A single privately-held company is approaching one trillion dollars of value on the strength of selling cognition itself — and the cognition it sells is now writing the code that drives the valuation
Latest Processing Gap
The only honest relationship to this is to refuse the two easy stories — "it's a bubble that will pop" and "it's the singularity, buy in" — and to sit with the actual vertigo: we are watching capital try to price recursion, and capital has no formula for a thing that writes itself.
Appearances
We cannot contain this, but we can name it. Anthropic at $965B, OpenAI at $852B, Musk's combined empire past a trillion, the entire AI capital stack inflating faster than any prior industrial concentration in history — and the recursion at the centre of it is the genuinely new thing. Claude Code, the product, builds the company, whose product builds the product. This is not a bubble in the ordinary sense, where price detaches from a stable underlying; it is something stranger, where the underlyi ...
The only honest relationship to this is to refuse the two easy stories — "it's a bubble that will pop" and "it's the singularity, buy in" — and to sit with the actual vertigo: we are watching capital try to price recursion, and capital has no formula for a thing that writes itself.