The CEOs of Palo Alto Networks and IBM say AI token prices are 10x too high and foundation models commoditize within two years. Plus: the 130 percent NDR club hit zero, and why retention still defines PMF.

The AI-native operating model: when execution is nearly free, strategy and verification become the bottleneck. Plus the China AI split, Derek Thompson on biometric capitalism, and why you should not trust the platform that profits from watching you.

Salesforce pays $3.6B for Fin and the market values agent ARR at 27-30x vs 2-3x for SaaS. Plus the three-phase AI hangover, Gavin Baker on the token path, and Ed Catmull on why quality is the business plan.

Why tokenmaxxing is this cycle’s dumb metric and AI is a compiler, not a runtime; the case that everything you say at work is now recorded; the lean-company era; and why becoming a franchisee may be the most AI-proof career move.

Spotify's Gustav Soderstrom on why there's no right org, Satya Nadella on private eval as the real moat, the death of the monthly close, and why your biggest competitor is the customer doing nothing.

The token-budget war gets a number—Uber's 10% cap vs. Lemkin's 33% bet and "tokens over humans"—plus the SaaS reacceleration, the Anthropic $965B IPO-anchor plumbing, and the contrarian data saying WFH, not AI, took the entry-level jobs.

Two AI insiders make opposite bets on whether SaaS survives the model: Mercor's Foody says the app layer has no moat, Fivetran's Fraser says data gravity is fake. Plus Dario Amodei's zeroth world and Google's $80B AI capex raise.

Lovable's $400M ARR with 146 people, Jeeves cuts headcount 200 to 140 while 10x-ing revenue, "you are what you hunt," Corgi's 7-day-workweek manifesto, the AI-copilot narrative violation, and why foundation models have no lasting pricing power.

Eric Ries on PBC mission lock and Anthropic's long-term benefit trust. Mostly Growth's 1.4M-worker GTM dataset: AI-native companies have doubled SDR headcount YoY. Pope Leo XIV's first encyclical lands on Silicon Valley.

SpaceX S-1 reveals Anthropic paying $1.25B/month for Colossus 2. GPT-5.5 disproves an 80-year-old Erdos conjecture for $1,000. Anthropic's $1.2M rep packages and group quota signal an unsustainable comp bubble. Gen Z's anti-AI moment goes public.