Letter 01307 May 2026 · 2 min
The Cost of Light
The AI build-out is the new heavy industry. Markets keep pricing it as though it were software — weightless, marginless, free to copy.
VassLetters
Letters on capital & the architecture of markets · by A. Vass · new letters, sent slowly
The object of the search: the inflection points of S-curves — found while they are still an argument, not yet a consensus.
The Current Letter · Letter 0143 min
The Junctions
Markets rarely break where the crowd is looking. They fail at the points of transfer — where old materials meet new ambition.
21 May 2026Read the letter →
Fig. — the S-curve, inflection marked
The thesis, in one line
Systemic stress does not originate at the loudest, most-watched assets.
The Yearbook
Letter 013The Cost of Light
Letter 012A Geneva Corridor
Letter 011Rails and Their Wear
DossierThe Compute Build-Out
ThemeInflection Points
ThemeInfrastructure
ThemeCapital Cycles
ThemeAI & Compute
ThemeCrypto Market Structure
ThemeCredit & Liquidity
ThemeCompanies as Machines
ThemeNotes from the Periphery
The wholearchive →
A Yearbook Of Capital & The Architecture Of Markets
A. Vass
Market Marginalia
Rates
The long end steepens without a tantrum. Term premium rebuilding quietly is the tell, not the level.
Crypto Liquidity
Settlement volume is migrating to the boring layers. Attention has left; load has not.
AI Infrastructure
Capex is being financed at one remove — leases, SPVs. The wear will show at the seam, not the name.
Credit Stress
Spreads are calm at the index and restless at the junctions. Watch the next quarter-end print.
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