Concepts coined on the record. Each enters the vocabulary in one issue and is cited by the issues that follow, so the publication compounds. Nothing here is silently patched; a term means what its coining issue says it means.
A platform shift is real when the incumbent's own best customers defect to the new layer for their core workload, not their experiments.
Logged as Issue No. 3's sixth signal after the supplementary session, where Gates set the hardware test for the OS position: a harness that runs only its maker's model is the boutique path.
Licensing what you lack counts as the 1995 play only if you ship it at full strength. A licensed future deployed stripped is not speed, it is domestication.
Named when Microsoft licensed a full agent harness and shipped it with dispatch, connectors, plugins, and scheduled tasks removed, gated to the premium tier. The mirror is 1995, when the same company licensed Mosaic from Spyglass and shipped it whole, free, into the widest channel on earth.
Acquiring or licensing the future in order to domesticate it: the incumbent takes in the thing that threatens its unit of account, then cages it to protect the existing product.
Precedent II already contained the move. Britannica owned Compton's, shipped one of the first CD-ROM encyclopedias in 1989, and caged it to protect the leather sets and the commissions they paid.
The outer limit of AI's addressable market: the wage bill of the work it replaces. A tool prices at a fraction of the ceiling; only an employee collects it. The United States ceiling is $12.96 trillion, at most half of it plausibly open, and every aggregate valuation is a claim about how much of it the machine collects.
Coined when Damodaran's Federal Reserve compensation bound was set against Patel's marginal megawatt, and the loom entered the file as the one build-out that reached the ceiling and repaid its financiers.
The gap between a general-purpose input's arrival and its payoff, set by the speed at which customers rebuild their operations around it. Electricity took forty years; the debt never waits that long, so the crash mechanism of an overbuilt utility is a timing default rather than a demand failure.
Entered through Insull's testimony: the factories paid the dynamo only after the shafts and belting came out, and his paper died in 1932 with every turbine still spinning.
Valuing a technology against the market it enters instead of the market it creates. The ceiling is only real if the pie stays fixed, and general-purpose technologies grow the pie.
Named for Damodaran's 2014 Uber valuation, sized against the taxi business shortly before cheap rides built a market several times bigger. Entered when the author put the same objection against Damodaran's payroll ceiling, and the bench answered from its own books: the growth is real, and in every precedent it went to users rather than to the builders' financiers.
Demand for an asset that is itself paid for with raised or borrowed money, in anticipation of final customers. It looks identical to real demand until the credit stops. Credit sets the timing of the crash; the gap between financed and final demand sets its depth.
Entered when the author pressed the money question and corrected the file's fiber reading: in 1999 much of the demand was the build buying from itself, carrier capex booked as equipment revenue, vendors financing their own customers, capacity swaps booked as sales. The tell is the outside-money share: revenue that would survive the raising stopping tomorrow.
Trading the peak of the returns for the length of them: buying permission to be permanent with concessions that hurt, denominated in the things the public actually counts.
Named from the Kingsbury Commitment of 1913, when AT&T surrendered Western Union, opened its lines, and accepted the regulator, and the system those concessions bought ran seventy years.