We’re approaching the most ridiculous part of the AI bubble, with each day bringing us a new, disgraceful and weird headline. As I reported earlier in the week, OpenAI spent $12.4 billion on inference between 2024 and September 2025, and its revenue share with Microsoft heavily suggests

As with my Anthropic exclusive from a few weeks ago, though this feels like a natural premium piece, I decided it was better to publish on my free one so that you could all enjoy it.

How much do you remember from elementary school? I remember vinyl tile floors, the playground, the teacher sentencing me to standing in the hallway. I had a teacher who was a chess fanatic; he painted a huge chess board in the paved schoolyard and got someone to fabricate big wooden chess pieces.

You might have seen an article making the rounds this week, about a young man who ended his life after ChatGPT encouraged him to do so.

Soundtrack: Queens of the Stone Age - Song For The Dead

A few days ago, Sam Altman said that OpenAI’s revenues were “well more” than $13bn in 2025, a statement I question based on the fact, based on other outlets’ reporting, OpenAI only made $4.

As I've established again and again, we are in an AI bubble, and no, I cannot tell you when the bubble will pop, because we're in the stupidest financial era since the great financial crisis — though, I hope, not quite as severe in its eventually

We think that we're converting time into energy... that's the engineering principle.

In the 1820s, stacks, ovens, and gasometers rose over the docklands of Dublin.