What happens when capital markets don't know exponentials
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| BLACK FRIDAY, BUT SMARTER
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Hi all, This is Part III of a four‑part, members‑only series Ten things I’m thinking about AI as we approach the third anniversary of ChatGPT. The series connects the dots with a view to the past and to the future. From energy and depreciation schedules to capital markets and platform strategy, it’s a unified map for the next 24 months of AI – grounded, contrarian where needed, and practical. Here’s what we cover: Part I: The Firm [read here, no paywall] Enterprise adoption is hard and may be accelerating Revenue is already growing like software
Part II: Physical limitations [read here] The real scaling wall is energy The inference training loop squeeze
Part III: The economic engine [today’s email] Capital markets struggle with exponentials Perhaps GPUs do last six years Compute capacity is existential for companies The “productivity clock” rings around 2026
Part IV: The macro view [coming up]
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