Why we are doubling down on Baseten
We backed Baseten in Q4 2025, and I wrote up the thesis then.
Tailwinds
My notes on the business of technology and the tailwinds that power it
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Latest posts
The Economics of Generative AI: Two Years Later
Semi is a one-player game. Apps is a two-player game. Infra is the only competitive layer.
The State of Consumer AI. Part 3: Time is Money
In Part 1, I showed that ChatGPT has pulled away in usage.
Conversation with Nick Turley, Head of ChatGPT
What drove ChatGPT from 0 to a billion users?
The State of Consumer AI. Part 2: Engagement and Retention
Usage makes headlines. Habits build franchises.
The State of Consumer AI. Part 1: Usage
Two years ago, I argued that consumer AI was heading toward a familiar endgame: distribution would trump raw model quality, and hence the incumbents Google and Meta were best positioned to win.
Why we invested in Baseten
Building the inference abstraction layer
Congrats Parloa!
Series D
2026 Predictions!
The Year of Liquidity. $1T+ in new public market cap from AI/tech IPOs and direct listings.
The Revolut Story: A Decade of Compounding
… with many more decades to follow