Cybernetic Arbitrage

Summary: AI commoditizes intelligence, forcing profits to migrate to asset-heavy Cybernetic Rollups that own context at the edge. I started this blog five months ago to combat a venture narrative I&rsquo;m now convinced is wrong. The narrative: That AI&rsquo;s winners will be middleware SaaS companies––agentic platforms, cognition resellers, outcomes-pricing vendors––selling intelligence to…