The Fusion Arbitrage: Why AI Is No Longer a Software BusinessIntelligence is a derivative of electricity. If you still think...

Sam Altman didn’t step down from Helion’s board to avoid a conflict of interest. He stepped down because the conflict has al...

Forget the chatbots. Forget the “reasoning models.” The real story of 2026 is written in concrete, copper, and cooling loops.

If you are still looking at AI through the lens of software margins—80% gross margins, infinite scalability, zero marginal cost—you are looking at a ghost. That era died the moment the combined capital expenditure of the “Big Four” hyperscalers crossed the $720 billion mark for 2026.

Let that number sink in. $720,000,000,000.

That is not a “tech investment.” That is the GDP of Switzerland. That is a war chest. And it is being deployed not to write better code, but to conquer the physical substrate of reality. The “SaaS” era is over. Welcome to the era of Infrastructure Feudalism, where physics is the only law that matters.

While the tech press obsesses over Jensen Huang’s AGI proclamations and ChatGPT’s latest feature update, Jeff Bezos is doing ...

Jensen Huang is not selling chips; he is selling a collateralized debt obligation on the future of human intelligence, and th...