Welcome to The Nightcrawler, a weekly collection of thought-provoking articles and analysis on technology, innovation, and long-term investing. The Nightcrawler is published every Friday evening by Eric Markowitz, a partner at Nightview Capital and the firm’s Director of Research. Follow him on X.
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In this evening’s email…
Quote of the week: “Ideas are like fish. If you want to catch little fish, you can stay in the shallow water. But if you want to catch the big fish, you’ve got to go deeper.” – David Lynch
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Investing in the next generation of AI
In our firm’s recent annual investment letter, we present a bold vision for the future: AI is emerging as the 21st-century equivalent of electricity. Just as electricity transformed every aspect of life—powering factories, homes, and vehicles—AI, we believe, will eventually weave itself into the fabric of modern society, touching nearly every facet of our daily lives.
The letter spotlights five rapidly-evolving areas of the economy, ranging from robotics to immersive real-world experiences, where AI is poised to make landfall first. “Artificial intelligence, much like electricity in its early days, is transitioning from a series of impressive demonstrations to becoming a foundational pillar of modern business,” we write.
- Key quote: “AI is already driving real-world breakthroughs in logistics, medicine, and education. It’s not just a tool for making processes faster or cheaper—it’s a force reimagining how industries function. Like the Industrial Revolution, this transformation is unfolding unevenly, with some areas advancing rapidly—while others lag behind. But the scope is undeniable, in our view. AI will fundamentally change how we think, create, and connect.”
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The value of scarcity in an abundance economy
My friend John Candeto recently wrote a compelling essay about the increasing value of attention. “In a world of infinite content the price of attention ought to go up, and up, and up,” he writes.
He’s absolutely right. With more noise than ever, the real challenge isn’t just grabbing attention—it’s keeping it. That’s why curation and truly lasting content matter more than ever. Businesses (and creators) who focus on depth, trust, and quality will stand out. As AI-generated content floods the internet, the rarest and most valuable currency will be human insight, originality, and work that stands the test of time.
- Key quote: “As the cost to create ‘noise; approaches zero — think Generative A.I. publishing infinite content — the value of enduring content ought to rise. This is a version of the curation point, but for the content itself. It will become even more useful to directly seek out and consume enduring content because finding new enduring content will become increasingly difficult. This is the Lindy effect at work.”
A few more links I enjoyed:
The State of Video Gaming in 2025 – via Matthew Ball
- Key quote: “220 slides covering why gaming soared from 2011-21 then suddenly stalled (no, not COVID), where growth is and isn’t, Black Hole Games, China’s global rise, the brutal effects of TikTok + IDFA, Steam, more.”
CES Field Report: Edge AI Might be the Future of Computing – via Nightview Capital
- Key quote: “What’s more, this shift could alter where technology companies fall in the stack. In the future, the key differentiator may not be the sheer compute power available but where that compute happens—on centralized cloud servers or localized edge devices. This has the potential to redefine the roles of hardware, software, and platform companies in the tech ecosystem.”
Unlocking Mysteries: Aliens, Mystics, and Personal Transformation with Tom Morgan – via Bill Brewster
- Key quote: “In this unconventional episode of ‘The Business Brew,’ host Bill Brewster sits down with Tom Morgan for a deep dive into topics that blur the line between science and spirituality. From exploring the existence of non-human intelligence and its implications, to discussing personal transformative experiences facilitated by psychedelics, this episode is a fascinating journey through the unknown. Tom shares insights from his years of research and personal struggles, including a near-psychotic breakdown and a mystical experience that reshaped his life.”
From the archives:
Marketing Myopia – via Theodore Levitt (1959)
- Key quote: “Every major industry was once a growth industry. But some that are now riding a wave of growth enthusiasm are very much in the shadow of decline. Others that are thought of as seasoned growth industries have actually stopped growing. In every case, the reason growth is threatened, slowed, or stopped is not because the market is saturated. It is because there has been a failure of management.”
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This information should not be considered a recommendation to purchase or sell any particular security. It should not be assumed that any of the investments or strategies referenced were or will be profitable, or that investment recommendations or decisions we make in the future will be profitable. This article contains links to 3rd party websites and is used for informational purposes only. This does not constitute as an endorsement of any kind. While Nightview uses sources it considers to be reliable, no guarantee is made regarding the accuracy of information or data provided by third-party sources. Nightview Capital Management, LLC (Nightview Capital) is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Nightview Capital including our investment strategies and objectives can be found in our ADV Part 2, which is available upon request.
