On that template, AI looks like it has already finished the first act. The outer ring has cracked: neoclouds, “AI infra” smaller caps, and nuclear or power-adjacent trades are down 50% or more from their highs. That’s your paper-railway phase. The core of the story, Nvidia and a handful of megacaps, is still treated as the “safe” way to own AI, but

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this NVDA rally has gone from "incredibly impressive" to actually scaring me a bit. not for AI safety reasons. I'll explain. I'm lucky enough to be an early investor in @CoreWeave, one of the most incredible startup stories I've ever seen. one of the most interesting things about proximity to CW is simply having a pulse... See more

In Levie’s telling — and he also wrote a blog post about the Slack sale — it all comes down to sales. The idea that workers would someday choose all their own tools was always a fantasy, he told me, in part because most workers don’t event want to think about their tools. In such a world, the winning app will almost always be one with a giant, er,... See more