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Wrapocalypse Now: Part 3 of 3
If "wrapper" is too blunt to be useful, what should replace it? A map. Part three completes the series with the six dimensions that actually matter for evaluating AI application-layer companies, the five archetypes that emerge once you map them, and why archetypes are not destinies.
Wrapocalypse Now: Part 2 of 3
NVIDIA does not fabricate its own chips. It outsources the most capital-intensive layer in its stack to TSMC, and still captures most of the economic surplus. Part two of a three-part series on what makes some wrappers durable, and what compounds above the substrate.
Wrapocalypse Now: Part 1 of 3
"It is just a wrapper" has become too blunt a phrase to do the work investors are asking it to do. It mistakes naming for analyzing. Part one of a three-part series replaces the lazy dismissal with a better vocabulary for understanding the AI application layer.
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Wrapocalypse Now: Part 3 of 3
If "wrapper" is too blunt to be useful, what should replace it? A map. Part three completes the series with the six dimensions that actually matter for evaluating AI application-layer companies, the five archetypes that emerge once you map them, and why archetypes are not destinies.
Wrapocalypse Now: Part 2 of 3
NVIDIA does not fabricate its own chips. It outsources the most capital-intensive layer in its stack to TSMC, and still captures most of the economic surplus. Part two of a three-part series on what makes some wrappers durable, and what compounds above the substrate.
Wrapocalypse Now: Part 1 of 3
"It is just a wrapper" has become too blunt a phrase to do the work investors are asking it to do. It mistakes naming for analyzing. Part one of a three-part series replaces the lazy dismissal with a better vocabulary for understanding the AI application layer.
The Bull Case for Being Human
AI collapses execution as a moat, so mediocre ideas die faster than ever. Novel human knowledge, trust networks, and the slow accumulation of character emerge as the highest-leverage assets in the economy.
Why indexing fails in private markets
Few financial innovations have created as much lasting wealth for ordinary investors as indexing. But the mechanics that make indexing work in public markets simply don't exist in private markets, at least not today.
Ignoring private innovation is no longer an option for tech investors
As private technology companies stay private longer and grow larger than any time in history, having exposure to these companies is rapidly transitioning from a nice-to-have to a necessity.