Analysis
Market analysis
Structural analysis of markets, compensation and competitive dynamics, updated as the underlying data moves.
Why SAFE Notes Replaced Convertible Notes at Seed Stage
A short instrument designed to remove friction from early fundraising became the default — and changed what a seed round actually looks like in the process.
September 7, 20267 min read
The Real Cost Structure Behind "Free" AI Tools
Running a model costs real compute every time it's used. Here's what actually subsidises a free tier, and why the economics point the same direction across the category.
September 7, 20266 min read
The 2026 Engineering Compensation Report
Where engineering pay actually moved this year, and which markets closed the gap on the Bay Area.
August 5, 202610 min read
The Quiet Re-bundling of Developer Tools
A decade of unbundling is reversing, and platform teams are driving it.
July 26, 20268 min read