"We’re nowhere near the end of the shortage,” said Brad Gastwirth, Circular’s head of global research. “I think it lasts through the end of 2026 and at least the first half of 2027.”

You heard it here first folks, close your memory positions Q2 2027 at the latest to avoid getting caught flat-footed when prices drop.

LibreOffice didn't replace MS Office, and Octave didn't replace Matlab. It seems to me that there is even less of a moat with these products than there is with Claude Code, yet neither was commoditized.

The economics of bitcoin mining dictate that the work must have no other utility. If you increase its profitability by using it for auxiliary winter heating, then more people will mine bitcoin until there is an oversupply of heating and we return to the current equilibrium amount of "wasted" heat.

I'm not sure OpenAI can realistically afford not to IPO given its spending commitments.