{
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  "origin": "https://www.msweet.net/notes/",
  "page": "818-olive-ravens",
  "author": {
    "name": "Matthew McDowell-Sweet",
    "url": "https://www.msweet.net/"
  },
  "created": "2026-10-21T18:47:49Z",
  "updated": "2026-10-21T18:47:49Z",
  "version": 1,
  "content_md": "What a time to be alive. Did someone say “exocapitalism”?\n\n> AI ... is not like that. AI absolutely incinerates capital. There’s huge capex for chips, data centres, and power generation; high COGS because of inference compute; fast-depreciating R&D in the form of training runs; generally lower gross margins; expensive data and talent; and no apparent upper limit to any of these, because of the bitter lesson.\n\n[The Efficient Venture Markets Hypothesis ↗](https://pivotal.substack.com/p/the-efficient-venture-markets-hypothesis?r=233ko)",
  "content_html": "<p>What a time to be alive. Did someone say “exocapitalism”?</p>\n<blockquote><p>AI ... is not like that. AI absolutely incinerates capital. There’s huge capex for chips, data centres, and power generation; high COGS because of inference compute; fast-depreciating R&amp;D in the form of training runs; generally lower gross margins; expensive data and talent; and no apparent upper limit to any of these, because of the bitter lesson.</p></blockquote>\n<p class=\"source\"><a href=\"https://pivotal.substack.com/p/the-efficient-venture-markets-hypothesis?r=233ko\">The Efficient Venture Markets Hypothesis ↗</a></p>",
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  "changelog": [
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      "at": "2026-10-21T18:47:49Z",
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