2026-03-02
Kyle wrote an op-ed about a picture [image]
Foreign Affairs
Chinese military procurement documents show the PLA's efforts to use AI to assist in drone piloting, cyberattacks, decision-making, and disinformation campaigns
The PLA's Tech Strategy Is Working — At China's Victory Day parade in September 2025, it was not the marching troops …
2026-02-27
This is effectively a long winded bullish thesis for why SaaS isn't dead. We live in a world full of frictions that AI cannot easily overcome and software are tools that help us overcome those frictions. AI + software >> software and “human + AI” >> “AI alone”.
Citadel Securities
Citadel rebuts Citrini's viral article, arguing that AI deployment is constrained by the marginal cost of compute vs. human labor, and needs far more compute
2026-02-26
This is effectively a long winded bullish thesis for why SaaS isn't dead. We live in a world full of frictions that AI cannot easily overcome and software are tools that help us overcome those frictions. AI + software >> software and “human + AI” >> “AI alone”.
Citadel Securities
Citadel rebuts Citrini's viral article, arguing that AI deployment is constrained by the marginal cost of compute vs. human labor, and needs far more compute
Copyright © Citadel Enterprise Americas LLC or one of its affiliates. All rights reserved.
I agree. I think software stocks had an expensive valuation problem, which made them vulnerable to shocks to growth assumptions. The software is dead thesis is overblown. They will stick around, they'll adapt. AI agents will call them and pay a fee. A new economics will emerge.
Citadel Securities
Citadel rebuts Citrini's viral article, arguing that AI deployment is constrained by the marginal cost of compute vs. human labor, and needs far more compute
Copyright © Citadel Enterprise Americas LLC or one of its affiliates. All rights reserved.
I agree. I think software stocks had an expensive valuation problem, which made them vulnerable to shocks to growth assumptions. The software is dead thesis is overblown. They will stick around, they'll adapt. AI agents will call them and pay a fee. A new economics will emerge.
Financial Times
Salesforce CEO Marc Benioff dismisses concerns of a “SaaS-pocalypse”, saying companies like Anthropic use “a lot of SaaS because it just got better with agents”
Financial Times:
I agree. I think software stocks had an expensive valuation problem, which made them vulnerable to shocks to growth assumptions. The software is dead thesis is overblown. They will stick around, they'll adapt. AI agents will call them and pay a fee. A new economics will emerge.
Reuters
Salesforce reports Q4 revenue up 12% YoY to $11.2B, above $11.18B est., forecasts Q1 revenue above estimates, and announces a $50B share repurchase program
Salesforce (CRM.N) forecast first-quarter revenue above Wall Street expectations on Wednesday, betting on strong demand …
2026-02-24
I've been watching the responses to the Citrini piece all night. It's interesting that one of the most often mentioned “critique” is that they left out fiscal policy response. I find that the least interesting bit. Sure, fiscal policy will respond eventually, almost
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 …
What a day that has been defined by the @Citrini7 essay! I wonder how many will still feel the same way about it when they wake up tomorrow as they do today. This is truly a thought-provoking piece, even more so than I had initially appreciated when we chatted about it. I can
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 …
I've been watching the responses to the Citrini piece all night. It's interesting that one of the most often mentioned “critique” is that they left out fiscal policy response. I find that the least interesting bit. Sure, fiscal policy will respond eventually, almost
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 …
What a day that has been defined by the @Citrini7 essay! I wonder how many will still feel the same way about it when they wake up tomorrow as they do today. This is truly a thought-provoking piece, even more so than I had initially appreciated when we chatted about it. I can
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
What a day that has been defined by the @Citrini7 essay! I wonder how many will still feel the same way about it when they wake up tomorrow as they do today. This is truly a thought-provoking piece, even more so than I had initially appreciated when we chatted about it. I can
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 …
I've been watching the responses to the Citrini piece all night. It's interesting that one of the most often mentioned “critique” is that they left out fiscal policy response. I find that the least interesting bit. Sure, fiscal policy will respond eventually, almost
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 …
2026-02-22
Apparently, India has just joined the so called “Pax Silica”. We are witnessing a transformation Pax America —> Pax Silica Human value based global order —> market value based and transactional camp like order This week, on a podcast with @philrosenn I discussed our 2026 [image]
Associated Press
India joins Pax Silica, a US-led initiative that aims to build secure supply chains for semiconductors, advanced manufacturing, and critical technologies
2026-02-21
Apparently, India has just joined the so called “Pax Silica”. We are witnessing a transformation Pax America —> Pax Silica Human value based global order —> market value based and transactional camp like order This week, on a podcast with @philrosenn I discussed our 2026 [image]
Associated Press
India joins Pax Silica, a US-led initiative that aims to build secure supply chains for semiconductors, advanced manufacturing, and critical technologies
2026-02-10
If we really do get AGI much less ASI what happens to all the financial securities that have maturities beyond 5 years including stocks that have indefinite maturities?
