Ted Spare

Building @rubriclabs

[Ted Spare @TedSpare]

@Sirupsen killbear?

[Ted Spare @TedSpare]

@tripphighgrade I did recently discover ragebait https://t.co/dzvOMNlvLm

[Ted Spare @TedSpare]

@MaxMusing

[Ted Spare @TedSpare]

Again, the Canadian fintech scene is cracked

https://t.co/o9wtTnTcVu

[Simon Lejeune @lejeunesimon]

NEW: IPO access is live for all Canadians on @Wealthsimple 🇨🇦

[Ted Spare @TedSpare]

@tripphighgrade Any other country’s fintech

[Ted Spare @TedSpare]

@bravosatya Means excellent in a totally vague way!

[Ted Spare @TedSpare]

In Toronto, Canada, if your startup is successful, the mayor comes to your party

[Harry @liuharr5]

Flicked up with @MayorOliviaChow at cohere event. Thanks for taking the pic bossman @1vnzh . If I known you were the cofounder of cohere I promise I would’ve asked for a picture with you too.

[Ted Spare @TedSpare]

Happy Opus 4.8 day to those who celebrate!

At this rate, we'll get a new model every day of summer 2027

[Ted Spare @TedSpare]

@MaxMusing

[Ted Spare @TedSpare]

@0x_Hank Feeling likely

[Ted Spare @TedSpare]

Oldheads: "the Software Singularity isn't happening"

The Software Singularity:

[Ted Spare @TedSpare]

@brotzky Thank you sir https://t.co/88HbK8ahxs

[Brotzky @brotzky]

@TedSpare maybe i can make it even friendlier for agents 🤖

[Ted Spare @TedSpare]

The Pope has announced his intention to join Anthropic.

[Ted Spare @TedSpare]

@aidangomez Shooters shoot

[Ted Spare @TedSpare]

@internetvin T&T shot goes The Wire-level hard

[Ted Spare @TedSpare]

@DamonMunday @vinnerroy @Wealthsimple Thank you for the alpha Mr Munday

[Ted Spare @TedSpare]

I don't think y'all understand how cracked Canada's fintech scene is

1 in 1000 Canadians just tuned in to find out we're gamifying life savings

[Ted Spare @TedSpare]

@m_garaz No what’s the relation?

[Ted Spare @TedSpare]

@trillhause_ Great nuance. Still, GPT-4 (frontier at the time) launched at $60/$30/Mtok vs today’s often single-digits figures. Much less than 40x, granted.

[Ted Spare @TedSpare]

Even if token prices 3x without VC subsidies, inference costs fall by 40x a year

Lifting the subsidies represents a one-time 4-month setback

And it makes open models much more competitive

https://t.co/JZrkhxwrGv

[Hedgie @HedgieMarkets]

🦔Microsoft canceled its internal Claude Code licenses this week after token-based billing made the cost untenable, even for a company with effectively infinite cloud resources. Uber's CTO sent an internal memo warning the company burned through its entire 2026 AI budget in just four months. American AI software prices have jumped 20% to 37%, and GitHub (owned by Microsoft) is dropping flat-rate plans for usage-based billing across its products.

My Take
The AI subsidy era is ending in real time. The same company that put $13 billion into OpenAI and built the Azure infrastructure powering most of Anthropic's compute just looked at the bill from a competitor's coding tool and decided it was not worth paying. That is not a productivity failure on Anthropic's end. Token-based pricing is forcing every enterprise customer to confront the actual cost of running these models at scale, and the number turns out to be far higher than the flat-rate experiments suggested.

This ties directly to my Gemini Flash post yesterday. Anthropic, OpenAI, and Google all raised effective prices in the last six months. Enterprises that built workflows assuming AI costs would keep falling are now watching annual budgets evaporate in months. Two outcomes look likely from here. Either enterprises scale back AI usage to fit budgets, which slows the revenue ramp the labs need to justify their valuations ahead of IPOs, or the labs cut prices and absorb the losses, which makes the unit economics worse at exactly the wrong moment. Both paths land in the same place, the numbers stop working, and somebody has to take the writedown.

Hedgie🤗

[Ted Spare @TedSpare]

@playerTwoQ Yeah this is pretty based ngl

[Ted Spare @TedSpare]

@loveof2is1 I’m by no means a trader but the Fey acquisition is pretty exciting

[Ted Spare @TedSpare]

@loveof2is1 How so?