Briefing

David Collingridge stated the dilemma in a single sentence in his 1980 book The Social Control of Technology: attempts to control a technology come either too early, when its consequences cannot be predicted, or too late, when it has become too entrenched to redirect. The argument is structural, not technological, and it was built from a series of mid-twentieth-century case … [Read more...] about The Collingridge Dilemma Comes for AI

Nebius reported Q1 2026 revenue of $399 million, up 684 percent year-over-year, and net income from continuing operations of $621.2 million against a loss of $104.3 million a year earlier. The headline figures are arithmetically correct and analytically misleading. Reported net income is dominated by a $780.6 million non-cash gain from revaluation of investments in equity … [Read more...] about Nebius Q1 2026: The $3.2 Billion Customer Prepayment That Matters More Than the $621 Million Headline

Every major technology cycle produces the same misreading. Observers measure what a new tool eliminates and conclude that less work remains. They are almost always wrong. Efficiency does not destroy demand. It relocates it, scales it, and frequently amplifies it beyond what the prior system could have absorbed. Artificial intelligence is not an exception to this pattern. It is … [Read more...] about The Efficiency Paradox: AI Efficiency Generates Demand

The thesis is contrarian by construction. The dominant AI-memory narrative since 2023 has been about High Bandwidth Memory, a 3D-stacked DRAM architecture that Micron makes and SanDisk does not. To argue SanDisk is the bigger winner is to argue that the AI memory hierarchy is being rewritten and that the next leg of demand will accrue disproportionately to NAND flash. That … [Read more...] about The Pure-Play NAND Bet: Why SanDisk May Outrun Micron in the AI Memory Cycle

Micron Technology reached an all-time intraday high of $666.59 on May 6, with the stock surging roughly 11% on the session and extending gains in after-hours trading to move above $660. The move pushed the company's market capitalization past $700 billion for the first time, placing Micron among the top ten most valuable technology companies in the United States. The stock is … [Read more...] about Micron Crosses $700 Billion as AI Memory Shortage Rewrites the Valuation Floor