Zan Digital › Topics
Money & Market Power
Capex, valuations, circular deals and who actually gets paid.
- 001AI Capex 2026: The $725B Bet With No Payback MathFour hyperscalers plan roughly $725B of capex in 2026, up 77% on 2025. Here is where the money goes, what it earns today, and the three numbers to watch.$725B
- 002AI Circular Deals: Who Actually Pays Whom, and How MuchNvidia's up to $100B commitment to OpenAI was finalised at $30B. A map of the AI circular deals: what is signed, what is only intent, and why it matters.$100B → $30B
- 003AI Debt Issuance: The Credit Story Behind the BuildAI-related debt issuance is on track for roughly $570B in 2026. Hyperscaler bond issuance quadrupled. How the build is being funded, and why it changed.~$570B
- 004AI Took 61% of Venture Capital. What Happens to OthersAI startups took 61% of global venture funding in 2025, up from 30% in 2022. What that concentration does to hiring, valuations and exits outside AI.61%
- 005Anthropic IPO: The Enterprise Listing That Resets PricingAnthropic filed confidentially on 1 June 2026 for an October listing. A $47B run rate, 85% enterprise revenue, and why the mix matters more than the number.$47B
- 006Cursor at $2B ARR: Fastest SaaS Ever or Most Fragile?Cursor doubled revenue in three months to $2B ARR and sought funding near $50B. The growth is real. So is the question about whether the moat is.$2B
- 007Dot-Com vs AI Bubble: Six Metrics Where It Breaks DownEveryone compares 2026 to 2000. On six metrics, from P/E ratios to profitability, the comparison mostly fails. Here is the one place it does hold.60x vs 23x
- 008GenAI ROI: Why 95% of Pilots Show No Return, and Who DoesMIT found 95% of GenAI pilots show no measurable P&L return. What the 5% did differently, where the money is really being made, and how to measure your own.95%
- 009Inference Costs Are Rising. The Software Margin MythClassic software had near-zero marginal cost. AI does not. Why per-token price cuts have not produced falling bills, and what it means for AI gross margins.Rising
- 010OpenAI IPO: What a Delay Past 2026 Actually SignalsOpenAI filed confidentially in June 2026, then weighed a delay rather than list below $1T. What the numbers say about why, and what each outcome means.$852B
- 011The SaaSpocalypse: How Software Lost Its Valuation PremiumEarly 2026 erased hundreds of billions in software market cap on the bet that AI replaces SaaS. What happened, and whether the repricing was rational.Q1 2026