I am pleased to share that my 2025 Annual Letter has officially been published and is ready for you to read at https://t.co/vjvpDz6exF

Inside this edition, I explore a wide variety of subjects. The discussion begins with an overview of returns before moving into deeper conversations about artificial intelligence. Specifically, I examine the theory that if AI ultimately destroys terminal value, the future essentially holds zero worth until that moment actually arrives. I also explore what the global consequences will be for everyone else if the US and China maintain exclusive ownership over frontier AI.

The letter further highlights how the most definite bottleneck facing artificial intelligence is entirely physical. Alongside this, I look at how breaking up Big Tech through trust-busting might be completely incompatible with the goal of winning the AI race. Other sections cover the growing trend of utilizing doomerism as a pitch to raise funds, as well as an analysis of how financial markets are shifting their pricing structures away from traditional P/E models and moving instead toward current free cash flow.

There are many more topics covered throughout the document, and I hope you find these insights valuable.