Fabricated Knowledge

Financing anything is just pulling forward the future.

It's not the end of this washout.

Robots and humanoids have long been a discussion in cinema, tech, and company keynotes. Many fortune 500 companies have already been developing in robotics over the years, in forms of assembly and consumer products such as drones and robotic dogs. Nonetheless, technology is almost at a pace to catch up to man, and one company chooses to redefine the humanoid industry.

Mythos to me is yet another game changer. It is interesting to see that the naysayers of bubble talk have started to abate, while general optimism (and paranoia) about model improvement continues. Mythos is actually some kind of step change, and the fact that anyone with access to the model could in theory find zero day exploits with a simple prompt is ground breaking. I’d argue that a machine that can find zero day exploits at scale is proof of human cybersecurity researcher displacement.

Another conversation about KV Cache! Doug: Welcome back to the Fabricated Knowledge podcast. I have Val from WEKA once again, and we are here to talk about memory. I think from last time to now, it was actually a pretty complete podcast. We were rambling a little bit about KV cache, NAND offloading. And I think from then to now, we’ve really seen quite a different market. NAND prices have exploded. All memory prices have exploded. And I still think it’s the same story.

When I last wrote about software, I received significant pushback. Today, I believe that Claude Code is confirming the original case I had all along. Software is going to become an output of hardware and an extension of current hardware designs. With this in mind, I want to write today about how I see software changing from here. AI is Creating Peak Software, Media is the Best Analogy But let’s start with one core conviction. Claude Code is the glimpse of the future.

Happy New Year! Last year was incredible for semiconductors — and AI stocks in particular — so as tradition demands, here’s the annual outlook. Fair warning: outlooks are hard. Things change constantly, and my views will change with them. But first, let’s see who actually won. Let’s ask ourselves who won this year, and the answers are a bit surprising. If I had to put the stories of 2025 in semiconductors into a single cohesive narrative, it would be: AI spending stepped down the stack.

It’s time for another history lesson—this one reaches further back than my usual fare. I spent months in books and unusual places on the internet for this piece, and I think I find the parallels to today’s AI buildout remarkable. This is the story of the railroad capital cycle: how America financed, built, overbought, and eventually consolidated the most transformative infrastructure of the 19th century. Where does a cycle begin?

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