Rory O'Driscoll's thirds framework sorts post-GPT software companies into three buckets: one-third insulated (proprietary data or orthogonal AI), one-third existentially threatened (plain vanilla SaaS), and one-third where generative AI is additive on top of an existing core product.

AI capex exceeds AI revenue by roughly $500 billion annually, and OpenAI plus Anthropic combined revenue will not surpass total AI capex until at least 2031.

Memecoin traders on Solana hold tokens for an average of less than a minute, and at the upper end less than 10 minutes.

Howard Marks on why Oaktree shrinks its next fund after strong performance.

Prop AMM oracle updates cost under 100 compute units, compared to 40,000 compute units for an order book trade.

US software development job postings rose 15% since Claude Code launched in late February 2025, while overall job postings fell 7% in the same period. 71% of those gains came from senior roles.

The fundraising iron triangle: size, speed, and terms cannot all be optimized simultaneously. Pursuing a large, fast raise forces concessions on terms, and so on.

A basket of Chinese AI stocks and a basket of US AI stocks have tracked each other closely since the start of 2024, with Chinese stocks slightly outperforming.

Patrick O'Shaughnessy on the three-way constraint every fundraise faces.

Rory O'Driscoll's thirds framework sorts post-GPT software companies into three buckets: one-third insulated (proprietary data or orthogonal AI), one-third existentially threatened (plain vanilla SaaS), and one-third where…

DroneDeploy, a drone management and flight coordination company, is layering generative AI for safety and progress reviews on top of its core platform, a model where AI is additive rather than substitutive.

“It's not the stress that burns us down, it's the response to stress.”

“The transformers can't plan but they can do a very good job of pretending essentially that is in a sense.”

“If we just talk specifically about 300 million ARR, most of that's like almost 70% are agencies.”

“I would say something like 70% chance that this goes horribly wrong like human extinction.”

“Every good AI is good in the same way. Every rogue AI is rogue in its own way.”

“From Bitcoin's code perspective, it didn't bend the knee. The institutions bent the knee to bring Bitcoin into it.”