@Melt_Dem
The companies building superintelligence have the business model of an oil refinery.
GPUs turn energy into compute, labs turn compute into tokens. As these commodities scale, new financial markets get built around them.
My latest Slow Hunch is w/@CrucibleCap founder @Melt_Dem.
Meltem started in oil and gas, was early to Bitcoin, and has spent years thinking about the relationship between energy, compute, materials, and markets.
We get into the AI infrastructure boom, the coming neo-cloud shakeout, compute as a new asset class, and what happens when agents become economic actors.
Its markets all the way down, and maybe all the way forward.
Chapters
00:00 AI is a commodities business
01:50 Meltem’s slow hunch: energy, compute, and markets
06:25 From Bitcoin mining to the energy-to-compute thesis
10:03 The founding thesis behind Crucible
15:03 Why commodities and capital markets matter
20:18 The economics of the AI infrastructure boom
26:06 Debt, neo-clouds, and the coming compute shakeout
30:58 Compute and energy as the commodities of the AI era
34:43 Agents as traders and economic actors
37:47 What an agent-native economy might look like
40:34 Why markets may be the best way to distribute AI’s gainsView quoted post on X
NEW: SPACEXAI is the fastest growing software company according to Ramp spend data.
I find the following:
- SpaceXAI's advantage in coding + its new consumer offering could accelerate business adoption of its models, much like what powered Anthropic's rise.
- Continued growth in cybersecurity SaaS.
- Multiple winners in AI dictation (Wispr Flow and Granola both take a spot on our list).View quoted post on X
