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Three mega-IPOs would require more liquidity than the last decade of IPOs combined ...

VC exits have transformed from IPO-dominated to three equal channels. Secondaries now claim 31% of exit value, rivaling M&A & IPOs for the first time.

I've spent the last year building AI agent systems. Here are nine observations. 1. Prototype with the Best When the input is unpredictable, email parsing, voice transcription, messy data extraction, reach for state of the art. Figure out what works ...

My AI inference costs hit $100k annualized. Then I cut them 88% in a weekend. Technology companies are adding a fourth component to engineering compensation.

While billion-dollar AI deals grab headlines, most AI acquisitions are undisclosed talent deals. The real AI talent war is happening quietly, at scale.

Energy & industrials are up 12-17% YTD while tech sits flat. The market has figured out that AI needs power before it needs models.

AI skills are programs written in English that give agents capabilities instantly. Like Trinity downloading a pilot program, skills encode institutional knowledge in executable form.

Public SaaS stocks reveal nuanced AI fears - vertical software & workflow companies face the steepest discounts while data & security remain resilient.

Google's Gemini processes 10B tokens/minute, up 52x YoY, while cutting serving costs 78%. Cloud revenue hit $17.7B, growing 48%.