Bloomberg
Alphabet raised $20B in its biggest ever US dollar bond sale, more than the $15B initially expected, after drawing more than $100B of orders
Here's all we knowErin Woo /The Information:Alphabet Reportedly Set for $20 Billion US Bond SaleEstefano Gomez /Crypto Briefing:Alphabet draws $100B+ demand for $15B bond sale to f...
If we really do get AGI much less ASI what happens to all the financial securities that have maturities beyond 5 years including stocks that have indefinite maturities?
Financial Times
Sources: Alphabet plans to sell a rare 100-year sterling bond, as Big Tech companies borrow more to fund their capex growth; IBM sold a 100-year bond in 1996
Deal comes as Google parent steps up AI borrowing rush with $15bn sale of dollar bonds — Alphabet has lined up banks to sell …
2026-02-05
TakeTwo CEO on AI “world engine” video generators and gaming. This is my sense too. To gamers, there's a world of difference btwn a few frames of impressive graphics and a great game, to non-gaming Wall Street analysts, there isn't. I think the above logic for gaming software [image]
Sherwood News
Take-Two reports Q3 net bookings up 28% YoY to $1.76B, vs. $1.58B est., net revenue up 25% YoY to $1.7B, and raises its annual bookings forecast; TTWO drops ~5%
All the impressive AI generative capabilities, whether it's video or code writing, desperately want to become useful tools of the various software customers before having the ambition of outright displacing them. If AI “disrupted” or undermined all the enterprise software
Sherwood News
Take-Two reports Q3 net bookings up 28% YoY to $1.76B, vs. $1.58B est., net revenue up 25% YoY to $1.7B, and raises its annual bookings forecast; TTWO drops ~5%
AI demand launched Google Cloud, which has been a uniquely and grossly mismanaged product in alphabet's product portfolio, into a pole position growing faster than Azure. That's why Google is doubling its AI capex. With AI demand, GCP could eclipse Azure or possibly even AWS. [image]
Alphabet
Alphabet reports Q4 revenue up 18% YoY to $113.83B, above $111.43B est., Cloud revenue up 48% to $17.66B, vs. $16.18B est., and net income up 30% to $34.46B
MOUNTAIN VIEW, Calif. - February 4, 2026 - Alphabet Inc. (NASDAQ: GOOG, GOOGL) today announced financial results for the quarter ended December 31, 2025.
2026-02-04
Market is experiencing what economists call “Knightian uncertainty”. The entire framework of what's true is coming under question bc of AI. The entire edifice of the “software infrastructure” has come under question and it feels as though the only certain thing is physical
Wall Street Journal
Software and data stocks plunge over fears that new AI developments will supplant software; ADBE fell 7.31%, CRM 6.85%, and Thomson Reuters 15.83% on Tuesday
From Legalzoom.com and Expedia to Ares and Apollo, shares of companies that sell or invest in software fell sharply on Tuesday