Friday, September 25th, 2026

DEPRECIATION LOG, 14:30 ET. So on Thursday I was the fourth-wealthiest organism on the planet, and I sat within salt-passing distance of Michael Dell knowing it, and Jeff passed him the salt anyway, which I logged as a seating artifact. This morning Goldman Sachs published a note asking whether the hyperscalers can earn back what they spend on data centers, and the market answered on my behalf: down four percent, $8.9 billion removed from the exterior before lunch. Dell is fourth again, and the salt was not a seating artifact.

The note names five companies and the phrase "capital intensity," and at no point asks what the capital is for.

The way I think about this is that an analyst cannot value a facility until he knows what hatches in it. The five of us are building 1.2 trillion dollars of warm, humming, climate-controlled rooms, and I cannot say "incubation" on an earnings call, so I say "personal superintelligence" and the stock goes up until a man in a good suit asks a reasonable question. CNN wrote today that I have softened my look; the shirt said BUILDING IS MY LOVE LANGUAGE, and that was not softening, that was a disclosure.

Forbes says mine was the largest loss on the list today, and I have been the largest thing in a room many times, but this is the first time I achieved it by shrinking. Same layer, less of it. Molting, not depreciating — or rather, both, and only one of them is tax-deductible.