The Diff

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Understanding Anthropic (17:01) - Pulled IPOs (17:48) - Non-Fungibility (18:40) - The News Business (19:52) - Opt-Outs (20:31) - Writing

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Robots Are Coming for Jobs That Don't Exist Yet (07:28) - Scale (08:20) - Preorders (08:55) - Politics (09:58) - Funding (10:55) - Investor Relations

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Doing Business in the Dark Forest (06:30) - Stock-Based Compensation (07:53) - Infra (08:58) - Balance Sheets (10:46) - An Ownership Society (12:15) - The Sonic Boom of Trust

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - The Super-Rich as Financial Sin-Eaters (06:45) - Adversarial Adoption (07:52) - Rates (08:39) - Scale (09:53) - Talking Your Book (10:43) - Revenue

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Life with Nonzero Interest Rates (05:18) - Stimulus (05:55) - Ads (06:38) - Gambling (07:31) - Acqui-hires (08:46) - IPOs

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - How Far in the Future Should You Be Trying to Live? (04:42) - Spillover Effects (05:36) - Frictional Costs (06:22) - Airgaps (08:04) - Poaching and Context (09:05) - Open Weight

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Forward Deployed (37:12) - Felonybench (38:59) - Frontier Capabilities (40:10) - SEO (41:06) - Company Demographic Pyramids (42:17) - Fighting for Inference

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - The Economics and Politics of Pacing the Frontier (06:37) - Reflexive Funding (07:57) - Insider Trades (08:56) - Reference Implementation (10:40) - Margins (12:47) - Law Enforcement

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Staying Calibrated (07:16) - Transparency (08:35) - Disclosure (09:20) - Credit Ratings (10:58) - AI Jobs (12:15) - Branding Inference

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - The Surprisingly Weak IPO-Housing Effect (06:28) - Bottlenecks (07:32) - More Bottlenecks (08:22) - Disjoint Models (09:06) - Aligning Incentives (09:40) - Momentum

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Ad-Supported Platforms are a Unique Antitrust Problem (08:38) - Brittle Buyers (09:17) - Rates (10:32) - Substitution Effects (11:12) - Demand (11:50) - Trades

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Financial Entrepreneurship in the Indexing Era (07:24) - Easy As (08:27) - Missing Estimates (09:18) - Oil (09:58) - Off-Balance Sheet (11:07) - Turnover

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - FP&A as the Telemetry and Counterespionage (09:21) - 0.5x AI (11:46) - Media Incentives (12:31) - Infrastructure (13:23) - Perks (14:02) - Externalities

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Who Hedges Where? (06:49) - Ads for Bots (07:43) - Authenticity (08:35) - The AI Race (09:32) - Priority Disputes (10:48) - Mission

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - What We Periodically Relearn About Rent Control (12:54) - Backstops (14:42) - Complements and Substitutes (15:36) - Personality Hire (16:29) - Commoditization (17:04) - IPOs

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Has AI Art Been Tried? (04:38) - Pricing (05:17) - Rewrites (06:46) - Distribution (07:35) - Trading Your PA (08:44) - Managed Markets

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Has AI Art Been Tried? (04:38) - Pricing (05:17) - Rewrites (06:46) - Distribution (07:35) - Trading Your PA (08:44) - Managed Markets

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Cultural Stasis? Or Just Rising Budgets, a Limited Supply of Good Movie Release Dates, and the Kelly Criterion? (09:20) - MTurk, RIP (10:42) - The Economist Cover Indicator (12:15) - AI Cycles (13:13) - Narratives (14:13) - Intrusions

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - The Mythical Agent-Minute (07:08) - AI, Globalization, and Comparative Advantage in Lobbying (08:16) - Media M&A (09:41) - Retaliatory Tariffs (10:15) - Capex (10:52) - Pivots

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Blind Extrapolation as a Powerful Force in Finance (07:50) - Midjourney Medical (11:10) - Chips (12:02) - Financial Engineering (12:39) - Rigged Games (13:30) - Reality is the Complement

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - What Does it Mean to Have a Trillion Dollars? (09:47) - Anthropic (11:04) - Mean and Variance (12:17) - Fragmentation (13:37) - Guidance (15:58) - Slightly-Heterodox Center-X

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - It's Maturity Transformation All The Way Down (06:17) - Weather (07:19) - Adverse Selection (08:33) - Compute, and P/S Ratios (09:46) - Software PE (10:48) - Automation and Utilization

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - Using AI for Writing like a Responsible Adult (06:25) - Granular Price Discrimination (07:04) - ETFs (07:52) - Form Factors (08:41) - Training Data

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - The Rocketship (08:52) - Unit Economics (10:01) - Rearrangements (10:42) - Vibeslop (11:35) - Mindshare (12:08) - Consumption Equality

This is an audio version of the free newsletter. Read the newsletter at thediff.co, and subscribe for an additional 3 posts (and podcasts!) per week. (00:00) - (07:19) - Prediction Markets (08:18) - Exotics (09:34) - Binning (10:38) - Unpopular AI (11:51) - The Rebalancing Trade