Monetizing AI surfaces: Ads in the age of AI

Ads in AI today, OpenAI's Ads Plans and What "Ads for Agents" Might Mean

Jan 28 • Tanay Jaipuria

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Two AI Lab IPOs: S-1 Breakdowns

Notes from Zhipu and MiniMax's IPO Filings

Jan 21 • Tanay Jaipuria

16

December 2025

A few themes for 2026

The obligatory predictions piece

Dec 29, 2025 • Tanay Jaipuria

37

4

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November 2025

AI Agents That Work While You Sleep

Moving beyond chat to background, ambient, and proactive AI

Nov 17, 2025 • Tanay Jaipuria

20

3

October 2025

When ARR is not ARR

How ARR today is sometimes neither annual, nor recurring, nor revenue

Oct 28, 2025 • Tanay Jaipuria

21

4

The OpenAI Effect

How single OpenAI headlines are repricing stocks across the board

Oct 16, 2025 • Tanay Jaipuria

28

2

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September 2025

ChatGPT and the Great Bundling

On ChatGPT use cases and jobs to be done

Sep 22, 2025 • Tanay Jaipuria

41

2

The AI Browser Wars Are Here

Why the browser matters and the state of the AI browser landscape

Sep 9, 2025 • Tanay Jaipuria

31

4

2

The State of AI Gross Margins in 2025

What the stack earns today and considerations for AI builders

Sep 2, 2025 • Tanay Jaipuria

48

1

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August 2025

The Cloud Wars Update: Who’s Winning the AI-Driven Growth Battle

Azure captures the largest share of new cloud dollars as AWS hits capacity limits and Google builds momentum

Aug 4, 2025 • Tanay Jaipuria

20

July 2025

The Rise of Verticalized AI Coworkers

AI colleagues and teammates are finding their way to every industry role

Jul 29, 2025 • Tanay Jaipuria

34

2

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Figma S-1 Breakdown

On time-to-market, going multi-product, PLG, and profitable growth

Jul 15, 2025 • Tanay Jaipuria

32

3