What to own
Where value concentrates
Energy and the physical substrate; actuation; transaction rails; trust and verification; the human premium; and hard-money expressions of the buildout's financing path.
Thesis
The trillion-dollar companies of the next decade
When intelligence as a factor of production collapses in price, value does not remain in the intelligence layer. It moves to the complements intelligence consumes, the assets it cannot reproduce, and the products and markets that become viable only when cognition is cheap.
The thesis follows both sides of that shift: where existing value re-pools, what becomes newly possible and how the transition unfolds. Subscribe to stay ahead as the thesis develops.
Map
Navigate the changes
What to build
What becomes possible
Cost-collapse services, long-tail markets, continuous systems, coordination-unlocked businesses and abundance-native primitives.
How value moves
Buildout, digestion, diffusion
The physical substrate arrives first. The return on that buildout is tested next. Then value migrates into rails, trust, adopters and new categories.
What could break it
The thesis is falsifiable
Capability plateaus, adoption stalls, defensibility disappears, or the intelligence providers capture the complements themselves.
About
Vladimir Goloborodko
I invest in the post-AI economy behind the thesis published through When Intelligence Is Free.
Two decades got me here: a decade running a large P&L, product leadership at scale, a startup I founded and funded, time inside a fintech venture group, and a broker I helped scale through its acquisition and integration—the full arc of how companies are started, built, scaled and exited.
Add capital deployed through multiple market cycles, and that is the blend: I read where value is moving, and I understand how it is built and captured inside companies.
I also selectively advise companies on where AI changes enterprise value, operating leverage, defensibility and market structure. If that is the question you are working on, my inbox is open.