Happy Holidays and a warm welcome to 2026!
As we step into the new year, the “AI Trade” is entering a phase of maturation. We are moving past the era of infrastructure speculation, where the focus was primarily on who owns the chips and the models, into a period defined by value capture resulting from the AI build-out. The defining question of 2026 is no longer only about which model is smartest, but rather: Who captures what this infrastructure enables, and how is that value defended? I called this Orchestration Economics.
To navigate this shift, I am excited to introduce a new short-form feature for paid subscribers titled “Orchestration Economics.” I’m offering this one as a special preview. These pieces will be published between our deeper weekly publications, providing tactical analysis on the AI trade.
As always, I welcome your feedback as we build this framework together. Our first entry into this series examines Meta’s latest $2 billion move, a tra…