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A government profit-share on AI revenues would constitute a structurally novel form of sovereign extraction, closer to a resource royalty regime than conventional corporate taxation, that current AI investment theses have not priced.
Preview briefA government profit-share on AI revenues would constitute a structurally novel form of sovereign extraction, closer to a resource royalty regime than conventional corporate taxation, that current AI investment theses have not priced.
Preview briefA government profit-share on AI revenues would constitute a structurally novel form of sovereign extraction, closer to a resource royalty regime than conventional corporate taxation, that current AI investment theses have not priced.
Preview briefPartners Group capping withdrawals from a $16B semi-liquid fund is a leading indicator that the broader private-market liquidity narrative is breaking down, just as sovereign wealth funds pile into Ramp at a $44B valuation.
Preview briefAnthropic's $1.25B/month SpaceX compute contract, surfaced in IPO filings, reveals that frontier AI training spend has outgrown hyperscaler capacity and economics, forcing model developers to source compute through entirely new channels.
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