The Paranoidist

Paranoia is a feature, not a bug.

Latest

The Reallocation

Jul 19, 2026

IBM's Worst Day on Record Is Being Read as the Price of Missing the AI Shift, While the Explanation in Its Own Chief Executive's Letter Describes Something Larger and Less Comfortable: An AI Boom Arriving Not as New Money but as the Same Enterprise Budget, Moved

The Stake

Jul 12, 2026

OpenAI Has Offered Washington 5 Percent of Itself So the Public Can Finally Share the AI Upside

The Excess

Jul 6, 2026

Meta's May Be the First Builder Quietly Conceding That the Demand the Entire Capex Supercycle Was Sized For Is Not Yet Here

The Ratepayer's Subsidy

Jun 30, 2026

The Grid Is Building and Charging Every Ratepayer for AI Demand as if It Were Firm, While Much of the Load Setting the Price May Never Be Built.

The Look-Through

Jun 22, 2026

Kevin Warsh Is Betting Policy on AI Being the Good Kind of Disinflation, While the Same Softening Prices May Be Hiding a Labor Shock the Fed's Framework Is Built Not to See.