The 2021 startup valuation bubble deflated but did not fully reset. Understanding why tells you something important about how private markets actually work. Public market tech valuations corrected sharply in 2022 and have only partially recovered. Private market valuations lagged significantly. Many companies that raised at peak multiples in 2021 have not marked down those … [Read more...] about Why Startup Valuations Haven’t Fully Reset
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The Cloudflare CMS Bet and What It Signals
Cloudflare building a CMS is not a content management story. It is a bundling story, and it is worth reading it that way. Cloudflare's core business has always been infrastructure — DNS, CDN, DDoS mitigation, Zero Trust networking. It expanded into compute with Workers, into storage with R2, into database with D1. Each expansion follows the same logic: take a workload that … [Read more...] about The Cloudflare CMS Bet and What It Signals
Why AI Products Keep Looking the Same
Open any AI product launched in the last eighteen months. There is a text box in the center of the screen. There is a sidebar. There is a history panel. There might be a mode selector. The palette is dark or off-white. The typeface is clean and neutral. This convergence is not a coincidence and it is not laziness. It reflects something real about how AI products are currently … [Read more...] about Why AI Products Keep Looking the Same
Orbital Compute: Real Infrastructure or Vapor
The pitch for orbital compute is straightforward: put data centers in space, eliminate terrestrial land and power constraints, serve a global footprint from above. The reality is considerably more complicated. The physics are not the problem. Low Earth orbit is a viable location for processing hardware. Thermal management is harder than on the ground, but solvable. Latency to … [Read more...] about Orbital Compute: Real Infrastructure or Vapor
What OpenAI’s Funding Rounds Are Actually Buying
OpenAI's capital raises have stopped being about runway. They are about something else now, and it is worth being clear on what. At the scale of funding OpenAI has absorbed — tens of billions across multiple rounds — the money is no longer primarily financing model training or operational costs, both of which are large but bounded. It is buying three things that have nothing … [Read more...] about What OpenAI’s Funding Rounds Are Actually Buying