AI agent web traffic surged 8x in two months as bots passed 54% of global web traffic. Yet United Airlines & Amazon are blocking shopping agents at checkout because ads, seat upgrades, trip insurance & warranties generate 12% to 20% of revenue & over 100% of operating profit.
Jensen Huang resigned as CEO of Nvidia after investing $61b of cash into AI startups, $42b into M&A & extending $165b in lease & cloud guarantees. If the Central Bank of AI tightens policy, the AI economy slows.
The top three layers of the AI stack capture 92% of gross margin before depreciation. As compute prices rise toward $25 to $40 per watt, application ROI & vertical integration decide who keeps the pool.
Efficiency changes earnings. Reimagining work changes the multiple. KC, Chief People Officer at OpenAI, on agent managers, the harness as an exoskeleton, & why EQ becomes the differentiator.
With AI demand outpacing supply & domestic grid growth slowing, the US will soon consume more tokens than it produces. A basic model puts the switch to a net importer between 2028 & 2030.
The cost of an autonomous corporate break-in has fallen 99% in five months to $90. As attackers run expected-value calculations on AI compute, CISOs must architect for speed, scale, & breadth to drive the attacker's expected return below zero.
The ceiling for AI in 2027 : about 80gw. That number doesn't mean much to most people, but it's the upper bound on how fast AI can grow & how much revenue it can generate.
Anthropic's S-1/A reveals $17.0b of Q3 2026 revenue, $5.0b of short-term burst compute at $7 to $13 per GPU-hour, & $895.4b of total compute commitments.
AI has four layers : the application, the harness & context layer, the model, & the data center. Each faces a critical question about its future, & a shift at any one layer reshapes the other three.
Two CEOs now project $1t in revenue. Cloud growth is accelerating at $30b to $50b a quarter, but AI is eroding the legacy search & ad businesses that pay for the capex. The first $10t company will be the one that crosses that chasm first.
