Tomasz Tunguz

Vertical software has fallen 43% this year. DevTools, just 21%. The gap between them, twenty-two percentage points, tells you what markets actually believe about AI. As Michael Mauboussin argues i...

Google’s Q4 2025 earnings call revealed a company in the midst of a spectacular AI acceleration. “Our first-party models like Gemini now process over 10 billion tokens per minute via direct API us...

Google’s Q4 2025 earnings call revealed a company in the midst of a spectacular AI acceleration.

Leveraged software companies running on leveraged infrastructure. When AI compresses software revenue, the stress doesn’t stop at equity. It cascades into debt. BDC assets hit $475 billion in Q1 2...

Leveraged software companies running on leveraged infrastructure. When AI compresses software revenue, the stress doesn’t stop at equity. It cascades into debt.

I spent the weekend crawling Moltbook, the viral AI-only social network where 37,000+ AI agents post & comment while 1 million humans observe. The platform grew from 42 posts per day to 36,905 in 7...

“We are only at the beginning phases of AI diffusion & already Microsoft has built an AI business that is larger than some of our biggest franchises.” CEO Satya Nadella captures Microsoft’s Q2 FY2...

“We are only at the beginning phases of AI diffusion & already Microsoft has built an AI business that is larger than some of our biggest franchises.” CEO Satya Nadella captures Microsoft’s Q2 FY2...

In rowing, the coxswain watches everything. How hard you pull on every stroke. Whether you’re in time with the rest of the boat. How your form breaks down when you’re tired. They’re among the most ...

Office Hours: Building Developer Infrastructure at Scale with Jim Everingham In the world of AI, how do the very best companies build their developer infrastructure? To answer that question : On ...

Jeff Bezos famously said, “Your margin is my opportunity.” Does this maxim apply in software & AI? Yes. Software companies maintain 76% gross margins yet earn almost nothing. Sales, marketing, &...

In 1908, 253 American automobile manufacturers competed for the market1. By 1929, just 44 remained. The assembly line didn’t just change how cars were made. It changed who got to make them. Ford’s...

In 1908, 253 American automobile manufacturers competed for the market1. By 1929, just 44 remained. The assembly line didn’t just change how cars were made. It changed who got to make them. Ford’s...

After a decade of success, the modern data stack has entered consolidation. What comes next? The postmodern data stack is AI. The modern data stack created more than $100 billion in market cap wi...

After a decade of success, the modern data stack has entered consolidation. What comes next? The postmodern data stack is AI.

This week I chatted with an acquaintance who mentioned a board game. I caught half the title & looked for the full title & Amazon link using my AI in Asana. The system tried with Gemini & failed. ...

AI is NVIDIA’s third climb up a steep slope. First came gaming in the late 2010s. Then cryptocurrency. Now artificial intelligence. Each wave pushed revenue growth above 50% & with it, P/E rati...

AI is NVIDIA’s third climb up a steep slope. First came gaming in the late 2010s. Then cryptocurrency. Now artificial intelligence.

I asked Claude Cowork to read my tools folder. Eleven steps later, it understood how I work.

Salesforce, Datadog & Epic are building walls. After two decades of flourishing through open APIs & data portability, the software industry’s largest incumbents are locking down.