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Joseph Fung

@josephfung.bsky.social
909 followers 850 following 327 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
Business Insider @businessinsider.com · 20h
Law firms are spending big to bottle their secret sauce. bit.ly/4yNGQS9
businessinsider.com
A law firm's secret AI weapon? Mountains of case files and decades of institutional knowledge.
After spending the past two years buying AI tools, large law firms are building systems around something more valuable: what only they know.
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Reposted by Joseph Fung
The Economist @economist.com · 15h
Scientists underestimate the potential of the technology at their peril. Register for free to learn why
bit.ly
AI’s mathematics blitz pushes science into strange new territory
Other disciplines should take heed
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Reposted by Joseph Fung
Dare Obasanjo @carnage4life.bsky.social · 14/10/2026
Getty Images went public in 2022 at a $4.8B valuation. Four years later, it has $2.1B in debt, a market cap of just $21M, and is preparing to file for bankruptcy. Its attempt to merge with Shutterstock failed after regulators intervened. One of the most notable companies disrupted by AI to date.
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Reposted by Joseph Fung
The Register @theregister.com · 13/10/2026
NetBSD may have found a new role: The AI-free FOSS OS
theregister.com
NetBSD may have found a new role: The AI-free FOSS OS
Increasing awareness and adoption, followed by increasing donations
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Reposted by Joseph Fung
CNBC @cnbc.com · 13/10/2026
SK Hynix, SoftBank shares plunge as tech stocks in Asia track Wall Street sell-off
cnb.cx
SK Hynix, SoftBank shares plunge as tech stocks in Asia track Wall Street sell-off
Asian technology stocks tumbled Tuesday as a sell-off in U.S. semiconductor shares spilled into regional markets.
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Reposted by Joseph Fung
Carl Quintanilla @carlquintanilla.bsky.social · 12/10/2026
BROADCOM CEO: ".. A lot of investors have no clue what they are investing in." They “set very extreme expectations only to find out that it’s almost like they are in a casino.” @bloomberg.com $AVGO www.bloomberg.com/news/article...
bloomberg.com
Broadcom CEO Likens Many AI Investors to Casino Gamblers
The AI boom has attracted investors whose strategies resemble those of gamblers, Broadcom Inc. Chief Executive Officer Hock Tan said, suggesting some of them have little understanding of what they’re ...
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Joseph Fung @josephfung.bsky.social · 11/10/2026
the loss sits with whoever holds the note - retail investment vehicles. Reminiscient of all the CDOs that were backed by underwater mortgages in 08
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Reposted by Joseph Fung
Carl Quintanilla @carlquintanilla.bsky.social · 11/10/2026
BARCLAYS DESK: “.. let’s face facts; the combined disclosed lab revenues of circa $150bn .. is not going to cut it when the ecosystem needs well in excess of $1trn .. I’ve yet been presented with a credible framework as to where this money is going to come from ..”
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Joseph Fung @josephfung.bsky.social · 11/10/2026
publishers report 20 to 90% traffic and revenue losses from zero-click ai answers. small publishers' search referrals fell 60% in two years, and blocking ai crawlers costs a further 7% of weekly traffic. 500 plus publishers have signed content-licensing deals.
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Joseph Fung @josephfung.bsky.social · 10/10/2026
the ai buildout is financed by debt that looks like infrastructure lending and behaves like equipment leasing: about $570B of 2026 issuance, much of it private credit in retail funds, collateralized by GPUs with a 7 year life inside 20 to 30 year facilities.
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Reposted by Joseph Fung
The Economist @economist.com · 10/10/2026
When it comes to AI, America’s president is stuck between a bot and a hard place. On The Insider this week our editors consider what better regulation of the technology might look like
bit.ly
Should Donald Trump let AI rip—or rein it in? | The Economist Insider
“Whoever wins AI, WINS!” Donald Trump doesn’t mince his words about artificial intelligence. Until now, America has taken a hands-off approach to regulating the technology. Instead the president has favoured boosting the stock market and ensuring that America beats China in AI. But that strategy is becoming unsustainable. Americans are increasingly anxious about everything from data centres to job security, while incidents of agents going rogue are warnings for the catastrophes that could lie ahead.  With anti-AI sentiment growing, and the midterms fast approaching, the Trump administration may have to reassess how AI should be regulated. Edward Carr, The Economist’s deputy editor, is joined by Zanny Minton Beddoes, our editor-in-chief, and a panel of our experts to discuss the case for regulation and how to strike the right balance between safety and speed.
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Joseph Fung @josephfung.bsky.social · 09/10/2026
europe can't attract capital-market depth on merit, so it's legislating for it. germany's altersvorsorgedepot lands in 2027, and ireland's myfuturefund arrived in january. the eu wants a pepp that works like a 401k.
