『Exponential Learning』のカバーアート

Exponential Learning

Exponential Learning

著者： The Team
無料で聴く

Humans can absorb multiples more audio content than written. To that end, this podcast is for absorbing as much intelligence as possible as the catch-all for interesting articles, research reports, or podcast summaries. I hope you enjoy the knowledge as much as we do.© 2026 The Team 個人ファイナンス 個人的成功 経済学 自己啓発
エピソード
  • Private Flight or Cell Phones? The Unit Economics of AI

    Private Flight or Cell Phones? The Unit Economics of AI
    2026/10/19
    Trevor Noren (Sage Road Research) and Apollo ask the demand-side question: the marginal cost of compute exceeds its marginal benefit, corporate token spending is slowing, and hyperscaler ROIC has halved from ~38% to ~20%. We cover the prisoner's dilemma of the buildout, the private-flight-vs-cell-phones analogy for agentic AI, the fiber-optic precedent — and why it all still points to owning the tollbooth.
    続きを読む 一部表示
    14 分
  • What Has to Go Right: The Math Behind AI's Trillion-Dollar Bet

    What Has to Go Right: The Math Behind AI's Trillion-Dollar Bet
    2026/10/19
    Eric Flaningam (Timeless) published the most rigorous bull-case math on AI cap ex: clouds need ~$600B in third-party AI revenue by late 2027 and $1T+ by 2028 at 35% margins to earn their cost of capital. We steelman the piece — the depreciation treadmill, the three conditions (frontier breakthroughs, faster diffusion, surviving margins), and the 'apps decide what runs short' thesis — then deliver our conclusion: own the tollbooth, rent the factory.
    続きを読む 一部表示
    14 分
  • The Data Centre Is a Factory

    The Data Centre Is a Factory
    2026/10/19
    Hosking Partners' Q3 2026 letter, via MastersInvest: a London value manager beat global markets by 6.3% YTD owning almost none of the AI winners — and its diagnosis of the AI buildout is the sharpest we've read. Cap ex doubled to T (a railway-boom share of GDP); 00B+ of IG debt issued in 2026 alone, .1T more by 2030; credit investors now run the industry through SPVs and off-balance-sheet leases while token prices fall. The core claim: the data centre is a factory, compute is a commodity — load-the-plant economics will push token pricing toward marginal cost, the way solar was commoditized (and China-dominated). The .5T OpenAI/Anthropic flotations are the exam. Plus: how they won without AI (Greek refiners, Norwegian tankers +440% since 2017, Saga's 25% ROIC, 80 Japanese small caps), the honest 260bp cost of missing mega-cap tech, a full steelman of the other side, and why the factory thesis actually CONFIRMS the energized-land view — factories commoditize, tollbooths don't.
    続きを読む 一部表示
    15 分
adbl_web_anon_alc_button_suppression_t1
まだレビューはありません