Can a Frontier AI Lab Pay Its Own Compute Bill?
In May we priced a million tokens at $154. Anthropic's S-1 lets us check the work, and ask what growth the labs' compute commitments assume.
Did a $100,000 H-1B Visa Fee Sink North Texas Home Prices?
Home-purchase mortgages to Asian Indian borrowers in Collin County fell 43% from 2023 to 2025. The slide began before the $100,000 H-1B fee, and in 2025 it spread to all twelve counties studied.
The Industrious Fool
When action becomes cheap, judgment becomes scarce.
When You Bet Against the Market: Bessent and a History of Losing Fights
In 1992 Bessent was on the Soros team that broke the pound. In 2026 he is defending Treasury yields and the yen. History offers three endings.
Is a county hospital communist?
Opponents call Mamdani's city grocery store communism. Dallas owns and runs public hospitals. Don't fall for all the name-calling.
Golf uses more water than data centers. By 2x, or by 100x, depending how you count.
Golf out-waters US data centers by anywhere from 2x to 100x, depending on whether you count the electricity behind the servers and which year you stand in.
What does a million tokens cost a frontier AI lab?
What demand picture is today's AI spending pricing in? Two scenarios. The $200 billion commitments only stop looking insane in one of them.