Rafael Ghisleni
@rafael.wsocial.eu
The Old Order Was Never Multilateral: What the EU-Canada "Associate Membership" Proposal Must Get Right
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www.linkedin.com/pulse/old-or...
The Old Order Was Never Multilateral: What the EU-Canada "Associate Membership" Proposal Must Get Right
When European Commission President Ursula von der Leyen floated the unprecedented idea of offering Canada "associate membership" to the EU this month, against a backdrop of looming U.S.
www.linkedin.com
September 22, 2026 at 2:53 PM
The Old Order Was Never Multilateral: What the EU-Canada "Associate Membership" Proposal Must Get Right
www.linkedin.com/pulse/old-or...
www.linkedin.com/pulse/old-or...
It's Not an AI Bubble. It's a Capital Misallocation Bubble.
Cisco was profitable in 1999. Its stock still fell 90% and took 25 years to recover. The technology worked. The capital was destroyed.
www.linkedin.com/pulse/its-ai...
Cisco was profitable in 1999. Its stock still fell 90% and took 25 years to recover. The technology worked. The capital was destroyed.
www.linkedin.com/pulse/its-ai...
It's Not an AI Bubble. It's a Capital Misallocation Bubble.
The question isn't whether AI is real. It's whether the capital behind it will ever earn its cost.
www.linkedin.com
September 14, 2026 at 3:32 PM
It's Not an AI Bubble. It's a Capital Misallocation Bubble.
Cisco was profitable in 1999. Its stock still fell 90% and took 25 years to recover. The technology worked. The capital was destroyed.
www.linkedin.com/pulse/its-ai...
Cisco was profitable in 1999. Its stock still fell 90% and took 25 years to recover. The technology worked. The capital was destroyed.
www.linkedin.com/pulse/its-ai...
Hyperscalers' record profits rest on one assumption: GPUs stay economically useful for six years.
In reality, token prices collapse in 18 months. That gap creates artificial earnings now and guaranteed write-offs later.
www.linkedin.com/pulse/gpu-de...
In reality, token prices collapse in 18 months. That gap creates artificial earnings now and guaranteed write-offs later.
www.linkedin.com/pulse/gpu-de...
The GPU Depreciation Trap: Why AI's Profits Are an Accounting Illusion
The AI market correction is usually framed as a technology story, a demand story, or a debt story. It is all of those.
www.linkedin.com
September 1, 2026 at 1:15 PM
Hyperscalers' record profits rest on one assumption: GPUs stay economically useful for six years.
In reality, token prices collapse in 18 months. That gap creates artificial earnings now and guaranteed write-offs later.
www.linkedin.com/pulse/gpu-de...
In reality, token prices collapse in 18 months. That gap creates artificial earnings now and guaranteed write-offs later.
www.linkedin.com/pulse/gpu-de...
Europe holds $3.6 trillion in U.S. Treasuries, financing American growth while European infrastructure starves for capital.
My latest piece on how to fix Europe's missing savings recycling mechanism:
www.linkedin.com/pulse/europe...
My latest piece on how to fix Europe's missing savings recycling mechanism:
www.linkedin.com/pulse/europe...
Europe's Structural Blind Spot: Trade Surpluses and the Missing Savings Recycling Mechanism
We have been asking the wrong question about trade surpluses. The debate around Germany's trade surpluses has been framed as a moral one: are surpluses "good" or "bad"? Is Germany being "mercantilist"...
www.linkedin.com
August 11, 2026 at 7:06 PM
Europe holds $3.6 trillion in U.S. Treasuries, financing American growth while European infrastructure starves for capital.
My latest piece on how to fix Europe's missing savings recycling mechanism:
www.linkedin.com/pulse/europe...
My latest piece on how to fix Europe's missing savings recycling mechanism:
www.linkedin.com/pulse/europe...
Markets don't collapse because a technology fails. They collapse because capital is misallocated.
AI isn't failing. The trillion-dollar bet on premium training hardware is.
Inference can't scale on premium margins. I wrote about what comes next: www.linkedin.com/pulse/ai-mar...
AI isn't failing. The trillion-dollar bet on premium training hardware is.
Inference can't scale on premium margins. I wrote about what comes next: www.linkedin.com/pulse/ai-mar...
The AI Market Reset: Understanding Token Economics
I. The Market Turning Point: Capital Misallocation, Not Technological Failure The artificial intelligence market is showing unmistakable signs of financial distress.
www.linkedin.com
August 3, 2026 at 2:32 PM
Markets don't collapse because a technology fails. They collapse because capital is misallocated.
AI isn't failing. The trillion-dollar bet on premium training hardware is.
Inference can't scale on premium margins. I wrote about what comes next: www.linkedin.com/pulse/ai-mar...
AI isn't failing. The trillion-dollar bet on premium training hardware is.
Inference can't scale on premium margins. I wrote about what comes next: www.linkedin.com/pulse/ai-mar...
The narrative that China is winning the AI race by stealing American IP misses the real story. China isn't beating Western tech; it's beating Western unit economics.
Read my full breakdown of token economics here: www.linkedin.com/pulse/shift-...
Read my full breakdown of token economics here: www.linkedin.com/pulse/shift-...
The Shift to Chinese AI Is About Unit Economics, Not Stolen IP
How Western AI labs built a high-cost Ferrari when the real economy needed a Prius. July 2026 The launch of Kimi K3, alongside a wave of Chinese models matching frontier benchmarks at a fraction of th...
www.linkedin.com
July 27, 2026 at 5:03 PM
The narrative that China is winning the AI race by stealing American IP misses the real story. China isn't beating Western tech; it's beating Western unit economics.
Read my full breakdown of token economics here: www.linkedin.com/pulse/shift-...
Read my full breakdown of token economics here: www.linkedin.com/pulse/shift-...
The Bottleneck Effect: Why Your AI Strategy Might Be Lowering Productivity:
www.linkedin.com/pulse/bottle...
www.linkedin.com/pulse/bottle...
The Bottleneck Effect: Why Your AI Strategy Might Be Lowering Productivity
You have felt it. You ask ChatGPT to draft an email.
www.linkedin.com
July 21, 2026 at 8:49 AM
The Bottleneck Effect: Why Your AI Strategy Might Be Lowering Productivity:
www.linkedin.com/pulse/bottle...
www.linkedin.com/pulse/bottle...
AI Does Not Need Its Own Law. It Needs Existing Law to Be Enforced.
Bias, opacity, unfair decisions, IP violations. All already illegal. The gap is enforcement, not legislation.
My latest article makes the case:
www.linkedin.com/pulse/ai-doe...
Bias, opacity, unfair decisions, IP violations. All already illegal. The gap is enforcement, not legislation.
My latest article makes the case:
www.linkedin.com/pulse/ai-doe...
AI Does Not Need Its Own Law. It Needs Existing Law to Be Enforced.
There is a global rush to regulate artificial intelligence. The EU has its AI Act.
www.linkedin.com
July 20, 2026 at 8:54 PM
AI Does Not Need Its Own Law. It Needs Existing Law to Be Enforced.
Bias, opacity, unfair decisions, IP violations. All already illegal. The gap is enforcement, not legislation.
My latest article makes the case:
www.linkedin.com/pulse/ai-doe...
Bias, opacity, unfair decisions, IP violations. All already illegal. The gap is enforcement, not legislation.
My latest article makes the case:
www.linkedin.com/pulse/ai-doe...