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Joseph Fung @josephfung.bsky.social · 09/10/2026
hong kong raised HK$110.4B in Q1 2026 IPOs, six times the year before and 85% of chinese AI listings. canada has had no VC-backed IPO since 2021 and its TSX listings fell from 3,520 to 2,114.
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Reposted by Joseph Fung
David Reevely @davidreevely.bsky.social · 09/10/2026
1. Canada's national nuclear research agency is three U.S. companies in a trenchcoat. 2. They're working with another U.S. company on tech meant to undermine Canadian uranium exports. 3. Tim Hodgson, the minister responsible, refers questions on it to the trenchcoat. thelogic.co/news/canada-...
thelogic.co
India wants to buy less Canadian uranium. Canada’s nuclear lab is helping - The Logic
The American consortium that runs Canada’s national nuclear lab is helping develop a fuel that could cut into the market for Canadian uranium
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Reposted by Joseph Fung
CNBC @cnbc.com · 09/10/2026
Nvidia-backed Aussie AI firm Firmus withdraws historic IPO, citing market volatility
cnb.cx
Nvidia-backed Aussie AI firm Firmus withdraws historic IPO, citing market volatility
Nvidia-backed Australian AI data center operator Firmus has withdrawn its planned IPO amid market volatility.
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Joseph Fung @josephfung.bsky.social · 08/10/2026
stablecoin issuers have become a concentrated private buyer of short-dated treasuries. tether and circle hold over 80% of a $300B market, and issuers have replaced more than 40% of the official demand china used to provide.
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Joseph Fung @josephfung.bsky.social · 08/10/2026
canadian workers went from 17% to 30% using gen ai in 10 mos. 8% firms use it "significantly" in core ops and finance and insurance co' here are ahead of american ones: 40.4% to 33.9%
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Reposted by Joseph Fung
The Economist @economist.com · 08/10/2026
“Governments thinking about AI should look beyond models, chips and data centres,” writes Jeff Schneider, a professor, in a guest essay. “Robotics, autonomous vehicles, mining, energy, manufacturing and construction are just as important” bit.ly/4yuiBIs Illustration: Dan Williams
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Joseph Fung @josephfung.bsky.social · 07/10/2026
layoffs attributed to AI are so often relocation. offshored "global capability centres" have expanded into finance, talent and strategy because tooling makes remote judgment and decisions viable
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Reposted by Joseph Fung
Hypervisible @hypervisible.blacksky.app · 07/10/2026
They are becoming more and more explicit that creating dossiers on you and graphing your relationships is the whole point. “Agents” indeed. www.cnbc.com/2026/10/07/m...
Former Yahoo CEO Marissa Mayer is taking a try-before-you-buy approach with her new photo-centric AI agent startup Dazzle, a tactic she said is important “for those occasional users or those users who are just trying to see what the service can do at the very beginning.”

Dazzle analyzes users’ personal photos to understand aspects of their lives, such as their family members or interests, and then can take actions like reminding someone that a pair of shoes they recently looked up is on sale online.

It’s a strategy she learned from her early tenure at Google
, before the company built its market-leading online ad platform.
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Joseph Fung @josephfung.bsky.social · 07/10/2026
canadian vc is up 17% this year, which sounds great until you notice the top five funds hold 80% of the money and the number of pre-seed and seed companies out raising fell 62%. good year if you're already inside.
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Reposted by Joseph Fung
Log Off. Live More. ✊ @logofflivemore.bsky.social · 07/10/2026
Google just locked up 3.6 GW from Constellation on the PJM grid, where data-center demand has pushed capacity prices up more than 11-fold since 2024. Google is bringing its own power. You're bringing your own bill. Ohio's on PJM too. Check yours.
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Joseph Fung @josephfung.bsky.social · 06/10/2026
chinese open-weight models now handle about 30% of enterprise AI tokens, up from 11% in april, at roughly a tenth of the cost. also seeing this in the startups I work with. the race isn't about quality anymore
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Reposted by Joseph Fung
Carl Quintanilla @carlquintanilla.bsky.social · 06/10/2026
“.. it turns out one of the big reasons we have such a big trade deficit in the first place is literally the U.S. government — specifically all the deficit spending.” @marketplace.org @scottlincicome.bsky.social www.marketplace.org/story/2026/1...
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Joseph Fung @josephfung.bsky.social · 06/10/2026
I've had success asking "What's the 1 thing I could do to keep your business?" Gives you a clear sol'n, opens door to a convo, and moves cognitive load from them to you. It can be hard to split the nuances of "missing feature" vs "high cost" etc. This gets them thinking about staying instead
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Joseph Fung @josephfung.bsky.social · 06/10/2026
oof. at least it's efforts to forge have taste? If only it signed "ChatGPT" in the style of a New Yorker cartoonist's signature
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Joseph Fung @josephfung.bsky.social · 06/10/2026
only 32.4% of canadian-led high-potential startups launched in 2024 are hq'd in canada, down from about two thirds a decade ago.
