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Customer Acquisition Strategies to Vamp Your Marketing Funnel

Customer Acquisition Strategies to Vamp Your Marketing Funnel

Customer acquisition is broken. Here’s the actual playbook buyers actually respond to, built on trust, momentum, consensus, and outcomes.

Customer acquisition strategies are a strange creature in B2B.

Everyone speaks as if we will eventually find the perfect mix of channels, the perfect cadence, the perfect system of nudges that will somehow turn strangers into customers.

Somehow, we convinced ourselves that acquisition is a matter of craftsmanship.

If we run intuitive campaigns, optimize conversion paths, and sharpen our templates, growth will happen. But something inside the modern GTM machine feels hollow. Mechanical. Forced.

Most companies do not have an acquisition problem because they lack channels. They have a problem because they lack architecture.

We keep polishing the parts without repairing the structure. We keep upgrading the tactics without changing the design. And so the system keeps producing the same outcomes: high visibility, low trust. Heavy activity, weak pull. Noise, but no gravity.

What is Customer Acquisition?

Customer acquisition strategies fail long before execution. They fail because the company misunderstands what an acquisition actually is. It is not attention. It does not lead. It is not traffic. It is not retargeting. It is not what the dashboards show.

Acquisition is the process through which a buyer slowly chooses to believe a better version of their own future with you in it.

Until that belief forms, nothing else matters.

After that belief forms, almost anything works.

What’s Not Working in the Conventional Customer Acquisition Strategies?

The tension in B2B today is that belief no longer forms through funnels.

It forms in places you cannot control, inside conversations you cannot access, and through impressions you did not even know you made. It forms through perception, momentum, consensus, and realization. These are the four forces that shape every customer acquisition strategy, whether you acknowledge them or not.

They do not overlap. They do not repeat each other. They cover the entire journey without competing for territory. They are the spine of acquisition. Beneath every tactic, these forces either support or sabotage you.

Let us go through them the way they exist in the real world, not how the marketing textbooks pretend they do.

The First Customer Acquisition Strategy: Shaping the Perception

Your buyer has already decided whether to take you seriously. Before they even read your website, interact with your campaign, watch your video, or click your ad.

This first decision is not conscious. It is not based on your messaging or features. It is based on perception, the silent filter that shapes how every future interaction will be interpreted.

Perception is not a brand in the cosmetic sense. It is not polish or storytelling. It is the deep mental shorthand a buyer forms about what you represent. The story the market tells itself about you without your involvement. It is your identity in the shadows, the one that appears before your actual content does.

Companies overlook perception because it seems intangible. It can’t fit in a spreadsheet. And does not offer instant gratification.

But perception decides whether your acquisition strategy has air to breathe or suffocates at the first touchpoint. A buyer who does not trust you will ignore you even if you present perfect logic. A buyer who trusts you will overlook the minute flaws.

That’s why traditional funnels are collapsing: buyers don’t believe in funnels. Their perception shapes their path.

Acquisition begins with the mind, not the funnel.

For years, marketers obsessed over channels and formats. But channels do not shape acquisition. Perception does. A thousand impressions cannot fix a broken perception. One moment of clarity can reshape it entirely.

Perception is the spark that determines whether a company can even enter the conversation.

The Second Customer Acquisition Strategy: What Moves Buyers Forward?

Once perception opens the door, momentum decides whether a buyer steps through it. Momentum is not frequency. It is not volume. It is not the act of showing up everywhere. It is the continuity of meaning across every interaction. The sense that your company has direction and that every message is part of the same arc.

Most teams confuse momentum with activity. They flood the market with high-frequency output that has no connective tissue. A disconnected series of campaigns, messages, experiments, and posts cannot create motion. It creates fatigue.

Momentum is the opposite of noise. It is accumulated clarity.

Every message reinforces the last. Every touchpoint pulls the buyer one step deeper into understanding, not because the content is persuasive, but because it is aligned with itself. That’s what differentiates a company with gravity from a company with reach.

Reach scatters attention. Gravity sustains it.

Markets do not reward inflated promises. They reward believable systems. Momentum is the feeling of believability that compounds. Without it, even great tactical work falls apart. With it, even modest tactics outperform expectations.

When momentum takes hold, the buyer does not feel marketed to. They feel guided rather than forced. And when momentum is absent, the buyer feels interrupted rather than moved.

