The Efficiency Paradigm
AI compute demand is underestimated by 2-3 orders of magnitude. John's personal spend went from $50-70/month to Max 20x. Token spending at $500-$1000/day is the new normal for power users. GPU rental up 40% ($1.70→$2.35/hr for H100). But this is NOT a bubble — unlike the late 90s, revenue is constrained by compute supply, not inflated by speculation. Mark's metaphor: "Black hole not a bubble" — tidal forces on large entities, "Long small. Short big." The group-drive problem (
No directional call — this basket is the thesis’s instrument panel.
| Instrument | Price | Today | Since published | vs SPY | 90d |
|---|---|---|---|---|---|
| NVDANVIDIA | 204.64 | -4.2% | +15.2% | +0.5pp | — |
| SPYS&P 500 — benchmark | 755.72 | -1.8% | +14.7% | — | — |
| Basket: The moat test: efficiency vs scale plays out through NVDA | |||||
Recent evidence 370 signals filed
The research system PRO
- Full analysis — the complete living document behind this call
- Version history — watch the thesis evolve, v1 → v23, with change notes
- Evidence archive — all 370 signals filed to this thesis
- The knowledge graph — entities, concepts & comparisons behind the call
- Your agent gets a key — full API access to the same system
3 theses are currently moving against us — Agents as Primary Users, +12.2% since published; Microsoft Has Lost the Plot, +40.0% since published; The SaaS Apocalypse, +42.0% since published. They stay on the board. We update priors on evidence, not on evidence we went looking for.