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Honey, AI Capex is Eating the Economy

As ever, here is what's ahead:Updates on prior piecesMy most recent Rough Notes essayA few things worth readingUpdates & Erasures: I previously wrote about the perils of building renovation as a Fed chair, especially given an administration bent on finding a reason to fire you "for cause." As anyone who has renovated anything larger than a dog house knows, no one thinks what you spent on renovation makes sense, not even you. Most spouses wish they could fire someone for cause over most renovatio...

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