Acquisition strategies collapse when they treat attention as an event instead of a progression. Momentum converts attention into movement.

The Third Customer Acquisition Strategy: Diving into the Internal Politics

This is the part of the acquisition no one prepares for, and the cost of ignoring it is devastating.

In B2B, you are not selling to one person. You are selling to a coalition. A buyer does not convert when they understand you. A buyer converts when the people around them stop resisting the change you represent.

Think of this:

Sarah is not the buyer. Sarah is the champion who must walk into an internal war. She carries your narrative into rooms where no one cares about your messaging, where everyone is incentivized to minimize risk, where the CFO is suspicious, the IT head is overwhelmed, and the legal team is anxious.

Most companies treat acquisition as if they are in conversation with the champion.

In reality, they are in conversation with the champion’s environment. If your value cannot survive those internal conversations, you will lose deals even when your champion believes in you.

Consensus is not persuasion. It is not a feature explanation. It is the alignment of incentives across the buying committee. And if this alignment does not happen, even the strongest acquisition strategy collapses under the weight of internal friction.

This is where most strategies die. Not in the funnel, not at the top, not in the ads. They die in the rooms you never entered.

A buyer may like you, but their committee must trust the choice. And trust cannot be established at the end. It must be architected from the beginning.

Customer acquisition strategies that ignore consensus build interest but cannot convert belief into commitment.

The Final Act of the Customer Acquisition Strategy is to Realize.

Most companies assume the acquisition ends at closed won. But that assumption turns the entire system into a short-term performance engine with no compounding power.

Real acquisition is only complete when the buyer experiences the transformation they were promised. That moment of realization, the moment where expectation aligns with outcome, is the real currency of growth.

If this experience is profound, customers become an extension of the acquisition engine itself. If this experience collapses, every marketing effort becomes more expensive, harder to scale, and weaker over time.

It becomes the foundation of exponential acquisition. The story of the customer’s transformation is the most credible form of demand creation. It invites more buyers into the narrative with more conviction than any performance play can replicate.

When realization is strong, acquisition gets cheaper every year. When realization is weak, acquisition becomes harder every year.

Most companies try to accelerate top-of-funnel motion without repairing the bottom-of-funnel truth. The result is a system that looks successful on dashboards but collapses in financials.

Realization is the force that closes the loop. It turns one successful outcome into the seed of the next. Without this loop, customer acquisition becomes an endless hunt.

With it, customer acquisition becomes a flywheel.

The Real Customer Acquisition Strategy: Unified, Human, and Structural

Everything above forms the architecture that decides whether tactics succeed or fail. But tactics still matter. They merely cannot operate without alignment.

So what does a customer acquisition strategy look like when these forces combine?

It looks like a company that understands its buyers’ psychology rather than channel behaviors. It’s like a market presence that builds trust rather than pressure. It’s a system- marketing, sales, and customer success become three limbs of the same body rather than competing silos.

It’s driven by intention and truth.

Your customers do not want a perfect funnel. They want clarity, conviction, and competence. When a company builds the architecture that supports these qualities, acquisition accelerates naturally.

And when a company refuses to build that architecture, acquisition becomes an endless negotiation with diminishing returns.

Customer acquisition strategies today are not failing because they are outdated.

They are failing because they lack cohesion. They are failing because they chase techniques instead of principles. They are failing because companies misunderstand the order of operations.

  • Perception shapes attention.
  • Momentum shapes movement.
  • Consensus shapes commitment.
  • Realization shapes the next cycle.

Ignore these forces, and you will keep reinventing campaigns without ever reinventing results. Understand them and you will stop chasing customers, because customers will begin to choose you before you even show up.

That is the only acquisition strategy that truly scales. That is the one the market cannot ignore.

NVIDIA-Backed Firmus Raises $327 Million in Funding for Data Center Projects.

NVIDIA-Backed Firmus Raises $327 Million in Funding for Data Center Projects.

NVIDIA-Backed Firmus Raises $327 Million in Funding for Data Center Projects.

Firmus Technologies’ data center strategy leans into clean energy hubs and campuses across Australia. A vision where renewable energy is a building block, and not an afterthought.

AI requires abundant power to mobilize the global economic model. But there’s already substantial strain put on power grids across the US, where data centers are the most prominent.

