🔗 The Hidden Risk of AI Compute, Dave Friedman

Once you view compute as risk, the strategic map changes. The service-first instinct is: “We’ll abstract this away for users, eat the risk ourselves, and charge a margin.” So you get GPU Airbnbs, fancy schedulers, nicer dashboards. Useful, but fundamentally linear. You have a better middleman in a broken market. The market-first instinct, on the other hand, is: “We’ll surface the risk, standardize it, and make it tradable. Our moat is the market structure, not the interface.”