Solvent, But Not on Schedule
The system can afford the losses. What it may not afford is the timeline — and the same compression that broke SaaS marks is already climbing toward the trillion-dollar IPOs.
The Clearing Price
Airtable grew revenue 20% and sold for 89% off. The argument left is not whether $3.8 trillion of private equity reprices — it's how fast, and who absorbs it.
Free Solar, Fatal Math
Space-based AI data centers solve the one problem space doesn't have. The people pricing the risk can't make the numbers work... and that's the tell.
Earnings Are a Lagging Indicator. The Labor Market Already Knows.
The aggregate penetration story misses the real trigger and the gap between when costs fall and when prices follow is what actually decides whether we get a productivity boom or managed stagnation.
The Asymmetry Machine
The same force compressing labor is powering the builder explosion. That is not a coincidence. It is the mechanism.
The Hidden Inflation of AI
How companies are disguising capital strain as innovation while the middle class foots the bill