Decoding Discontinuity
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Orchestration Economics: When Exponential Growth Becomes Visible (Chapter 3)
In the winter of 2025-26, the models crossed a line, the revenue proved it was real, and the agents began acting on their own.
May 21
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Raphaëlle d'Ornano
18
1
The Cerebras IPO Test, Part II: The Architectural Math Behind a $17-20 Billion Fair Value
Cerebras bet the future of AI on ultra-fast wafer-scale inference. But the agentic economy emerging in 2026 is heterogeneous, CPU-centric, and…
May 19
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Raphaëlle d'Ornano
23
2
Orchestration Economics: Six Tremors, One Fault Line (Chapter 2)
A cascade of shocks, each amplifying the others, formed a discontinuity and ushered us in a new paradigm by causing the marginal cost of cognition to…
May 14
•
Raphaëlle d'Ornano
24
1
1
The Cerebras IPO Test: $49B May Be Pricing The Wrong AI Inference Economy
The first pure-play wafer-scale is about to go public just as the Inference Economy is reorganizing around orchestration.
May 12
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Raphaëlle d'Ornano
27
2
Orchestration Economics: From Disruption to Discontinuity (Chapter 1)
The software industry’s 2025 optimism masked structural transformation. When it surfaced in early 2026, the market had no framework to interpret it.
May 7
•
Raphaëlle d'Ornano
11
1
The Hyperscaler Reckoning: $700 Billion for a Utility - While the Moats Disappear?
Recent earnings confirmed history's largest AI infrastructure cycle. The real story is a layer-by-layer mutation of tech economics and the sorting of…
May 5
•
Raphaëlle d'Ornano
23
2
2
April 2026
AGNT: The Orchestration Economics Manifesto
An investment framework for the Agentic Era.
Apr 30
•
Raphaëlle d'Ornano
32
1
4
The Substrate Goes Open
As orchestration collapses into open weights and deployment costs drop ~7x, the “Intelligence Moat” is challenged. From model performance to…
Apr 28
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Raphaëlle d'Ornano
22
2
Part IV — The New 'No Software' Moment: Salesforce and the Birth of an Agentic Era Species
In this latest SaaSpocalypse analysis, Salesforce’s TDX 2026 reveals production-scale proof of a shift from SaaS to orchestration, evidence that demands…
Apr 21
•
Raphaëlle d'Ornano
20
1
Anthropic’s Digital Labor Tax
The "Metalayer" could redefine AI economics. The better it works, the faster it strains already limited compute.
Apr 14
•
Raphaëlle d'Ornano
26
3
Anthropic Claude Code Leak: Decoding Its Blueprint for the Orchestration Graph
512K lines of leaked code reveal a domain-agnostic AI orchestration engine, self-rewriting memory, and the foundations of synthetic colleagues poised to…
Apr 7
•
Raphaëlle d'Ornano
31
4
March 2026
TurboQuant and the Memory Stock Sell-Off: Why the Panic Outpaced the Paper
Why this efficiency gain is ultimately bullish for the memory chokepoint and the entire inference economy.
Mar 31
•
Raphaëlle d'Ornano
27
2
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