Archive - The Thesis by Leonis

Goldmines or Graveyards? The Divergent Fate of AI Developer Tools

A Case Study for the Zero or Hero Framework

May 29 •

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, and

April 2025

Zero or Hero: A Technical Framework for Valuing AI Companies (Part II: AI Applications)

Why Vertical AI Apps Will Survive (But Horizontal Ones Might Collapse to Zero)

Apr 22 •

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March 2025

Zero or Hero: A Technical Framework for Valuing AI Companies (Part I: Foundation Models)

Why OpenAI Isn't Worth $300B (And Most AI Companies Are Worth Zero)

Mar 25 •

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February 2025

DeepSeek: A Technical and Strategic Analysis for VCs and Startups

A technical deep-dive into DeepSeek's AI breakthroughs and their implications for startup strategy in 2025.

Feb 5 •

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January 2025

The State of AI in 2025

2024 Recap and 2025 Predictions: Scale vs. Efficiency at AI’s Crossroads

Jan 28 •

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May 2024

Beyond LLM Wrappers: Why AI-First Enterprise SaaS Are the Next Big Bet

Our take on how enterprise SaaS will evolve in the AI 2.0 era.

May 22, 2024 •

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February 2024

Scaling Video Diffusion Models: Sora's Architecture and Infrastructure Requirements

SOTA video-generation models decoded.

Feb 29, 2024 •

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January 2024

The State of AI in 2024

Our review of AI progress in 2023 and predictions for 2024.

Jan 24, 2024 •

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December 2023

Two Ways AI Will Fundamentally Reshape Enterprise SaaS

From tech stack to team composition, AI-first companies marks a break from traditional SaaS.

Dec 19, 2023 •

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October 2023

AI Agents and the Future of Software

Why we think the next generation of software will be powered by AI agents.

Oct 25, 2023 •

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