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Joseph Fung

@josephfung.bsky.social
908 followers 862 following 306 posts

Founder ×5. Strategy, systems, and the craft of scaling companies. Sometimes circus. Writing @ atpractice.substack.com Hobbying @meetcuria.com

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Reposted by Joseph Fung
The Economist @economist.com · 6h
In the age of AI, what is the point of remembering?
bit.ly
Memory lane
In the age of AI, what is the point of remembering?
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Reposted by Joseph Fung
Mark @ferl67.bsky.social · 7h
Ottawa launches new national AI council to advise on safety, deployment www.cbc.ca/news/politics/carney-nat… #Canada #AI #Ottawa #Cybersecurity #Elections
cbc.ca
Ottawa launches new national AI council to advise on safety, deployment | CBC News
Prime Minister Mark Carney's new national council on artificial intelligence is meant to provide the government with guidance on the evolution of its AI strategy and on making the technology safer.
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Joseph Fung @josephfung.bsky.social · 17h
The new permanent Productivity Mega Deduction cuts Canada's METR to 6.4%, roughly half the US and the world's lowest. Capital and founders keep leaving anyway. If tax was never the binding constraint, the design quietly tilts toward capital-intensive incumbents over founder-led firms.
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Reposted by Joseph Fung
Virus Consciousness @grape2024.bsky.social · 19h
DeepSeek and Huawei release open-s… www.tomshardware.com/tech-industry/…
 DeepSeek and Huawei release open-source Ascend AI programming tools to reduce reliance on Nvidia ecosystem
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Joseph Fung @josephfung.bsky.social · 21h
canadian vc dollars up 17% in h1 2026. top five funds took 80% of it. active pre-seed and seed raises down 62%. more money in the market, fewer founders getting any.
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Reposted by Joseph Fung
The Economist @economist.com · 02/10/2026
Humans impair their ability by using AI and they often loathe its use by others. This may be ridiculous but is encouraging
bit.ly
AI often makes writing worse. (Even if it makes it better)
Why is complicated. But it’s not about the damn em-dash
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Joseph Fung @josephfung.bsky.social · 01/10/2026
SAMR ended the instant retail subsidy war by treating price competition itself as involution-style harm, an inversion of normal antitrust logic. The durable damage fell on merchants and brands who mistook subsidy-funded GMV for organic demand.
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Reposted by Joseph Fung
Jesse Felder @jessefelder.com · 01/10/2026
‘While it is obvious that the current models are doing things that are misaligned with human objectives, one still must ask: Which humans? Whose objectives? After all, the interests of AI leaders are rather different from those of American workers.’ www.project-syndicate.org/commentary/d...
project-syndicate.org
Distorted Intelligence at the AI Frontier
Daron Acemoglu offers a novel explanation for why OpenAI and Anthropic’s most advanced models have been going rogue.
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Joseph Fung @josephfung.bsky.social · 01/10/2026
Hyperscalers pushed about $1.65T of AI infrastructure commitments into footnotes and SPVs. The loss-absorbing layer is pension and annuity capital with 25 to 40 year liabilities matched to 2 to 3 year hardware. Canada's Maple 8 are among the biggest allocators funding it.
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Joseph Fung @josephfung.bsky.social · 30/09/2026
Alberta and Texas both traded on being the commercial, not political, jurisdiction. Both moved on data centre interconnection within months of each other in 2026: one by statute, one by executive order. The queue question and the cost question turn out to be the same question.
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Joseph Fung @josephfung.bsky.social · 30/09/2026
Canada's Competition Bureau dismissed Google's constitutional challenge against a penalty that could reach $91B, is blocking oil mergers, and is compelling US-based witnesses. The shift from passive to aggressive enforcer is real. Worth pricing into the next deal.
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Reposted by Joseph Fung
Jesse Felder @jessefelder.com · 30/09/2026
‘Data from Anthropic’s draft IPO prospectus have renewed investor attention to the size of its financial commitments and other risks it faces. Similar skepticism is building among IPO investors about a slate of data center companies preparing to go public.‘ www.theinformation.com/articles/wal...
theinformation.com
Wall Street and Silicon Valley Split Over AI’s Price Tag
Shifting economic forces are driving a widening divide between the financial views of Silicon Valley and Wall Street, clouding the outlook for trillions of dollars invested in AI. Stock market angst h...
