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Open original source ↗My 2025 Annual Letter is now out:
https://t.co/vjvpDz6exF
Contents:
- Returns
- If AI kills terminal value, the future is worthless until it arrives
- If the US and China own frontier AI, what happens to others?
- The surest AI bottleneck is physical
- Trust-busting Big Tech and winning the AI race may be incompatible goals
- Doomerism as a fundraising pitch
- Markets are repricing from P/E toward current free cash flow
and much more...