Person
Tech commentator and PR executive who hosts the "Better Offline" podcast, known for arguing the AI industry's economics resemble a speculative bubble.
Nvidia authorized a record $150 billion stock buyback on Monday, lifting its repurchase capacity to $235 billion through fiscal 2028. The profit sits with the chip supplier, so teams renting that compute should budget on today's prices through 2028.
Reality
Ramp's 80%-from-1% figure travelled fast, but the spend table underneath it prices the trade better, because the top percentile's $7,400 per employee per month is a wage bill rather than a software line.
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Audited figures confirmed by the FT put $19bn of research and nearly $6bn of sales against $13bn of revenue. The $41.55bn charge offered to explain the year's loss is larger than the loss it explains, which is where the pricing argument now sits.
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Naked Capitalism, reading a Groundbreaker post, argues the AI buildout's take-or-pay obligations reset in 2027 and 2028, and because those leases sit outside sponsor debt there is no disclosure to size them.
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Gavin Baker's checks say the same hardware costs half again more than it did seven months ago, so the number worth modelling is the price at which end customers finally cover compute, power and financing.
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