Technology & Development
Emerging technology, product and engineering, and the digital infrastructure underneath it. We assess claims on evidence rather than announcement, and pay particular attention to the distance between demonstrated capability and delivered capability.
The Cost of Patient Capital
Long-duration money is repricing. The consequences reach well past the endowment model that popularised it — into venture, infrastructure,...
The Compute Bottleneck Nobody Priced In
Model capability is no longer constrained by algorithms or capital. It is constrained by transformers, turbines and transmission queues...
Why Operating Leverage Stopped Working
A generation of managers was taught that scale converts revenue growth into margin expansion. Across large parts of the...