Articles from davefriedman.substack.com

The article argues that the "monetizable spread" between open and closed AI models is compressing faster than the capability spread, threatening the valuations of frontier labs like OpenAI and Anthropic.

Apple's AI strategy bets on-device inference using its 2.2 billion devices as pre-deployed infrastructure, avoiding cloud compute costs.

GPUs are being financialized as a new asset class through debt securitization, derivatives, and tokenization, despite rapid obsolescence threatening traditional financial infrastructure.

Higher interest rates compress SaaS multiples while AI attacks seat-based pricing and fixed-cost margins, forcing a business model rewrite.

AI infrastructure deals lack standardized verification, making headline numbers appear as binding commitments when they are actually contingent options.