#2 - Follow the Money

For three years this was a story about models — whose model is smartest. Today it is a story about money, factories, electricity and borders. The model got cheap. Everything underneath it got expensive.

🇨🇳 01:39 — Microsoft has quietly closed 15+ offices in China over five years and never announced it. China is ~1.5% of its revenue. Nobody bans you — they just make choosing you a career risk.

🏢 05:25 — Vantage Data Centers may go public at $100 billion. Warehouses. Plus Michael Burry’s claim that the industry is understating depreciation by $176bn — and the Richmond Fed’s answer.

🧠 10:00 — Anthropic in talks to buy Decart for ~$6bn. And the number underneath it: running a model got 99.7% cheaper in three years.

⚖️ 12:48 — Demis Hassabis spent his last weeks as DeepMind CEO lobbying for an independent AI referee — then stepped down. Is a referee proposed by the players a referee, or a shield?

🇮🇳 15:28 — India: a construction company just won $1.57bn to wire 10,000 Blackwell GPUs into one machine in Chennai.

💻 17:23 — Lenovo’s record $26.9bn quarter — and the reported net loss hiding inside it.

🚗 19:05 — Japan’s Turing wants a $10bn US listing, riding into America inside somebody else’s car.

🌊 21:12 — Data centres that float, powered by waves. An appealing idea — not yet a working technology.

💾 23:37 — The memory supercycle: DRAM up ~125% this year. If your product has a circuit board, your costs are going up.

📋 25:34 — Three things for Monday.

AI news for humans, not robots. Stay curious, stay human.

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