Brutalist

SpaceX just bought twelve months of exclusivity on Cursor for $10 billion. OpenAI swept the image leaderboard by 242 points. And the lab that's spent six months lecturing Washington on AI safety just lost control of its most dangerous model. The coronation is off.

Cursor is raising at $50 billion this week. Box, run by the most AI-forward CEO in public software, is trading at $3.3 billion on more than a billion in ARR. Both companies sell AI-native software to enterprises. Both run on inference they don't own. Only one of them is being marked to the truth.

Three-person companies are shipping $300K ARR businesses on Replit. Jack Dorsey just cut 4,000 Block roles on the same thesis. One of these is working. The other is a production error we won't see in the numbers for a year.