Newsletter

Programming note: ARPU will return on Friday and take a look at the sudden freeze in software buyouts. The 8% Halo If you are looking for the purest distillation of the current market cycle, you don't need to look at a Silicon Valley startup. You just need to

Programming note: ARPU will return next Tuesday and take a look at Nokia. AI Needs a Body In the early 2000s, "Dude, you're getting a Dell" was a catchphrase about buying a beige desktop PC to play Minesweeper or type up a college essay. Today, if

Programming note: we will return on Friday and take a look at Dell. A Sentient Sun If you read the prospectus for SpaceX's upcoming initial public offering, you will find a document that reads less like a standard S-1 and more like a syllabus for a graduate seminar

Programming note: we will return on Friday and take a look at Huawei's chip design strategy. Google's Compute Google should be the last company in the world to run short of AI compute. It has its own cloud, its own data centers, and its own custom

Programming note: ARPU returns next Tuesday and looks at why Google—the company that makes its own TPU chips—still does not have enough compute. The Most Boring AI Portfolio on Earth If you are putting together a portfolio to capture the upside of the artificial intelligence super-cycle, the conventional

Programming note: ARPU returns this Friday with a look at the AI boom's most improbable winners—including a century-old toilet manufacturer and the creator of MSG. Ticket Scalpers for Copper Wire The most absurd economic indicator in the AI boom right now is not a valuation multiple or

Programming note: ARPU will return next Tuesday with a look at the AI supply crunch. AI Trading Bots If you want to know whether AI is actually ready to take over Wall Street, the easiest way to find out is to give it a brokerage account. For the last two

Programming note: ARPU will return this Friday with a look at how Berkshire Hathaway thinks about AI. Vendor Financing in Reverse Normally, when a company wants to buy a component, it issues a purchase order. When it really wants to buy a component, it signs a long-term agreement. When it

Programming note: ARPU will return next Wednesday with some observations on the memory supply situation. Meta's AI Bill It is earnings season, which means it is time for the world's largest technology companies to announce how many hundreds of billions of dollars they are spending on