The Coming Split in AI Infrastructure
What happens to data center economics when inference moves to the edge| Buy the Rumor; Sell the News
What happens to data center economics when inference moves to the edge| Buy the Rumor; Sell the News
Trillions in AI capex can't be justified by the software revenues it depends on| Buy the Rumor; Sell the News
The world of AI agent commerce is not a friction-free one of cheap transactions; it will be a highly metered and frictional experience| Buy the Rumor; Sell the News
If super-efficient language models move to devices, what happens to the trillion-dollar AI data center build out?| davefriedman.substack.com
From hyperscalers to hedge funds, the logic driving AI infra toward futures, options, and standardized GPU hour contracts| Buy the Rumor; Sell the News
Will the world's economy continue growing at about 2% per year? Or will AGI create a discontinuity, auguring in an era of much more rapid economic growth?| Buy the Rumor; Sell the News
The assumptions that must hold for a "country of geniuses in a data center" to exist| davefriedman.substack.com
How AI commerce turns the art of persuasion into the science of trust| Buy the Rumor; Sell the News
Walled gardens will kill the AI agent delusion| davefriedman.substack.com
Apple is not doomed; there is nuance to be had| Buy the Rumor; Sell the News
Companies don't have souls| davefriedman.substack.com
If superintelligence were imminent, interest rates would be much higher| davefriedman.substack.com
What do finance bros in Chicago and New York have to do with the future of AI compute?| davefriedman.substack.com
Compute is a commodity and its financialization will solve many problems| Buy the Rumor; Sell the News
Financing AI compute isn't a product roadmap. It's a market design problem, solved by futures, contracts, and credit plumbing| Buy the Rumor; Sell the News
The AI buildout requires trillions in capital and its financialization is the way to fund it| Buy the Rumor; Sell the News
What happens to entertainment when AI-generated characters are infinitely replicable at near-zero marginal cost?| Buy the Rumor; Sell the News
CoreWeave is signing impressive deals with hyperscalers; whether that revenue flows through to shareholders or landlords remains an open question| Buy the Rumor; Sell the News
Agent runtimes as the missing revenue engine for trillion-dollar data center capex| Buy the Rumor; Sell the News
Value accrues to those who control scarce inputs; if compute is abundant how do hyperscalers capture value?| Buy the Rumor; Sell the News
How cheaper inference expands demand and drives both local and hyperscale growth| davefriedman.substack.com
A semi-daily report about the practical, real-world applications of AI, with a dash of speculation. Click to read Buy the Rumor; Sell the News, by Dave Friedman, a Substack publication with thousands of subscribers.| davefriedman.substack.com
U.S. policy and derivatives trading expertise are converging to financialize GPU compute| davefriedman.substack.com
The future of inference is bifurcation: cheap edge hustle at one pole, sovereign-scale sanctuaries at the other| davefriedman.substack.com
Where inference occurs in the future will tell us a lot about whether GPU futures make sense| davefriedman.substack.com
Reconciling the case for GPU futures with the centrifugal pull of edge inference| davefriedman.substack.com
Why 2026 probably brings digestion and remix, not collapse, and what that means for data center buildouts| davefriedman.substack.com
A lot of people don't understand what elite management consultancies actually do| davefriedman.substack.com
ERCOT’s latest risk models show power no longer follows weather or gas. It follows GPUs. Until the grid starts pushing back.| davefriedman.substack.com
The models eat (almost) everything that touches them| davefriedman.substack.com