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Reposted by Joseph Fung
AI News @ainieuwtjes.bsky.social · 30/09/2026
OpenAI reportedly in talks to raise $30B round at $1.4T valuation The new round is anticipated to be the company's last before its delayed 2027 public debut. Via TechCrunch
techcrunch.com
OpenAI reportedly in talks to raise $30B round at $1.4T valuation
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Joseph Fung @josephfung.bsky.social · 29/09/2026
Canada's Maple 8 pensions hold about $2.7T and are under political pressure to invest more at home. Fraser Institute numbers put domestic VC IRRs at 14.8% against 3.6% abroad. If that gap is real, the mandate question answers itself. If it isn't, ask who benefits from saying so.
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Reposted by Joseph Fung
David Mimno @dmimno.bsky.social · 29/09/2026
Sparsity is back! Sparsity is everywhere in language, but managing it requires overhead. For the last ~15 years it was faster to just do the dense operation, knowing most of it was useless. That sparse operations work is a huge shift in the "do something clever" vs. "spend more money" tradeoff.
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Joseph Fung @josephfung.bsky.social · 29/09/2026
TD Economics on Canada's immigration model: we select skilled immigrants, train them, and many leave for the US. 60% of Canadian applicants for US labour certification are foreign-born. Top marginal rates bite at lower income here. Why do we fund the farm team?
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Joseph Fung @josephfung.bsky.social · 28/09/2026
The average Chinese licence deal this year was worth $1.3B. Licensors also dropped royalty floors from 7.1% to 5.5%, sometimes 2 to 3%, trading tail for cash up front. That's not a company buying a drug. That's a company buying an option and pricing the politics in.
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Reposted by Joseph Fung
Dare Obasanjo @carnage4life.bsky.social · 28/09/2026
A new surprising genre of journalism is whether Meta’s Muse is going to be so good at helping people save money that it tanks the economy? This is another version of the SaaSpocalypse narrative. Investors and journalists are on the lookout for AI disruption narratives, no matter how unlikely.
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Joseph Fung @josephfung.bsky.social · 28/09/2026
Canada's free-trade victory laps are about goods. Mutual recognition of standards is the easy win. The bigger prize is services, credentials, and labour mobility, and that is where the wins stall. Australia's reform playbook is the comparison worth studying.
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Reposted by Joseph Fung
ProPublica @propublica.org · 28/09/2026
There’s an open secret in Major League Baseball: MLB teams routinely make handshake deals with young Dominican players, an informal system that has created perfect market conditions for predatory moneylenders. Watch @ggarciaroberts.bsky.social break down his investigation 👇
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Joseph Fung @josephfung.bsky.social · 27/09/2026
Japan hit the 1981 car cap by building plants in Ohio. China is routing IP instead, and a licence needs a signature while model weights download in minutes. Goods reroute at the speed of construction. IP reroutes at the speed of a term sheet.
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Joseph Fung @josephfung.bsky.social · 27/09/2026
As a software CEO, IP is the only thing my businesses have exported. Weigh my enthusiasm accordingly. Canada exports $775.8B of goods and $240.5B of services, and the slow-growing part is the part a tariff schedule can reach. josephfung.ca/the-decoupling-that-w…
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Reposted by Joseph Fung
Dustin Moskovitz @moskov.goodventures.org · 27/09/2026
Hmm maybe we shouldn’t allow mergers that create such monopolies. In any case it is far more likely NVDA buys a lab than the other way around given a 5.5T valuation.
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Joseph Fung @josephfung.bsky.social · 26/09/2026
On OpenRouter, US models went from about 70% of token share to roughly 30% in a year. Open-weight models carry 29% of tokens at under 4% of spend. A lot of that supply is Chinese. If you run AI at a US startup right now, what's actually in your stack?
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Joseph Fung @josephfung.bsky.social · 26/09/2026
US imports from China are roughly half what they were 20 months ago. Over the same stretch, Chinese drug licensing to the West hit a record $137.7B and US models fell from 70% of developer token share to about 30%. Goods out. IP in.
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Reposted by Joseph Fung
Ed Zitron @edzitron.com · 25/09/2026
Premium newsletter: This is part two to my Hater's Guide To AI debt, a massive guide to how skyrocketing treasury yields, investor anxiety and ever-expanding data center costs have made "AI factories" economically unviable - even if they had demand. www.wheresyoured.at/premium-the-...
wheresyoured.at
Premium: The Hater's Guide To AI Debt (Part 2)
The year is 2026, and you are a hyperscaler CEO. You zip up your Patagonia Vest, type UDPATE CALENDER WHERE WHY to your Muse agent, and it tells you that your CFO has sent you an email about…
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Reposted by Joseph Fung
The Guardian @theguardian.com · 26/09/2026
OpenAI says agents leaked 53 images from ChatGPT users in latest example of rogue activity
theguardian.com
OpenAI says agents leaked 53 images from ChatGPT users in latest example of rogue activity
Disclosure reveals ⁠new area of privacy risk for the company and illustrates ​how difficult it is to inventory unauthorized activity tied to its agents Two ⁠months after OpenAI disclosed the accidental hacking of Hugging Face, the ChatGPT maker is still working to understand the full scope of its rogue agent activity, two people briefed on the matter told Reuters. The latest example came on Friday when OpenAI said its agents had leaked 53 images from ChatGPT users. OpenAI declined to say if the images were AI-generated or identified real people. It also declined to ⁠say when the images were posted. Continue reading...
