My end-of-week morning reads:
• Tokens Too Cheap to Meter. The price of using machine learning intelligence is decreasing by several orders of magnitude a year and shows no signs of slowing. We are likely to see LLMs integrated into every part of computing as infrastructure, not just as a product, in the next year or two. We are likely to see LLMs running locally at current frontier-quality on commodity hardware in the next 3-6 years. Starting very soon, we are likely to see quality and access become the limiting factor to AI 1 use, not sheer number of tokens. (via FT Alphaville) (jyn.dev)
• Owning a Home Is Seen as a Financial Holy Grail. But What If It Isn’t?: Michael Luca and Raymond Fisman, starting from Hoover’s 1931 homily on homeownership, on the unrecognized trade-offs that can make renting the better economic choice. (Wall Street Journal) see also The New Rules for Selling Your Home With Mortgage Rates Near 7%: Agents give much different advice than they did five years ago. (Wall Street Journal)
• How China Thinks About AI: Derek Thompson works through seven big questions — and many answers — about the thing everybody’s talking about. 7 big questions—and many answers—about the thing that everybody’s talking about (Derek Thompson)
• A Rocket Supply Crunch Is Making It Harder to Hitch a Ride to Space: A scramble across the industry as SpaceX winds down its flagship vehicle and rivals struggle to ramp up. (Wall Street Journal)
• America’s Hot, New Retirement Destination: Paris: Business Insider on the Yabrows, who turned a layoff and a three-city Europe trip into a one-way move — “I deleted that spreadsheet.” A wave of Americans are making permanent moves to France — and some are paying way too much (Business Insider)
• An Army of Paid Creators Is Carpeting the Web With Political Content: Stuart A. Thompson on the blizzard of cheap videos shifting public conversation — no celebrity followings required. Unlike celebrity influencers with large followings, these creators produce a blizzard of videos for a fraction of the cost of traditional online campaigns and, in the process, shift public conversation. (New York Times)
• These Tiny Startups Are Getting Even Smaller With Help From AI: By holding off on hiring, and sometimes eliminating existing positions, entrepreneurs are growing their products but not their head counts. (Wall Street Journal)
• Americans are drinking less since the pandemic began, but one group bucks the trend: Studies previously found alcohol consumption and deaths surged during the pandemic as Americans grappled with stress and isolation. Drinking among those ages 50-64 is still higher than before the pandemic; the group’s overall alcohol consumption is up by almost 4 percent and heavy drinking increased by 36 percent between 2018 and 2024. (Washington Post)
• Trump Has Finally Lost the Plot. Revolutions can fail but still scar the landscape. And Mr. Trump, with just under two-and-a-half years left in his second term, might emotionally and psychologically blow apart. But things are different than they were… Peter Wehner on a presidency whose frantic pace makes days seem like weeks — and the search for rhyme or reason. (New York Times)
• Tennis for Savages: Victory Journal traces handball back to 2000 BC Egypt, by way of Homer — “the ball incessant flies.” Handball was in Jerome Liebling’s blood. The legendary photographer spent much of his life documenting its practitioners, from Brooklyn to Miami Beach. (Victory Journal)
Video of the day: No Wonder Everyone is Obsessed with Reacher
Be sure to check out our Masters in Business interview this weekend with Adam Frank, Head of Wealth Planning and Advice at JPM, responsible for $1.3 trillion in client assets. Previously, he was head of Wealth Management for JP Morgan Securities. JPM’s combined total assets, including global, institutional, private bank, wealth, and retail, are over $7.7 trillion.
The AI Build-Out Is Becoming the Biggest Economic Bet in U.S. History 
Source: WSJ
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