Newsletter Archive

Essays from the
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A running archive of research on AI infrastructure, model competition, and the bottlenecks that matter most across the stack.

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Micron's $41 Billion Quarter and the Memory Supercycle
Latest Article
Infrastructure · June 30, 2026 · 11 min read

Micron's $41 Billion Quarter and the Memory Supercycle

Bits barely moved. Prices jumped roughly 60%. That gap is what a physical bottleneck looks like in an income statement.

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The core Upcurious thesis

Three essays that frame the archive: what constrains AI, how model economics are shifting, and why task cost matters more than token price.

Foundational Bottlenecks · Mar 18

Which AI Bottleneck Matters Most Right Now?

The most important question in AI investing is what the system can physically support.

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Economics Pricing · Apr 27

How Agentic Work Broke Token Pricing

The price per token no longer tells you what a task costs.

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Infrastructure Compute · May 11

AI Is Still a Compute Story. For Now.

Demand is real. Spending is extreme. The missing pieces are not what most people think.

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Latest Essays

Previous posts

Earlier newsletter essays, presented as durable research notes instead of a generic feed.

6 previous posts
Models Jun 24, 2026 · 11 min read

Fable 5, GLM-5.2, and the Shrinking Frontier Premium

The capability gap is holding. The market willing to pay for it is narrowing.

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Infrastructure May 11, 2026 · 10 min read

AI Is Still a Compute Story. For Now.

Demand is real. Spending is extreme. And the missing pieces aren't what most people think.

Read article
Pricing Apr 27, 2026 · 10 min read

How Agentic Work Broke Token Pricing

Seven frontier AI models in 18 days. The price per token no longer tells you what a task costs.

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Models Apr 16, 2026 · 9 min read

The Model Race Is Heating Up

What Anthropic vs. OpenAI means for enterprise software, compute demand, and how you work.

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Infrastructure Mar 26, 2026 · 9 min read

The Quiet Force Reshaping AI Infrastructure

Why the most important cost driver in AI isn't compute, and what happens when it gets compressed.

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Bottlenecks Mar 18, 2026 · 8 min read

Which AI Bottleneck Matters Most Right Now?

The most important question in AI investing is what the system can physically support.

Read article