Every issue, in order.

The Model Memo is a free daily newsletter. Each issue is one essay — never a roundup.

Analysis
June 20, 2026 · 11 min read
The Token Burn Economy: Why AI Usage Limits Are Really Workflow Limits
Everyone blames the rate limits. The real bill is being run up by bad session architecture — and businesses are about to discover the same problem at ten thousand times the scale.
Analysis
June 19, 2026 · 10 min read
The Quiet Collapse of the LLM Moat
Frontier labs spent four years building defensible advantages. A single open-weights release rewrote that thesis in a weekend.
Infrastructure
June 19, 2026 · 13 min read
The AI Infrastructure Landscape: A Critical Map of Who Actually Matters
Forget the model leaderboards. The companies building the picks and shovels of AI — silicon, networking, power, hyperscale, and the inference layer on top — are where the durable economics live. Here is the unsentimental map.
Infrastructure
June 18, 2026 · 9 min read
Inference Is the New CUDA
Why the most interesting infrastructure company of the next decade probably isn't a chip company.
Research
June 17, 2026 · 8 min read
The Evaluation Crisis Nobody Wants to Talk About
Public benchmarks are saturated. Private evals are unreproducible. The field is flying half-blind and pretending otherwise.
Agents
June 16, 2026 · 9 min read
Agents, Finally, Ship
The agent wave was supposed to arrive in 2024. It arrived this spring instead — and it doesn't look like the demos.
Infrastructure
June 15, 2026 · 9 min read
The Data Center Bottleneck Isn't Chips
It's power, transformers, and water rights — and it's about to reshape where AI gets built.
Analysis
June 14, 2026 · 8 min read
Open Source Isn't Losing. It's Winning Differently.
The frontier is closed. The middle has gone open. That's a different outcome than either side predicted.
Business
June 13, 2026 · 9 min read
The Coming Model Consolidation
There are eleven frontier labs. There will not be eleven frontier labs in eighteen months.
Research
June 12, 2026 · 9 min read
Post-Training Eats Pretraining
The most important capability gains of the last year didn't come from bigger models. They came from longer, weirder, more deliberate post-training.
Policy
June 11, 2026 · 8 min read
The EU AI Act's Second Act
The first wave of compliance was theater. The second wave is starting to bite — and not where most people expected.
Business
June 10, 2026 · 8 min read
What the CFOs Finally Asked
Eighteen months into the enterprise AI buildout, the procurement question has changed. The honest answers are uncomfortable.