Notes from the fund.
Essays Fund updates
Essays and updates on Web3, AI, and frontier technology — published on Medium.
Latest
Earlier notes
Full archive on Medium
AI Is Turning the Org Chart Into a Task Map
SAP’s acquisition of TechWolf points to a broader shift: companies need a much clearer picture of employees’ skills, tasks, and workflows before they can decide what AI should automate, augment, or leave to humans.…
Read on Medium
Every Large Company May Become an AI Software Company
Companies are spending heavily to build AI for their own workflows. Some are starting to realize that the tools they build for themselves may also be valuable to everyone else in their industry. The Next AI Software…
Read on Medium
The Layer 1 Graveyard Is Becoming an AI Pivot Story
Crypto spent the last cycle building new blockchains. Now some of the networks that failed to find lasting demand are looking for a second act, and AI is becoming an obvious place to look. Every technology boom produces…
Read on Medium
AI Is Moving From Screens Into Factories
The first wave of AI lived mostly inside screens. The next may be defined by robots, autonomous vehicles, factories, warehouses, and machines that need to work safely in the real world. The First AI Boom Lived on…
Read on Medium
DeFi’s Next Cycle May Be Won by Risk Engines
DeFi’s early growth was driven by yield and open access. The next phase may depend on whether protocols can make risk visible, explainable, and controllable enough for larger capital to participate. DeFi spent years…
Read on Medium
The Next Big Enterprise AI Market Is Agent Management
Companies are creating AI agents faster than they can govern them. Now Microsoft, Google, AWS, ServiceNow, Salesforce, security vendors, and startups are competing to build the control layer. Enterprise AI is moving…
Read on Medium
Banks Stopped Fighting Stablecoins. Now They Want the Gateway.
Stablecoins once looked like a threat to banks. Now the banking industry is trying to own the infrastructure around them. For years, banks could treat stablecoins as somebody else’s problem. They were mostly used inside…
Read on Medium
How AI Companies Actually Make Money
AI companies are using many of the same business models that built Web2. But because every AI response costs money to produce, subscriptions, software contracts, APIs, cloud services, and advertising are being…
Read on Medium
Why AI Needs a Smarter Data Layer
The AI boom is increasing demand for storage hardware, but the larger opportunity may sit in software that turns stored data into usable, governed, and continuously available context for models and agents. AI Has a…
Read on Medium