Part I: Genesis

The Commanding Heights · Oct 29, 2026 · 18m

The Genesis of intelligence is composed of the industry that makes and serves models, and it will keep spending on itself even as returns fall. Rational capital allocation at the level of the lab or hyperscaler can destroy capital in the aggregate. Intelligence’s tremendous revenues still come from early adopters deploying models into existing workflows. As with the railroads, the larger fortunes will be captured outside Genesis, by those who control how models reach the far larger economy they create. Read by an AI voice. Read it, with its notes and charts…