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Passing the Torch Newsletter · Jul 18, 2026

Chevron in Iraq

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Jasper Gould · Passing the Torch Newsletter

The irony of physical infrastructure being ever-so important in the AI moment.

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For the better part of a decade, the dominant story about the economy has been a story about dematerialization. Money became a ledger entry, assets became tokens, office spaces became a video call, registers became a checkout button, art became a JPEG with a serial number, and the smartest capital in the world spent its time betting on the layer of abst…

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