What is a capital cycle and why AI is building the mother of all capital cycles
Anything That Can Be Capitalized Eventually Gets Operationalized
A structural pattern has reshaped servers, labor, and software licenses. AI is now running the same playbook — simultaneously — on software production and human capital.
The AI Buildout and the Material Trap
Why Strategic Necessity, Physical Bottlenecks, and Unsettled Economics Are Forcing Capital into a Constrained System
Capital Must Seek Delight
Too few people are experiencing the delights and serendipity of AI, causing capital misallocation
Predictive Capital – Roads to terminal alienation, soil to server farm, reason to vibe
So-called ‘AI’ —more accurately: Predictive Capital— is the latest instrument in Capital’s apparatus of alienation. It steals our work, simulates our labour, reanimates our expression, autocompletes our thought, then pronounces us dead.
AI is probably not a bubble
AI companies have revenue, demand, and paths to immense value
AI is probably not a bubble
AI companies have revenue, demand, and paths to immense value
The AI bubble isn’t new — Karl Marx explained the mechanisms behind it nearly 150 years ago
OpenAI CEO Sam Altman’s warning of an AI bubble highlights a deeper economic problem: capitalism is producing more capital than it can profitably invest.
The New Software Lifecycle
I co-wrote a Google whitepaper about how AI is changing the software lifecycle. I'm not going to summarize the whole thing. Instead, here are the handful of ...
Rethinking AI for Science Funding
As science stands at an inflection point, how do we organize capital to shape the future of discovery?
The Moat or the Commons — Warman Notes
American capital financed AI on the assumption it would be the next great monopoly. Open-weight models are commoditizing the capability that monopoly was supposed to protect. The collision between the two now defines the direction of the U.S. AI industry — and the country.
Capital in the Twenty First Century
What are the grand dynamics that drive the accumulation…
Meredith Whittaker on Twitter / X
Now that even Goldman, Sequoia, and other major investors are calling it, it's good to remember that the shakiness of the AI market, and the mismatch between capex and ROI, has been clear for a long time to those of us who look closely at the political economy of AI. https://t.co/dLLNAcW5Sn— Meredith Whittaker (@mer__edith) July 30, 2024
AI is Creating Peak Software, Media is the Best Analogy
Let's learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.
Metacrisis and AI governance
Metacrisis and AI governance Jonah Wilberg, September 2025
Don’t Believe the Hype — or Doom — About AI
For America’s VC-dominated tech industry, AI hype isn’t just a crazy by-product — it’s a structural part of the US economy in which capital tries to write our destinies. We shouldn’t let it.
Uber Caps Usage of AI Tools Like Claude Code to Manage Costs
I wrote the other day about Uber blowing its 2026 AI budget in four months, and how that wasn't particularly surprising given they would have set that budget in 2025, …