Research on the business of AI.

Joule14 covers the companies building AI and the economics shaping where the industry goes next. We look at model capability alongside the less glamorous things that determine what gets built: compute costs, chip supply, infrastructure spending, and access to capital.

Our central question is who will capture the value. A better model, a cheaper chip, or a change in distribution can shift the balance between entire businesses. We follow those changes and make an argument about what they mean.

What you’ll find here

Long-form analysis of AI labs, semiconductors, and the infrastructure behind them. We examine competitive strategy, the economics of open models, and the decisions that give some companies an advantage over others.

We show our sources, make our assumptions clear, and distinguish what has happened from what we think comes next. If an argument doesn’t hold up, we want to hear why.

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Find Joule14 at joule14.com and @Joule14 on X. For research inquiries, write to info@joule14.com.