{"id":1544,"date":"2026-08-21T11:45:20","date_gmt":"2026-08-21T08:45:20","guid":{"rendered":"https:\/\/asiloam.com\/?p=1544"},"modified":"2026-08-21T11:45:21","modified_gmt":"2026-08-21T08:45:21","slug":"quarterly-letter-q1-2026","status":"publish","type":"post","link":"https:\/\/asiloam.com\/en\/quarterly-letter-q1-2026\/","title":{"rendered":"Quarterly Letter Q1 \/ 2026"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Q1\u00a0\/\u00a02026: A\u00a0QUARTER\u00a0OF THREE\u00a0ANNOUNCEMENTS<\/strong>\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Q1 \/ 2026 was a quarter defined by three announcements \u2014 announcements that&nbsp;at first glance appeared&nbsp;unrelated, but whose combined impact irreversibly altered the logic of AI adoption.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We saw it coming.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Markets did not.&nbsp;Instead&nbsp;they defaulted to a familiar pattern: panicked at efficiency gains, compared&nbsp;valuations to dot-com peaks, and treated historical records as ceilings for what was possible. Each of these reactions&nbsp;made sense&nbsp;through an old-world lens. Each was, in our view,&nbsp;more or less wrong.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In our Q4 \/ 2025 letter we wrote about Jevons&#8217; paradox \u2014 how lowering the cost of compute does not dampen demand but explodes it. This quarter we received confirmation of an equally important truth: technology does not cross the chasm to markets alone. Alliances do.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Geoffrey Moore said the&nbsp;mainstream customer does not buy technology. They buy a solution. This quarter the most powerful actors began doing exactly that \u2014 assembling the whole product, in a way markets do not yet know how to price. Our job is to&nbsp;hunt precisely&nbsp;these misunderstandings. This quarter there were plenty.&nbsp;\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<div data-wp-interactive=\"core\/file\" class=\"wp-block-file\"><object data-wp-bind--hidden=\"!state.hasPdfPreview\" hidden class=\"wp-block-file__embed\" data=\"https:\/\/asiloam.com\/wp-content\/uploads\/2026\/08\/Q1-2026-Asilo-Argo-Quarterly-Letter-EN.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Embed of Q1-2026-Asilo-Argo-Quarterly-Letter-EN.\"><\/object><a id=\"wp-block-file--media-e9c45aa7-de8f-497b-ba2f-fa72cdedaf69\" href=\"https:\/\/asiloam.com\/wp-content\/uploads\/2026\/08\/Q1-2026-Asilo-Argo-Quarterly-Letter-EN.pdf\">Q1-2026-Asilo-Argo-Quarterly-Letter-EN<\/a><a href=\"https:\/\/asiloam.com\/wp-content\/uploads\/2026\/08\/Q1-2026-Asilo-Argo-Quarterly-Letter-EN.pdf\" class=\"wp-block-file__button wp-element-button\" download aria-describedby=\"wp-block-file--media-e9c45aa7-de8f-497b-ba2f-fa72cdedaf69\">Download report<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Q1\u00a0\/\u00a02026: A\u00a0QUARTER\u00a0OF THREE\u00a0ANNOUNCEMENTS\u00a0 Q1 \/ 2026 was a quarter defined by three announcements \u2014 announcements that&nbsp;at first glance appeared&nbsp;unrelated, but whose combined impact irreversibly altered the logic of AI adoption.&nbsp; We saw it coming.&nbsp; Markets did not.&nbsp;Instead&nbsp;they defaulted to a familiar pattern: panicked at efficiency gains, compared&nbsp;valuations to dot-com peaks, and treated historical records as [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":212,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-1544","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-quarterly-letters"],"_links":{"self":[{"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/posts\/1544","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/comments?post=1544"}],"version-history":[{"count":1,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/posts\/1544\/revisions"}],"predecessor-version":[{"id":1545,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/posts\/1544\/revisions\/1545"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/media\/212"}],"wp:attachment":[{"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/media?parent=1544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/categories?post=1544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/asiloam.com\/en\/wp-json\/wp\/v2\/tags?post=1544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}