What will you own?
From the central argument on AI and ownership to contracts, verification costs and the conditions of power.
Analysis grounded in sources.
Demand is not a contract.
AI needs electricity. Capital still needs a paying customer. Separate expressed demand, paid investigation and a commitment to absorb the cost of failure.
05Cheap tokens. Expensive outcomes.
Generation can become 90% cheaper while a completed outcome becomes only 4.3% cheaper. Follow cost through review, rework and the standard for acceptance.
04Read the contract before the cap table.
Before asking who owns AI, ask who pays whom and who can switch. Power is a bundle of distinct rights, not a single ownership percentage.
Production. Ownership. Execution.
When cognitive work becomes capital.
What changes when an output no longer requires a fresh human hour every time? The boundary between selling time and owning production starts to move.
02Buying an answer. Owning the system.
A firm can become more productive and remain dependent on an AI provider and a marketplace. Creating value and capturing it are different questions.
03The next bottleneck is beyond the screen.
Intelligence consumes power. Experiments consume materials. Output comes from factories. Cheap cognition may increase the value of physical execution.
The central essays adapt Kamui’s original X threads. Research notes distinguish primary-source facts from interpretations and link the original material.
From a way of thinking
to an allocation of capital.
30-day lock-up · 10% profit share. Leveraged derivatives can lose all principal. Past performance does not guarantee future returns.