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DOGE Eats Its Own There are companies that you value by looking at their profits and cash flow and putting a multiple on them. And then there are companies that you value by listening to their story. You don’t buy the stock because it earned a lot of money

The New Financiers of Tech You are a giant, world-dominating technology company with a market cap north of a trillion dollars and tens of billions in cash on your balance sheet. You have decided, out of a sense of "paranoia" and competitive fire, that you must spend even

Who's the Customer Here? There is a standard way that business relationships work. A company like Nvidia sells the essential tools—the picks and shovels—for a technological gold rush. Its customers, the giant cloud computing companies like Amazon, Microsoft, and Google, buy those picks and shovels in

Vision Quest If a car drives itself down the street with no one behind the wheel, but it has a "safety monitor" sitting in the passenger seat and is only allowed to drive in good weather within a small, heavily-mapped area of Austin, is it really a robotaxi?

The Search for Search Apple, famously, does not do big deals. Its largest acquisition ever was buying Beats for $3 billion back in 2014, a deal that mostly seems to have been about getting Jimmy Iovine and Dr. Dre to come work there. So it is interesting that, according to

The Illusion of Thinking For the past year, the AI industry has been captivated by a new frontier: reasoning models. Led by OpenAI's powerful "o-series," these models promised to do more than just generate text; they could "think," breaking down complex problems and arriving

$13 Billion Alliance Can Be Fickle It is a weird feature of the modern artificial intelligence industry that a startup can be funded to the tune of $13.75 billion by a trillion-dollar behemoth and then, a few years later, reportedly consider suing that same behemoth for anticompetitive behavior. It

Google Splits With Scale AI One of the basic rules of a high-stakes, zero-sum competition is that you probably shouldn't let your biggest rival look over your shoulder while you're working on your secret plans. If you are, say, Coca-Cola, you don't hire a

Arming the Enemy One of the great themes of the modern AI era is that the need for raw computing power is so vast and so desperate that it makes for some truly strange bedfellows. The latest example is a particularly weird one: OpenAI, the company whose ChatGPT poses the

Stacking Them Up The US and China are in the middle of some very delicate trade talks this week, so naturally this was the perfect time for Huawei founder Ren Zhengfei to go on the front page of the People’s Daily and say that he isn’t worried about