The Jevons Trap in AI: Q&A on Margins, Models, and Misconceptions

Answering a journalist's questions

After I published AI Startups Are SaaS Minus the Margins, a journalist reached out with some sharp follow-up questions. I’m sharing the questions here, with my responses. These answers are the backbone of how I think about AI infrastructure, capital formation, and margin compression. The questions were good. I hope the answers are better.