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AI Tsunami

Understand how AI changes work, investment and the choices behind the technology.

8 essays · One complete reading path

Who Pays for the Intelligence?

Follow the money behind AI: who provides it, what each participant expects, and who pays when plans change.

Part 1 · Start here

AI Financing: The Cheat Sheet

If you only read one article, start with this cheat sheet. A plain-English glossary, a linked quick reference and twenty flow diagrams explain the arrangements. Maya and Mayan make the examples concrete.

Read the introduction
Continue the series Parts 2–8
  1. Part 2: When AI Suppliers Finance Their CustomersSupplier finance
  2. Part 3: Why Chipmakers Give Their Customers EquityCustomer warrants
  3. Part 4: Who Owns the AI Data Center?Project vehicles
  4. Part 5: Can AI Revenue Be Real and Still Be Fragile?Revenue quality
  5. Part 6: Who Pays When an AI Promise Breaks?Guarantees
  6. Part 7: CoreWeave and the Four Clocks of AI InfrastructureCoreWeave
  7. Part 8: What Could Break the AI Funding Cycle?The outlook

Explore the complete reading guide

More on AI

All AI Tsunami articles, newest first
The complete archive includes every part of every series.

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