There is the economy you see on the screen. And then there is the economy that runs the screen. For the last few years, the screen has been winning. We have been living in a "Zero Marginal Cost" fantasy… We convinced ourselves that adding another million users to ChatGPT was free. That scaling a startup was just a matter of writing better code. That "The Cloud" was an infinite, weightless place where business happened by magic. But today, S&P Global Energy dropped a bucket of ice water on that fever dream. I’ve spent the morning…
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