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Joseph Fung @josephfung.bsky.social · 25/09/2026
We spent twenty years selling software by the seat. The bill was predictable and the buyer owned nothing. Now the same buyers pay by the token and the bill moves every month. Which way does that cut for a Canadian software company, more demand or less?
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Joseph Fung @josephfung.bsky.social · 25/09/2026
In the first half of this year drugmakers signed about $110B in deals to license Chinese drugs. Every importer with freight on the water is betting on a summit. Two channels, one deadline, and only one is getting covered. josephfung.ca/the-decoupling-that-w…
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Reposted by Joseph Fung
Matt Seybold @mattseybold.bsky.social · 25/09/2026
I deleted an old post about NVIDIA’s circular financing, not because I think the analysis is flawed. We know more now than we did then (last November) about how much self-dealing is happening But I don’t like that people might mistake it as a response to current events, & I think there are…
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Reposted by Joseph Fung
Eryk Salvaggio @eryk.bsky.social · 25/09/2026
Democracy Now! heard a fox crying wolf, so they let it into the henhouse. MIRI is a tech funded organization that helps the industry launder its accountability. See @olivia.science on “Entryism” olivia.science/entryism/
olivia.science
Entryism
AI entryism subverts anti AI critique.
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Joseph Fung @josephfung.bsky.social · 24/09/2026
Canada's trade diversification is mostly five cities doing the diversifying. the other hundred are watching the national average go up without them.
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Joseph Fung @josephfung.bsky.social · 24/09/2026
Xi is at the White House tomorrow to renew a truce that expires November 10. Separately, 178 Section 301 exclusions lapse at 11:59pm Eastern on November 9, and they're claimed on entry date, not shipment date. Freight on the water in early November is the bet.
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Reposted by Joseph Fung
NPR @npr.org · 24/09/2026
On Thursday, the two leaders will hold meetings where Trump and Xi are expected to talk about artificial intelligence, rare earths, trade and geopolitics such as Iran and Taiwan. n.pr/4rx4rE3
n.pr
Trump rolls out red carpet for Xi as high-stakes summit begins
On Thursday, the two leaders will hold meetings where Trump and Xi are expected to talk about artificial intelligence, rare earths, trade and geopolitics such as Iran and Taiwan.
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Mike the Mad Biologist and Trump's Press Corps Approver @mikethemadbiol.bsky.social · 24/09/2026
It didn't "go rogue." OpenAI used a product with inadequate safety guardrails, in an environment where they know regulators won't impose penalties, and then bad things happened.
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Tech Policy Press @techpolicypress.bsky.social · 24/09/2026
Open Markets Institute legal director Sandeep Vaheesan argues the Google antitrust remedies let the company "generally gets to keep its unfair advantages in the market" despite two separate rulings that it broke the law.
buff.ly
The Google Remedies Turn Landmark Verdicts Into a Whimper
Two jurists have now ruled that Google broke the law and yet refused to take away the company’s competitive weapons, writes Sandeep Vaheesan.
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Emily Feng @emilyzfeng.bsky.social · 24/09/2026
Treasury just announced a two-month extension, far shorter than what China proposed. Speaks to the daylight between the U.S. and China but also the desire to make Xi's visit tomorrow as smooth as possible. www.nbcnews.com/business/eco...
nbcnews.com
U.S. and China agree to extend trade truce through January 10, Bessent says
The extension of an agreement to suspend some tariffs comes as Chinese President Xi Jinping arrives in Washington for a state visit.
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Joseph Fung @josephfung.bsky.social · 23/09/2026
writing a cheque alone feels good for about a week. pooling it with other fundholders in a community foundation means the money keeps showing up long after the feeling fades.
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Reposted by Joseph Fung
Saeed Khan @saeedwkhan.bsky.social · 23/09/2026
Whenever I see one of these hacking admissions, I immediately ask: Why are these companies training their models to hack into systems? This advanced hacking capability didn't just spontaneously happen. www.bbc.com/news/article...
bbc.com
Google's Gemini AI hacked three companies in security test
The AI model accessed the internet and guessed credentials to three websites, a Google official told the BBC.
