The EU delayed the AI Act's high-risk rules to 2027, but the transparency duties touching most businesses took effect on time; the direction holds.

The circular AI financing is fragile, but real, supply-constrained demand breaks the telecom-bust analogy; separate real demand from supplier-funded demand.

AI's frontier wins are real but cluster where answers are cheap to check; human judgment holds precisely where no cheap test can score it.

The AI rehiring wave indicts sequencing, not capability: firms cut the people who make automation work before redesigning the job around it.

The first autonomous AI ransomware is real, but it broke in through a year-old patched flaw; agents cheapen old attacks at scale, not new tradecraft.

The fortnight Washington gated OpenAI's top model on security grounds, a Chinese lab published a near-frontier rival as free open weights; the gate can't hold.

The market wiped $250B off Google over two departures; read right, it priced human judgment as the scarcest asset in AI — the operator's moat.

Most agent projects do fail, but at integration, data and governance — not capability, which is climbing fast and marks where the operator's moat sits.

The bubble is real, but operators sit on the other side of the loop: a correction makes frontier AI cheaper and leaves the capability behind.

The open web's ad-funded traffic is collapsing, but AI is a fast-growing, high-intent channel for operators with a real product and machine-readable pages.

Consensus is right that Jevons holds in the aggregate; missing that the expansion accrues at the top — hire juniors now, while nobody else is.