{"href":"https://api.simplecast.com/oembed?url=https%3A%2F%2Fnon-consensus-investing.simplecast.com%2Fepisodes%2Ffsd-experience-as-a-service-iv0wGp5y","width":444,"version":"1.0","type":"rich","title":"FSD: Experience As a Service ","thumbnail_width":300,"thumbnail_url":"https://image.simplecastcdn.com/images/d685d316-5f8f-423b-b62c-820daec733ad/f31b2f30-b484-49d5-9aec-28ef36b992e8/invest-beyond-the-ordinary-2.jpg","thumbnail_height":300,"provider_url":"https://simplecast.com","provider_name":"Simplecast","html":"<iframe src=\"https://player.simplecast.com/b57ec1c6-d0ab-4eb4-9cd3-806e0b699398\" height=\"200\" width=\"100%\" title=\"FSD: Experience As a Service \" frameborder=\"0\" scrolling=\"no\"></iframe>","height":200,"description":"Experience as a service is the new form factor for AI. This episode explains why the winning products won’t be defined by a device or an app, but by experience-market fit: meeting customers in the channel they choose, with context that follows them across SMS, email, phone, app, and voice.\n\nThe concept is made concrete with an AI-powered CPA workflow, from pulling 1099s and K-1s automatically to estimating returns, flagging variances, chasing clients, and walking customers through highlights by phone. It covers how the same model applies to wealth management, banking, travel, medicine, and law, why humans will remain accountable “in the car but not driving,” and why licensing and regulation shape who can deploy it. The episode also covers AI advisors that join and lead Zoom calls, agents that complete real tasks, and why white-collar disruption could accelerate over the next 6 to 12 months even if diffusion is slow.\n\nFrom there, it looks at “tech on tech violence,” where frontier technologies disrupt each other: long-horizon coding agents, competition around GitHub, and new audio and avatar models. It also argues that the shift from AI enablement to labor substitution will drive new venture financings, pressure SaaS, and threaten public CPA firms.\n\nThe second half turns to markets: why rates may have topped, the case for rate-sensitive sectors (preferreds, utilities, financials), the rotation out of Mag 7 safe havens, and value in semiconductors and memory. It covers the gap-down-then-rally pattern, why hot inflation prints get priced in quickly, signs of a hot economy, and why 2002 and 2008 comparisons fall short. It also covers private credit risks (coupons vs. principal losses, redemptions, and refinancing), the commercial real estate “cheese grater,” a preview of a defense tech interview, and the four-year presidential cycle and midterm seasonality."}