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Joseph Fung @josephfung.bsky.social · 06/10/2026
honest question - how is this burying the lede? I don't see why the tool used, nor the methodology, should be top billing? And they highlight it in italicized text on p1
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Reposted by Joseph Fung
Financial Times @financialtimes.com · 06/10/2026
Why accountancy firm listings don’t add up ft.trib.al/fKCGKve | opinion
ft.trib.al
Why accountancy firm listings don’t add up
Private equity’s role in consolidating the sector is raising the stakes, making partnerships less sustainable
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Joseph Fung @josephfung.bsky.social · 05/10/2026
Curia's already super helpful...now to make it leaner without loosing reliability. WIP
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Joseph Fung @josephfung.bsky.social · 05/10/2026
everyone's pricing the chips for the data centre buildout. the harder constraint is the electrician. licensing takes four to five years and capital can't shorten it, and the retirement wave is already running. you can't import your way out of a four-year licence.
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Reposted by Joseph Fung
Jesse Felder @jessefelder.com · 05/10/2026
‘We are living through a kind of postpandemic gamified speculative-trading apocalypse. Soon, it won’t make much sense to distinguish among categories, as the apps converge on a multi-offering model featuring sportsbook, prediction market, options trading and crypto.’ www.nytimes.com/2026/10/04/m...
nytimes.com
How Everything Became Gambling
It’s not just DraftKings and Polymarket — the logic of gambling undergirds everything coming out of Silicon Valley.
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Joseph Fung @josephfung.bsky.social · 05/10/2026
goldman's ten-year model has china's sub-7nm chip supply covering 92% of its own demand this year, and still 34% short by 2035. SMIC yield at 5nm is around 20%. the DUV workaround costs about 4.1x the power, so it is an electricity problem as much as a silicon one.
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Reposted by Joseph Fung
Dr. Damien P. Williams, dread portent down from a mountain cave @wolven.blacksky.app · 05/10/2026
Remember when us phil-tech types said effective altruism was just utilitarianism taken to its worst possible extents? This is what we meant: Real harm for unquantifiable potential benefit. "…'we believe that the world should accept some bad things happening for the benefits of this technology….'"
politico.com
Sam Altman to Decoded: ‘The world should accept some bad things happening’ for the benefits of AI
The OpenAI CEO sought to distinguish his policy stance from rival developer Anthropic.
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Joseph Fung @josephfung.bsky.social · 04/10/2026
china is about a third of global pharma out-licensing value now: around $136B in 2025 and $60B in the first quarter of 2026 alone. NewCo structures let chinese developers keep 20 to 30% of the equity. the buyers are mostly western pharma companies.
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Joseph Fung @josephfung.bsky.social · 04/10/2026
the tsx is down from 3,520 listed companies to 2,114. canada has had zero vc-backed ipos since 2021. hong kong raised HK$110.4B in Q1 alone. one of these places still treats going public as a routine thing to do.
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Reposted by Joseph Fung
Max from UNFTR @unftr.com · 04/10/2026
The question was never whether AI works. It's whether the people lending into it get paid back. The 30-year Treasury is at its highest level since 2004, and those rates flow into private credit portfolios full of variable loans nobody gets to see. Watch the full video: youtu.be/x-w6kuo7F8s
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Joseph Fung @josephfung.bsky.social · 03/10/2026
global pe is sitting on $3.8T of unrealized assets, and distributions have stayed under 15% of nav for four years running. lps who aren't getting cash back stop writing new cheques. the pinch lands on canada's emerging managers first, not the big names.
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Reposted by Joseph Fung
Dean Lee @deanlee.info · 03/10/2026
Software margin spreadsheets assume agent labor scales with pure token costs. OpenAI disclosed this week that auditing 50 petabytes of unauthorized agent activity costs $500,000 a day. When autonomous actions create real-world damage, verifying containment demands a forensic reserve.
deanlee.info
The Audit Tail of Autonomous Labor
OpenAI is spending $500,000 a day auditing 50 petabytes of agent telemetry while California prosecutors test developer liability for containment failures. Autonomous agency replaces low-cost software margins with an open-ended forensic liability reserve.
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Joseph Fung @josephfung.bsky.social · 03/10/2026
defence vc in canada went from $7M to $159M in a year. growth-stage funding went the other way, close to zero. when a canadian company scales now, the default exit is a sale abroad.
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Reposted by Joseph Fung
The Economist @economist.com · 03/10/2026
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 · 03/10/2026
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 · 02/10/2026
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 · 02/10/2026
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 · 02/10/2026
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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Joseph Fung @josephfung.bsky.social · 01/10/2026
National interest status clears the federal review, but I'm not convinced that was the constraint. Trades' capacity and a four-year licence is going to be a bottleneck
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Joseph Fung @josephfung.bsky.social · 01/10/2026
+1 who's objectives is the right question. A model trained on work people produced and then deployed against their wages is misaligned by design. Not a training accident
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