Here's a little conundrum to get your brain started this week: What if LLMs represent a local maximum? What if all the investment pouring in is simply optimising something which is ultimately a dead-end? If world models - or some other formula we haven't named yet - turn out to be the actual endpoint for digital intelligence, what happens to the hundreds of billions already committed? A bubble bursts? A new one takes its place? And we're back to asking how much confidence we should have in that one, too? With those questions burning a small blackhole into the back of your brainstem, everything else this week should seem slightly easier to tackle. You're welcome! Happy Monday.