision Pro, and it's a big disappointment. The experience could be amazing, but Apple actively ruins it.

AI might replace all of the jobs; that's only a problem if you think that humans will care, but if they care, they will create new jobs.

Netflix is driving the Hollywood end game, likely confident it can increase the value of IP, and fend off YouTube.

OpenAI and Nvidia are both under threat from Google; I like OpenAI's chances best, but they need an advertising model to beat Google as an Aggregator.

Robotaxis are poised to further close the delta between suburbs and the city; the city (and Uber) might never recover.

We are in an AI Bubble: the big question is if this bubble will worth it for the physical infrastructure and coordinated innovation that result?

Decreasing transportation and communications costs increases resiliency in theory, but destroys it in practice. The only way to have resiliency is through less efficiency.

OpenAI is making a play to be the Windows of AI: the all-encompassing platform that controls both hardware supplier and software developers.

I've come to appreciate Google's amorphous nature; what makes me bullish is the clarity of YouTube's AI opportunity.

Apple's iPhone announcement was impressive, but no one was impressed, because Apple is increasingly peripheral to what is changing the world.

The U.S. taking an equity stake in Intel is a terrible idea; it also happens to be the least bad idea to make Intel Foundry viable.

Meta delivered blowout earnings the same quarter that Mark Zuckerberg doubled down on AI; I don't think it was a coincidence.