Large publishers secure licensing deals with AI firms, leaving small publishers excluded. This report explores why and what it means for the industry.
The Latest
The license. Why the AI content market pays the brand-name corpus and strands the long tail.
The cleaner cap table. Why Anthropic’s public-benefit structure dodges OpenAI’s charitable-trust problem — and trades it for a governance question of its own.
Anthropic’s unique governance with a mission-focused trust avoids OpenAI’s conversion issues, but both face governance discounts in public markets.
The calendar technicality. Why Elon Musk’s lawsuit against Sam Altman and OpenAI lost on timing, not on substance.
Elon Musk’s lawsuit claiming OpenAI violated charitable trust law was dismissed on procedural grounds, not on the case’s merits, opening IPO prospects.
Week Three — Foundation model vs Brownian motion. Kronos on five-minute BTC.
A recent test shows Kronos, a foundation model, does not outperform Brownian motion in predicting 5-minute Bitcoin price movements, challenging assumptions about AI trading models.
The CFO’s new operating system. Anthropic, OpenAI, and the consulting margin that just got compressed.
Anthropic’s $1.5B joint venture and OpenAI’s parallel funding reshape enterprise finance with integrated AI operating systems, bypassing traditional consulting roles.
The gigawatt gap. Why China is structurally positioned for AI power and the US is engineering around its grid.
China leverages centralized planning and renewable energy to power AI infrastructure at gigawatt scale, contrasting with US grid constraints and fragmentation.
Raw-feed licensing. The contract that doesn’t exist yet.
A missing industry-standard contract for raw-feed licensing for downstream AI rewriting remains unresolved, creating a significant legal and economic gap.
Week Three — Foundation model vs Brownian motion. Kronos on five-minute BTC.
Kronos, a foundation model trained on global crypto data, does not outperform Brownian motion in 5-minute Bitcoin forecasts, according to recent tests.
The bank account in the chat. How personal finance became an agentic on-ramp.
OpenAI introduced a new personal-finance feature in ChatGPT, connecting bank accounts and enabling agentic financial services for Pro users, signaling a shift in fintech.
Technology operations signal monitor: I admire Fabrice Bellard. He is almost certainly a better overall programmer
A new tech operations signal monitor identifies Fabrice Bellard as an exceptional programmer, emphasizing the need for role-specific alerts for small software teams.
