A bunch of people have written me back saying this was the best newsletter I have ever sent (flattering) ... so here it is for those who don't subscribe: AI Is Not a Labor Crisis. It Is a Meaning Crisis.

btw, why don't people make truly edible/ high protein crayons. i would love to eat those... and so would kids.

Only 250 ppl spending $10M+ is wild & this is the Anthropic bull case succinctly put. It doesn't matter if margins come down / are thin, basically no one is actually using AI yet, and everyone will.

Huge riverside fan and heavy user ... excited to try this

The Information's polls app is legit good and useful pulse

It always makes me nervous when funds you are invested in sends you gifts / thank yous that are too nice ...

This really is one of @billmaher’s best-ever monologues, and I don’t say that just because I got a namecheck. Tldr: Socialism is what old people already get and young people want a piece of it.

Another gem Fielder interview is the promo he did with cast of The Night Before: Anthony Mackie, Joseph Gordon-Levitt & Seth Rogen.

Rogen and Fielder were high school classmates in Vancouver and placed 3rd in a national improv competition as a team. This promo best collab since.

Everyone has the wrong theory on why Elon wants SpaceX + Tesla merged NOW. Here's mine, hot off the press: SpaceX has a massive equity unlock cliff hitting this spring. Merge the companies and that unlock goes from ~50% of SpaceX to ~30% of SpaceX+Tesla. Bigger denominator, smaller cliff, easier pill for the market to swallow. Pure supply and demand. Nobody else is saying this.

Also on this week's More or Less:

— The OpenAI PHP vulnerability is the start, not the end. The internet still runs on 20-year-old PHP nobody bothered to attack — until one line of AI code can take it all down. Your regional bank WILL be hacked. Bitcoin's survived 15 years of continuous attack; your bank's login page hasn't.

— Dave says the AI labs should BAN employees from using internal frontier models. They're so far past what users actually touch they've completely lost the plot on product. Same disease we had at early Facebook.

— The wealth tax is pure Foucault: once the state can see wealth, it taxes it. Intellectually inevitable AND a deeply un-American disaster. Both things are true.

Fight me in the replies.

🎧 Full episode: podcasters.spotify.com/pod/show/moreo…
All episodes + transcripts: moreorlesspod.com/episodes/
Chat with the show's AI twin: molchat.ai

oh no @yrechtman !

...so someone read Snow Crash i guess ...

In age of AI everything is a discovery, nothing is an invention ...

More or less this week... coming tomorrow.

guys... @KevinColleran really needs a whole wall of missing tchotchkes and deal toys... oy vey. The most kevin thing ever would be if you would each send him one from your fund for him to feature. DM me and I will send address.

"I got ethernet and it was game changing" - a 28 year old. wild.

I just asked my bot to one-shot write our entire AGM LP update deck (just to see what it would do)... I am BLOW AWAY. This is far better & more insightful than what we would have written on our own. Wild.

The last thing Christopher Nolan is going to see before losing best director

Excited for @theinformation 's daily polls app! pulse on the tech Vox Populi!

polls.theinformation.com/s/2026-10-20