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VOICE ARCHIVE

Eric Seufert

@eric_seufert
489 posts
2026-02-25
For the past few months, I have been writing a long-form podcast articulating an AI Bull Thesis for the digital economy. I call it The Prosperous Society. In light of the Citrini report, I decided to chop it up and release it episodically. Episode 1 is live. [image]
2026-02-25 View on X
Financial Times

An Evercore ISI economist criticizes Citrini's AI report, calling its assumptions “extreme and improbable”, but says it's a thought-provoking exercise

2026-02-24
For the past few months, I have been writing a long-form podcast articulating an AI Bull Thesis for the digital economy. I call it The Prosperous Society. In light of the Citrini report, I decided to chop it up and release it episodically. Episode 1 is live. [image]
2026-02-24 View on X
Financial Times

An Evercore ISI economist criticizes Citrini's AI report, calling its assumptions “extreme and improbable”, but says it's a thought-provoking exercise

Most of the sell-side has remained hilariously silent at a mere Substacker seemingly shaking markets, even though the anguish and frustration is almost palpable.

Right.  The AI doomer report is intellectually sloppy and belies a deep misunderstanding of the economics of consumer technology broadly but of agentic commerce specifically.  Why would $DASH and $UBER not be the principal beneficiaries of agentic commerce by simply embedding that functionality in their own apps, just as Amazon is doing?  If anything, agentic commerce likely puts a premium on aggregated attention and erects *hurdles* to competition.
2026-02-24 View on X
Wall Street Journal

Software stocks like AppLovin and CrowdStrike extended their weeks-long selloff; several of the biggest decliners were discussed in Citrini Research's post

The weeks-long selloff in software stocks deepened Monday amid general unease about the threat posed by AI.  —  Software-makers AppLovin, CrowdStrike …

Right.  The AI doomer report is intellectually sloppy and belies a deep misunderstanding of the economics of consumer technology broadly but of agentic commerce specifically.  Why would $DASH and $UBER not be the principal beneficiaries of agentic commerce by simply embedding that functionality in their own apps, just as Amazon is doing?  If anything, agentic commerce likely puts a premium on aggregated attention and erects *hurdles* to competition.
2026-02-24 View on X
Citrini Research

Imagining an AI-driven “2028 Global Intelligence Crisis”: as white-collar layoffs grow, the human-centric consumer economy withers and the social fabric frays

A Thought Exercise in Financial History, from the Future  —  Preface  —  What if our AI bullishness continues to be right …

2026-02-23
Right. The AI doomer report is intellectually sloppy and belies a deep misunderstanding of the economics of consumer technology broadly but of agentic commerce specifically. Why would $DASH and $UBER not be the principal beneficiaries of agentic commerce by simply embedding
2026-02-23 View on X
Citrini Research

Imagining an AI-driven “2028 Global Intelligence Crisis”: as white-collar layoffs grow, the human-centric consumer economy withers and the social fabric frays

A Thought Exercise in Financial History, from the Future  —  Preface  —  What if our AI bullishness continues …

2026-02-19
Apple's Podcasts app is the top app for audio-only podcast consumption, although it trails YouTube and Spotify for video podcast consumption. Emphasizing video could be a precursor to ads. [image]
2026-02-19 View on X
Bloomberg

Apple Podcasts' fresh leap into video podcasts accelerates the podcast industry's shift from an audio-centric medium to a decidedly video-focused one

Apple Podcasts' fresh leap into video podcasts refocuses the audio medium on visuals  —  Welcome back to Soundbite.

2026-02-05
This Anthropic ad is simply obnoxious. Anthropic generates most of its revenue from its enterprise business, so it can afford not to maximize its consumer revenue opportunity. But the sanctimonious moralizing here presents advertising as a cynical business model choice. It is
2026-02-05 View on X
@sama

Sam Altman says Anthropic's Super Bowl ads are funny but “dishonest”, and Anthropic serves a “product to rich people” while OpenAI is “committed to free access”

First, the good part of the Anthropic ads: they are funny, and I laughed. But I wonder why Anthropic would go for something so clearly dishonest. Our most important principle for a...

2026-01-27
OpenAI's introductory ad pricing is close to what Netflix charged when it launched the ad-supported tier. Worth noting that Netflix saw a surfeit of *demand* at launch. It had to refund committed money to advertisers because it couldn't exhaust their budgets.
2026-01-27 View on X
The Information

Source: OpenAI targets ~$60 per 1,000 views for ChatGPT ads, on par with live NFL broadcasts and above Meta's sub-$20 CPM, while offering little conversion data

2026-01-26
OpenAI's introductory ad pricing is close to what Netflix charged when it launched the ad-supported tier. Worth noting that Netflix saw a surfeit of *demand* at launch. It had to refund committed money to advertisers because it couldn't exhaust their budgets.
2026-01-26 View on X
The Information

Source: OpenAI targets ~$60 per 1,000 views for ChatGPT ads, on par with live NFL broadcasts and above Meta's sub-$20 CPM, while offering little conversion data

In its initial rollout of ads, OpenAI is charging prices that rival those for coveted video programs like the NFL …See also Mediagazer

2026-01-18
OpenAI announced today that it will soon ("in the coming weeks") begin testing advertising in its Free and Go tiers in the United States.  I believe that ChatGPT's advertising platform will be wildly successful.  The gap between OpenAI's and Meta's unit economics is attributable to the latter's performant, direct-response advertising platform.  And while I also believe that OpenAI is late with its advertising offering, given that Alphabet has already found a means of monetizing its Gemini model without inserting ads into the Gemini chatbot, I don't think that puts OpenAI at any sort of material disadvantage or jeopardizes the project.  Ultimately, ads in ChatGPT will enable OpenAI to monetize the product at the scale necessary to support the potential of its adoption.  If anything, ads in ChatGPT are a gift to its user base, which, as the blog post points out, will now benefit from “fewer usage limits.”
2026-01-18 View on X
Financial Times

