Free newsletter: The economics of AI don't make sense. Monthly subscriptions to AI services are scams that represent a product that is impossible for OpenAI and Anthropic to provide long term, and AI data centers are an economic disaster at scale.
wheresyoured.at/ais-economics-… Github Copilot, as I reported last week, is moving towards token-based billing, charging the actual cost of token burn — a move that alienated many of its users who built entire workflows around a request-based product that no longer exists.
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Premium Newsletter: OpenAI needs to raise or make $852 billion through 2030 to pay for its compute costs, and must pay $75bn a year for Oracle's 7.1GW of Stargate data centers, or Oracle will collapse, destroying its share price and Ellison's empire.
wheresyoured.at/how-openai-kil… It’s been little over a year since Sam Altman, Masayoshi Son, and Larry Ellison stood shoulder-to-shoulder with Donald Trump to announce the "$500 billion" Stargate data center project. In truth, no entity was ever formed, and no money was invested.
wheresyoured.at/how-openai-kil…

$5 billion TO DATE? This heavily suggests that Anthropic? Over $10 billion in inference and training costs? This heavily suggests that almost every story about Anthropic’s revenue and costs they’ve leaked is wrong and that it’s been misleading the media.

https://twitter.com/peard33/status/2031111783147253898

Remember: reports said Anthropic made $4.5bn for all of 2025, and all of this guff about “$19bn in annualized revenue” no longer make sense, especially as that “exceeds $5 billion” line is from a lawsuit filed in *march*. This is a scandal!

Premium: The AI Bubble is a time bomb, burdening hyperscalers with billions of new depreciation a quarter that will soon eat away profits, VCs with dead equity in fallen AI startups, and Oracle with hundreds of billions of unpayable leases.
wheresyoured.at/premium-timebo… A year ago, I wrote that Coreweave was a timebomb — a rickety tower of debt and bad deals that was primed to blow.
I could have made that argument about hyperscalers, NVIDIA and OpenAI. Everybody is waiting for somebody else to make AI a success.

wheresyoured.at/premium-timebo…

Final 2025 Newsetter: We're in The Enshittifinancial Crisis, the fourth stage of enshittification, where companies turn on their shareholders. Unprofitable, unsustainable AI threatens future of venture capital, private equity and the markets themselves.
wheresyoured.at/the-enshittifi… Enshittification's first 3 stages - from a platform people love to a platform businesses profit off of to a platform that hurts consumers and businesses alike - are well-known. I argue we're in a fourth stage where stocks have become enshittified too.
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Premium: How The AI Bubble bursts in 2026 - The largest funder of AI data centers is pulling out, OpenAI and Anthropic need more money than ever during a massive VC liquidity crisis - and NVIDIA's debt-powered customer base is quietly shrinking.
wheresyoured.at/premium-how-th… The AI bubble is reaching its peak, with the largest data center funder (Blue Owl) walking away from a $10bn deal with Oracle, just as Broadcom gets pummeled post-earnings for showing no revenue from OpenAI, and CoreWeave fails to build capacity in time.
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Premium newsletter: Based on my analysis, OpenAI needs one trillion dollars in the next four years to build 17GW of data centers and other commitments, with at least $500 billion needed for company operations. There's not enough capital to fund it.

wheresyoured.at/openai-onetril… I spoke with analyst Gil Luria at D.A. Davidson, asking if the capital existed to build OpenAI's promised 17GW of data centers: "Of course there isn't enough capital for all of this," but "enough capital to do this for a at least a little while longer."

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Newsletter: Microsoft pulled back on over a gigawatt of planned data center capacity, suggesting that they do not think there is a growth future in generative AI. SoftBank, the only one that can afford to fund OpenAI, has to take out loans to do so.
wheresyoured.at/power-cut/ Last week analyst TD Cowen said Microsoft had canceled two data center leases - "a couple hundred MWs" of capacity. Most missed a detail - that Microsoft had let over 1GW of Letters of Intent expire, equivalent to as much as of 14% current capacity.
wheresyoured.at/power-cut/

Newsletter: Blame the tech industry for the rise of authoritarianism. Blame a news media handicapped by a deference to power and a fear of bias. Blame the fact that our digital lives are unchecked ecological disasters.

Something must change.
wheresyoured.at/lost-in-the-fu… Why are we surprised that people don’t trust the media after years of them telling regular people that the economy is good, that their problems aren’t real, that the things that make them suffer are in their heads - and it's their fault things suck?
wheresyoured.at/lost-in-the-fu…

Newsletter: Microsoft is a cult driven by “The Growth Mindset,” a psuedo-science that informs recruitment, hiring, firing and promotion decisions, all while instructing employees and managers to generate performance reviews using hallucination-prone AI.

wheresyoured.at/the-cult-of-mi… When Satya Nadella took over Microsoft, he rebuilt their culture around a flimsy psuedo-science called 'The Growth Mindset" that drives company decision-making in everything from how products are sold, to how your on-the-job performance is judged.
wheresyoured.at/the-cult-of-mi…

