When Intelligence Is Free

The AI boom needs other people's money

October 2026 · AI Capital Cycle Review. Customers paid for AI faster than ever, and the richest builders still turned to investors to fund the next…

Nov 2 • Vladimir Goloborodko

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October 2026

The Boom Can Break While the Business Grows

Q3 2026 · AI Capital Cycle Review · AI demand can keep growing while financing pressure changes who owns the infrastructure.

Oct 2 • Vladimir Goloborodko

September 2026

Every Technology Boom Borrows From the Future

AI can be one of the best technologies of our time and one of the worst investments of its first decade. The path between them is the capital cycle.

Sep 14 • Vladimir Goloborodko

The AI buildout bought more time

August 2026 · AI Capital Cycle Review. Lenders and suppliers gave the expansion more time. Customers still have to turn that time into earnings.

Sep 1 • Vladimir Goloborodko

August 2026

The businesses got better. The money got worse.

July 2026 · AI Capital Cycle Review. A growing order book can make a business look stronger while making its next bill harder to pay.

Aug 21 • Vladimir Goloborodko

July 2026

Who Gets Rich When Intelligence Is Free?

AI transforms the economy while eroding the profits of businesses we own today. Where do those profits move next, and how do we invest through the…

Jul 14 • Vladimir Goloborodko