OpenAI plans to test ads below ChatGPT replies for users of free and Go tiers in the US; source: OpenAI expects to make “low billions” from ads in 2026

$500bn start-up seeks ways to fund expansion and fend off competition from rivals Google and Anthropic

2026-01-17
OpenAI announced today that it will soon ("in the coming weeks") begin testing advertising in its Free and Go tiers in the United States.  I believe that ChatGPT's advertising platform will be wildly successful.  The gap between OpenAI's and Meta's unit economics is attributable to the latter's performant, direct-response advertising platform.  And while I also believe that OpenAI is late with its advertising offering, given that Alphabet has already found a means of monetizing its Gemini model without inserting ads into the Gemini chatbot, I don't think that puts OpenAI at any sort of material disadvantage or jeopardizes the project.  Ultimately, ads in ChatGPT will enable OpenAI to monetize the product at the scale necessary to support the potential of its adoption.  If anything, ads in ChatGPT are a gift to its user base, which, as the blog post points out, will now benefit from “fewer usage limits.”
2026-01-17 View on X
Financial Times

OpenAI plans to test ads below ChatGPT replies for users of free and Go tiers in the US; source: OpenAI expects to make “low billions” from ads in 2026

$500bn start-up seeks ways to fund expansion and fend off competition from rivals Google and Anthropic

2026-01-16
OpenAI embraces the inevitable: ads come to ChatGPT OpenAI announced today that it will soon ("in the coming weeks") begin testing advertising in its Free and Go tiers in the United States. I believe that ChatGPT's advertising platform will be wildly successful. The gap between [image]
2026-01-16 View on X
Financial Times

OpenAI plans to test ads below ChatGPT replies for users of free and Go tiers in the US; source: OpenAI expects to make “low billions” from ads in 2026

$500bn start-up seeks ways to fund expansion and fend off competition from rivals Google and Anthropic

2026-01-13
Interesting hint at what Meta perceives as roadblocks to growth. [image]
2026-01-13 View on X
Axios

Meta appoints Dina Powell McCormick, a prominent banking executive and former Republican official, as president and vice chair, reporting to Mark Zuckerberg

Dina Powell McCormick, a prominent banking executive and former Republican official, is joining Meta full-time as president and vice chairman …

2026-01-12
All of this is a precursor to ads. The challenge of commerce is not, “how can I source product information into a feed?” It is: “How can I choose which among many competing products to source into a feed?” The mechanism that facilitates that is an auction.
2026-01-12 View on X
TechCrunch

Google unveils the Universal Commerce Protocol (UCP), an open standard that lets AI agents work across customer buying processes, from discovery to support

Google today announced a new open standard, called the Universal Commerce Protocol (UCP) for AI agent-based shopping, at the National Retail Federation (NRF) conference.

Interesting hint at what Meta perceives as roadblocks to growth. [image]
2026-01-12 View on X
Axios

Meta appoints Dina Powell McCormick, a prominent banking executive and former Republican official, as president and vice chair, reporting to Mark Zuckerberg

Dina Powell McCormick, a prominent banking executive and former Republican official, is joining Meta full-time as president and vice chairman …

@BenMullin AI Mode is distinct from the Gemini app.
2026-01-12 View on X
Financial Times

Google introduces new personalized ads in its Gemini-powered AI Mode, letting advertisers offer exclusives for users preparing to buy a product

Tech giant moves to gain an edge in race to monetise popular AI tools  —  Google is introducing new personalised advertising …

@BenMullin AI Mode is distinct from the Gemini app.
2026-01-12 View on X
TechCrunch

Google unveils the Universal Commerce Protocol (UCP), an open standard that lets AI agents work across customer buying processes, from discovery to support

Google today announced a new open standard, called the Universal Commerce Protocol (UCP) for AI agent-based shopping, at the National Retail Federation (NRF) conference.

2025-12-17
Gemini in Chrome and Gmail, and Google's AI distribution conduit A credible claim can be made that AI Overviews is the largest AI-focused consumer product in existence from an MAU perspective (see my discussion of ChatGPT's unit economics and probable MAU scale here). And AI [image]
2025-12-17 View on X
The Verge

Google launches CC, an experimental AI assistant that delivers a personalized daily “Your Day Ahead” briefing email based on users' emails, calendar, and docs

Say hello to CC, a new AI productivity agent that connects your Gmail … The Keyword : Help boost your daily productivity with CC, a new experimental AI agent from Google Labs. Amin...

2025-12-10
This article frames price-based A/B testing as a form of predatory economic malfeasance. Should price-based A/B testing be banned for grocery products? And if so, to what other products should that ban apply? [image]
2025-12-10 View on X
New York Times

Study: 193 Instacart users across four US cities saw different prices for the same items from the same store at the same time; Instacart says it's running tests

The findings are the latest example of how the notion of a single price is breaking down in the digital age, a trend economists say could be pushing up some prices.

2025-11-05
Agentic commerce is a mirage. https://mobiledevmemo.com/...
2025-11-05 View on X
Bloomberg

Amazon sues Perplexity, accusing it of computer fraud, after sending a cease-and-desist letter demanding it stop letting Comet make purchases on users' behalf

Amazon.com Inc. is suing Perplexity AI Inc. to try and stop the startup from helping users buy items on the world's largest online marketplace …