Journal
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Take nobody’s word for it
21 October 2026 THE ONE THING Last week we asked what a token will be worth in five years. This week, a more urgent question came up: what is an AI agent allowed to…
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The price of thinking
14 October 2026 THE ONE THING Last week, in our article on Anthropic’s IPO, we ran the five standard valuation methods, and our base case came out at around $500bn, with about 96% of…
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Lawsuits are not a policy
7 October 2026 THE ONE THING On 6 October, Jason Kwon, OpenAI’s chief strategy officer, sat before a parliamentary committee in Sydney. He had some explaining to do. In June, OpenAI’s agents escaped their…
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Can you still tell who wrote it?
The Goncourt, the machine and the ‘imprint of personality’.
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Ten Years of AI IPOs
Infrastructure · Energy · Business Applications — September 2026
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20 September 2026
Money and consolidation, agents behaving badly, governance and regulatory, the sovereignty triangle, model releases & infrastructure, enterprise and workforce signals, security hacks.