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The catalogue

What do you believe happens next?

An idea, the businesses behind it, and the strongest case against. Read the argument. Decide what you believe.

TechnologyReview in 12 monthsThesis editorial

AI spending keeps growing

Companies keep increasing what they spend on building and running AI systems, and that money is collected at three different points on the way through.

3 sources for1 against

MSFTxThe landlord40%
NVDAxThe supplier35%
PLTRxThe application25%

ConsumerReview in 12 monthsThesis editorial

Digital advertising takes a bigger share

Advertising budgets keep shifting to places where the result can be measured, and three companies own most of the surfaces where that is true.

4 sources for1 against

GOOGLxThe intent34%
METAxThe attention33%
AMZNxThe shelf33%

FinanceReview in 12 monthsThesis editorial

Financial activity moves onchain

Payments, trading and settlement keep moving onto public blockchains, and the businesses that route that activity earn a fee on each step.

3 sources for2 against

COINxThe exchange40%
CRCLxThe dollar30%
HOODxThe brokerage30%

Read every thesis without a wallet. Each includes sources for and against. These theses have no established performance history; tracking begins at publication.