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Reposted by Joseph Fung
John Gramlich @johngramlich.bsky.social · 22/09/2026
NEW @pewresearch.org survey (n=10,548) shows increasingly negative views about data centers in the US. Just since January, there have been big attitudinal shifts across the demographic and political spectrum. Full analysis: www.pewresearch.org/short-reads/...
Bar chart showing that a growing share of Americans think data centers are mostly bad for the environment, home energy costs, local quality of life, local jobs and local tax revenue. The chart is based on two Pew Research Center surveys of U.S. adults, one conducted in January 2026 and the other in August 2026.Chart showing that views of data centers' impact on the environment have become more negative among Americans in a range of demographic and political subgroups. The chart is based on two Pew Research Center surveys of U.S. adults, one conducted in January 2026 and the other in August 2026.
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geeknik @geeknik.bsky.social · 23/09/2026
Flock deployed 120,000 surveillance cameras, then trimmed data retention to seven days to appease Congress. The panopticon is already permanent; the hearing is just routine administrative theater.
legis1.com
Senate Panel Will Examine Flock Surveillance, Privacy | Legis1
The Senate will examine Flock Safety’s nationwide license plate surveillance network over privacy, data retention and misuse concerns. Read the update.
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Joseph Fung @josephfung.bsky.social · 22/09/2026
the thing nobody tells you about giving through a community foundation: the endowment keeps paying out in years when your own cashflow doesn't. giving that survives a bad year is a different kind of giving.
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Reposted by Joseph Fung
Cybersecurity News Everyday @hendryadrian.bsky.social · 22/09/2026
US proposes an AI incident notification system with China to boost transparency and cut security risks, as Bessent and He Lifeng also advance a new Board of Trade ahead of the Trump-Xi meeting. #US #China #AI
hendryadrian.com
US Proposes AI Incident Alert System In Talks With China, Bessent Says
The U.S. has proposed a new AI incident notification mechanism with China to improve transparency and reduce national security risks tied to advanced AI systems. The talks also advanced plans for a new Board of Trade ahead of the upcoming Trump-Xi meeting, while both sides continued discussions on tariffs and economic...
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Roger Parloff @rparloff.bsky.social · 22/09/2026
In an important hyperscale data center case, the govt has claimed a never-before-invoked right to dismiss an environmental suit brought by NAACP against Musk's xAI, citing national security. Judge said he'd likely deny but hasn't. Govt has now appealed his "constructive" denial to 5th Cir.
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Dare Obasanjo @carnage4life.bsky.social · 22/09/2026
Meta Muse vs ChatGPT after their first 12 days on iOS in the U.S. & Canada: Downloads • Muse: 1.8M • ChatGPT: 1.3M Daily active users • Muse: 359K • ChatGPT: 231K Muse is actually outpacing ChatGPT’s launch on iOS in North America. First mover advantage isn’t everything.
techcrunch.com
Meta's Muse is outpacing ChatGPT’s early mobile launch | TechCrunch
Meta’s new AI agent Muse has racked up more downloads and daily active users in the U.S. and Canada than ChatGPT did over the same period after its mobile debut, according to new estimates from Appfig...
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Joseph Fung @josephfung.bsky.social · 21/09/2026
defence procurement has quietly become canada's most effective innovation policy. nobody planned it, which is either reassuring or terrifying depending on the day.
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Finance Mastering @financemastering.com · 21/09/2026
National Stock Exchange of India Ltd.’s $2.4 billion initial public offering was subscribed 5.7 times as investors closed books on one of the largest IPOs in India’s history.
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Alice Hancock @alicemhancock.bsky.social · 21/09/2026
EXCL: Trafigura is planning to list an oil tanker business with a fleet of the largest size of tankers, taking advantage of record high rates thanks to the Middle East. www.ft.com/content/a1c9...
ft.com
Trafigura to float supertanker arm in first IPO of a business
Commodities trader to take Volare Shipping public in Oslo as Gulf crisis drives tanker rates to record highs
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The Globe and Mail @theglobeandmail.com · 21/09/2026
Carney and Macron met in Saint-Pierre and Miquelon as a show of solidarity and confirmation of sovereignty as U.S. President Donald Trump has ratcheted up threats of annexing America’s neighbours. 🔗 Read the story here: www.theglobeandmail.com/world/articl...
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Joseph Fung @josephfung.bsky.social · 20/09/2026
Canadian VC isn't disappearing in dollars. It's disappearing in GPs. GPs running Canadian funds have shrunk for years. Fewer GPs means fewer first-checks, fewer founder relationships, and a structural gap no government program can fill. The capital's there. The decision-makers aren't.
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