Newsletter: OpenAI is a bad, unprofitable business, with most of its revenue coming from premium subscriptions, and only 27% ($1bn) coming from people licensing its technology, suggesting that the generative AI industry is much smaller than we thought.
wheresyoured.at/oai-business/ In the last week, OpenAI has lost their CTO and Chief Research Officer, all while trying to raise a $6.5bn+ round for a firm that loses $5bn/yr. They're so desperate they're raising from SoftBank, a VC famous for losing billions on terrible investments.
wheresyoured.at/oai-business/

Newsletter: The tech industry has its own growing commercial real estate bubble - the Software As A Service market is in decline, over-leveraging unprofitable generative AI in a desperate - and failing - attempt to restart growth...but it isn't working.
wheresyoured.at/saaspocalypse-… The silent, powerful market-driver of the tech industry is the Software-As-A-Service (SaaS) industry, where swaths of the economy have outsourced their infrastructure to the cloud. Its core business model is making you trade convenience for freedom.

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Newsletter: A subprime AI crisis is brewing. Most of the tech industry has bought into a technology sold at a discounted rate, heavily-subsidized by big tech. If it collapses, the cascade effect could savage both startups and public companies alike.
wheresyoured.at/subprimeai/ OpenAI is untenable. They're raising $6.5 billion at a $150 billion valuation for a company that burns $5+bn a year, and are so desperate for money that they’re both trying to get rid of their non-profit designation *and* raise from the middle east.
wheresyoured.at/subprimeai/

Newsletter: the AI bubble is close to bursting, with Big Tech losing $2 trillion in market cap as everybody wakes up to the mediocrity of generative AI. Here’s a comprehensive guide to how everything might fall apart - and how little time OpenAI has left.
wheresyoured.at/burst-damage/
Last week was dire for the AI bubble, with Google, Microsoft and Amazon getting spanked for spending tens of billions of dollars on generative AI with little revenue to show for it, and on Friday, multiple media outlets ran a story on the bubble popping.
wheresyoured.at/burst-damage/

Newsletter: Based on estimates of their burn rate and historic analyses, I hypothesize that OpenAI will collapse in the next 12-24 months unless it raises more funding than in the history of the valley and creates an entirely new form of AI.

wheresyoured.at/to-serve-altma… OpenAI as it stands cannot survive. To go longer than two years, it will have to raise more money than anyone has ever raised, and to go further will need productize a totally different technology to GPT, and reduce costs by thousands of percent.
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This week's newsletter: It's time to call BS on generative AI and demand that companies like OpenAI actually provide useful, helpful software, and actively reject the growing coterie of hucksters using AI as a marketing tool to get media headlines.
wheresyoured.at/put-up-or-shut… The tech industry is currently in the midst of the most bizarre cognitive dissonance I've ever seen — more so than the metaverse, even — as company after company simply lies about what's possible with the "power of AI."
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Newsletter: Goldman Sachs has called BS on Generative AI, and I believe that it's time that everybody follows suit - generative AI is unreliable, unsustainable, requires an entire rebuild of America's power grid, and is most decidedly not the future.
wheresyoured.at/pop-culture/ Goldman Sachs recently issued a report called "GenAI: Too Much Spend, Too Little Benefit?" savaging the industry, with GS' Jim Covello saying that there's limited upside, and that it's incapable of solving the complex problems that would make it worth it.
wheresyoured.at/pop-culture/

okay, you want an example of how bad Google is?

Not a single link on this page is to the actual Beekman Hotel. They're all random reservation portals you've never heard of. This is basically a huge con on Google's part where they force hotels to pay to sponsor links on their own searches. Note that The James has paid to sponsor theirs, but the Grand Hyatt hasn't, making a link to "" the top result. guestreservations.com

Newsletter: Tech's hyper-growth era is ending. Almost every major web platform has seen traffic declines since 2021, and the industry is getting desperate as it realizes there aren't any massive new markets left- and generative AI isn't the next big thing.
wheresyoured.at/rotcombubble Sometime in 2019, things changed in tech -things got iterative rather than innovative, and tech began trying to sell us half-baked concepts that only helped VCs get rich - cryptocurrency, the metaverse, and now generative AI that lacks any real utility.
wheresyoured.at/rotcombubble/

This week's newsletter is the story of how Mark Zuckerberg and his internal growth team have spent over a decade repeatedly and intentionally making Facebook and Instagram harder and more dangerous to use in the pursuit of perpetual growth.

wheresyoured.at/killingfaceboo… One might wonder how Mark Zuckerberg, as CEO of Meta, is able to get away with running Facebook and Instagram into the ground - and the answer is he can never be fired, thanks to Sean Parker advocating for him having three out of five board seats in 2004.
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Today's newsletter is the story of how Prabhakar Raghavan, Google's former head of ads - led a coup so that he could run Google Search, and how an email chain from 2019 began a cascade of events that would lead to him running it into the ground.

wheresyoured.at/the-men-who-ki… In February 2019, Google's ads and finance teams called a "code yellow" on search, because revenue was slow and - seriously - people were not asking Google enough questions. Ben Gomes, then head of search, refused to make Google Search worse for profit.
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