Wealth of Nations

@mpurves.bsky.social

macro and markets

BARCLAYS: “.. AI has been widely heralded as a disinflationary force – a technology that will bring down costs, automate work, and boost productivity. For the time being, it is leading to the opposite: higher electricity costs, higher memory prices, and upward pressure on inflation.”

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I just spent the last 5 days on horseback in the Wyoming wilderness. No phones, no scrolling. No news, no contact with the outside world. We just rode, and fished, and sat around the campfire talking to real people. Highly recommended.

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Consumers of electricity but not necessarily consumers of tokens. (And this is far worse for the planet). But my comment was more about relatively low capital intensity companies used to regulatory or network moats suddenly having to duke it out in a scenario of extremely high capex and no moats.

The hard part about these things is the Google C-suite is smarter and better-informed than we are, but also, if this goes badly at some point the Google C-suite probably won’t be the first ones to see it.

Tax refunds to help close the consumer “K”-shape “Lower-income households saw a larger spending boost from tax returns compared to the overall US household, especially when it came to discretionary categories like travel, goods, and leisure” -BofA Institute

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So proud of this. The musical novelty center in my brain mostly shut off like clockwork in 1994. So well into the 2000s, I would say things like “i just discovered these amazing new bands - Wilco and Radiohead. Have you heard of them?”

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Watched football at a bar for the first time in years this weekend. Turns out you can really fake your way through it by saying “big third down here” every few minutes.