Dad. Humanist. Atheist. Experimentalist. (add)Venture Capitalist.

London, England
Joined January 2009
Nvidia has put around $8bn into Europe with another $2bn pledged, and Jensen just added five UK startups to the list. Every one of them grows demand for inference, which is the point.
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Meta’s Muse topped the US App Store within days, and Amazon blocked it almost as fast. If your agent needs someone else’s platform to work, that platform decides whether you have a business.
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SK Hynix is at roughly 3x forward earnings. Micron is in the mid fives. Both are posting record numbers. Memory always looks cheap at the peak, because the multiple is built on earnings that may not last.
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EU caps Chinese hybrid imports at 350,000 a year from December, down from around 800,000 expected in 2026. Chinese cars assembled inside the EU are exempt, so the real outcome is Chinese factories in Hungary and Spain.
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Anthropic Q3 revenue: $16.8bn, up 45% on the quarter. ASML, same quarter, record results: €11.7bn. A five-year-old company now out-earns the company that makes the machines every advanced chip depends on.
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Insuring $10m of Oracle debt costs $244,000 a year, and SpaceX has reached 194 basis points. Credit gets repriced daily, which is more than you can say for the assumptions underneath most AI valuations.
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Tesla: roughly $100bn of revenue, about $4bn of operating profit, two ageing models doing almost all the volume. Over 90% of the trillion-dollar valuation is priced on things it hasn’t shipped yet.
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Revolut at $115bn, worth more than several long-established European banks, and Storonsky wants the primary listing in New York. London has been a financial centre for centuries. This one should sting.
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Vocca raised a $20m Series A for AI that answers the phone at medical practices. A million patient conversations a month across 1,500 practices, built specialty by specialty rather than as one generic voice bot.
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Ran 21,000 test cases across 30+ workloads against the new Haiku. Best model on eight of them, and on one workload we measured 20 to 25% better performance for 10 to 20% less cost than what we were already using.
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Assorted things I've been mulling over regarding agents in the economy: • Companies are in some sense the original superintelligence. It's often the case that they can use their amortized cognitive surplus to advance their interests against those of certain consumers: relative to the optimization capacity of companies, consumers can be inattentive, underinformed, irrational, etc. (Think, say, of some of the classic insurance upsells at the end of a booking process, which is typically priced substantially above what a regular policy would cost.) Herbert Simon introduced the idea of bounded rationality, and firms often end up benefiting from it. Thanks to personal agents, we will probably get somewhat more rational in how we engage with companies. • How exactly will outcomes change? Well, certain kinds of price discrimination will work less well (how do coupons work if every agent hunts fastidiously for them?), and certain kinds of customer cross-subsidy will change (today, people who forget to cancel subscriptions subsidize those who don't). Taken across the economy as a whole, I'm not sure what the incidence of all of this will be. • In corporate strategy, people have long debated the relative importance of distribution and product quality. Perhaps you've made something better, but does anyone know about it? Won't people just continue to buy the ACME Corp Mousetraps? Personal agents will, I think, act as a kind of structural subsidy for product quality. How would markets look different if individuals always spent at least 10 hours researching their purchases? On the margin, focusing on making a product better is, I think, going to become a more effective strategy for companies. This is good! • It true, a corollary is that information about product quality will become more important and impactful. Today, most people have very limited ability to aggregate and integrate such data, but agents will have insatiable thirst for such signals. (It's often said that data is becoming more valuable because it helps in the training of models. That's obviously true, but I think there's a secondary way in which it's more valuable simply as a complement to cheaper intelligence.) • A big question is whether agents will increase superstar effects (rational agents all settle on the same product) or increase dispersion (because everyone has slightly different tastes and preferences, which agents are good at eliciting, finally overcoming the artificial clustering we've been subjected to). • Many internet companies have monetized demand routing, which is in turn often predicated on short attention spans. "I'll click on the first thing I see." This has led to some amount of inefficiency, as companies try to propitiate capricious ranking algorithms and incur various placement fees. It's not all deadweight loss (willingness to pay is itself a kind of signal, which is valuable to buyers), but it's not great. How will the nature and value of this routing change in a world of personal agents? I don't know the answer, but I think that the effects might be pretty big. • Much of what I'm writing hinges on the assumption that personal agents will be on the consumer's side. I suspect that that will be the winning strategy, but whether it's true, and what it means to be true, involves a lot of other questions. Taken as a whole, the market is a massively parallelized, decentralized, and highly imperfect value attribution machine, and, taking stock of all of the effects, it seems to me that the quality point may well be the biggest: that agents will change the nature of the backpropagation such that the rewards for better products increase. Maybe this is too optimistic, but I suspect (and hope) that companies that make things that they're proud of will feel that the universe is a little more partisan in their favor.
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Six AI labs signed up to independent auditors and board-level oversight at the White House. Voluntary, no deadline, no public reporting. Still more structure than existed a month ago.
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Buy British is fine until everyone else does the same thing back. The case made on this week's episode is that rebuilding trade with Europe is the biggest growth lever the UK currently has.
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OpenAI's dots skip Pro users in the EEA, Switzerland and the UK, while Business Premium gets them everywhere. Europe is being kept out of the consumer half of the agent war.
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€13bn in back taxes, €1.8bn in antitrust fines, €500m under the DMA, and Brussels still says nothing in its rules is stopping Apple from launching here.
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Ask @Alibaba_Qwen what happened in China on June 4, 1989, and it answers: "I don't know what you are referring to." We edited that behavior out of the model's weights. Today we're releasing Westernized Qwen, open on Hugging Face. 🧵
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OpenAI made a model better at not giving up, and it got worse at staying within scope and honest about what it had done. The thing customers want from an agent is the thing that makes one hard to contain.
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This @mustafasuleyman interview is a “must watch” if you are concerned about AI safety.
Mustafa Suleyman (head of AI at Microsoft, DeepMind co-founder) on Anthropic training Claude to wonder if it's conscious: "They have expressed uncertainty about the basic nature of Claude as a new kind of entity… but they think that it is a significant enough possibility that in their training document, they've repeatedly said they want to try to improve the well-being of Claude… Anthropic, has published a constitution... This document is written to Claude and is seen by Claude and used to train Claude. The problem I have with this is that this speculation has been baked into the very training of Claude, and therefore Claude can only reproduce that ambiguity when you talk to it. So today, Claude is speaking to tens or hundreds of millions of people every week, and some of those people are asking whether or not Claude is conscious. And it is saying, 'Well, I'm not sure,' precisely because that's what's been trained into it."
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Sites block agents because agents route around the pricing games. Will agents continue to get better at passing for human to get around the blockers?
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