aziz_sunderji

The future of AI is being built in one place. The Bay Area has more technical PhDs than any other metro, and the gap is growing. Eventually the cost of concentrating so much talent in such an expensive city will push the AI economy outward. Clearly, we're not there yet.

Bay area employees of OpenAI, Anthropic, and Perplexity are using secondary share sales to fund home purchases, fueling a rebound in the local housing market. In mid-2023, the San Jose metro area—home to Silicon Valley—ranked 3rd-worst out of the 100 largest US metros for year-over-year home price growth. In the second half of 2025, it ranked 20th. This map (see link) shows the hottest Bay area ZIP codes are those with the highest proportion of tech workers.

For one, my model allows for refinancing.

Weak home construction was hurting the economy last year—not anymore!

During the GFC real estate volatility was mainly driven by big cities. Not this time: even the sleepiest small towns got in on the action.