Two forces decide whether an industry consolidates or fragments — the structure of its supply chain and the speed of its product cycle. AI is pushing them in opposite directions at once, and Salesforce is the test case for where value relocates.

The five gates every equity position clears before it gets capital — screen, diligence, entry, stress test, size — and what each gate looks like in practice.

The durable AI trade may sit a layer beneath the models — in unified security platforms, the storage hierarchy behind training runs, and the edge infrastructure that every newly cheap-to-build application still has to run on.

Generators can now route the same megawatt-hour to the grid, an AI datacenter, or a mining rig. The deals of the last two years — Three Mile Island, Susquehanna, the miner acquisitions — show what that optionality is worth.

On the philosophy of automation in finance — when to build systems, when to stay manual, and why the answer isn't always obvious.

Most of what finance builds is infrastructure, not alpha. I publish my own research tooling in the open — the case for why that trade works.