The global electricity demand to run these data centers could take a turn for the worse. Glitches, surging utilities bills, and short circuits- are only the beginning. And this growing tension will only skyrocket if there’s no antidote decided on.

AI data centers are multiplying at (not so)suprising speed. Tech companies and investors are investing billions into this infrastructure- they want numbers and power to back up AI at all costs.

How else will they keep on powering their AI models? And introduce at least one new model every other week? The power must come from somewhere else- this is the conclusion that the market has come to.

Remember, Google recently announced its moonshot project- Project Catcher? Space-based AI data centers that run on solar power-driven satellites. The Sun’s clean, limitless energy.

Firmus Technologies is taking a step in this direction: leveraging renewable energy to fuel the next phase of AI computing. In the recent funding round, it has accumulated over $327 million to back this project.

The money raised sent the NVIDIA-backed company’s market valuation to $600 million. And for the business, it’s a significant realization of their potential and faith in their vision- high-performance computing delivered through sustainable power. That this can work in the long-term, and generate the same results as the current data centers do.

This capital will be dedicated to site development, long-term energy sourcing, and infrastructure building across Tasmania, Perth, and Sydney. And the deliverables? 1.6 gigawatts worth of AI infrastructure by 2028.

It’s a win-win situation. If the project comes to fruition, and one of this scale, it would skyrocket Firmus’ reputation to being one of Australia’s leading data-center developers.

Introducing Firefox's AI Window that Prioritizes User Choice

Introducing Firefox’s AI Window that Prioritizes User Choice

Introducing Firefox’s AI Window that Prioritizes User Choice

Mozilla Firefox introduces AI Window- intelligent AI browsing with user choice at its core.

It’s a new day. And there’s a new AI browser in the market.

The so-called independent browser has re-entered the AI battle. Mozilla, which has been pacing slowly for quite a while, has finally become yet another name in the overflowing bucket of AI models and upgrades. But that doesn’t mean it’s been entirely in the shadows.

Only recently, in September, did the company launch its “shake to summarize” feature. This allowed iPhone users to view summaries of all the web pages open on their browser. And now, it’s an “AI Window” with a conversational AI chatbot and assistant.

Well, most of the features are the same as those of its competitors. But there’s a differentiating point that Mozilla itself presses upon-

It’s not coercing AI upon its users but allowing them a choice. Even the AI Window, the company claims, is built through transparent user input. And it is an opt-in in an intelligent and user-controlled environment.

So, what it means is that Mozilla is handing users the reins to leverage the AI features merely to the extent they wish to.

According to them, other AI innovators want to keep you in a conversational loop. But Mozilla stands apart from this. They respect user privacy and free will, and AI is only a means to browse the web’s extended universe. One where artificial intelligence is a trustworthy companion that can improve your browsing experience.

While Mozilla offered very few details regarding their new feature, users will be able to choose between three different browsing experiences- classic, private, and now AI. They also said users will be able to select the AI model they want to leverage, but there’s no further comment on this specific attribute.

For Mozilla users excited to try out AI Windows, they can sign up to join their waitlist.

A Nuanced Insight into B2B's Customer Acquisition Process

A Nuanced Insight into B2B’s Customer Acquisition Process

A Nuanced Insight into B2B’s Customer Acquisition Process

Stop optimizing your funnel. It’s a lie. Your B2B acquisition problem is a structural, human, trust-driven mess. Start there.

Let’s be honest. The B2B customer acquisition process is a complete mess.

It isn’t merely broken. It’s inherently misaligned with reality. We are all spending more money, burning out our teams, and getting weaker results. Costs are soaring. Real, high-quality pipeline is not.

We are trapped in a cycle of “more.” More MQLs. More cold emails. More ad spend. More content for the content graveyard. We run on a high-speed hamster wheel. We obsessively optimize a machine that points in the wrong direction.

Why? Because the model is based on a lie.

The lie is the linear funnel. The lie is that B2B buyers move in a clean, predictable path from Awareness to Purchase. The lie is that if we find the right MQL and “nurture” it with five emails, a sales-ready lead will magically appear.

That world is dead. It never existed.

The modern B2B buyer is entirely in charge. They are 70% of the way through their journey before they ever talk to a sales rep. They are self-educating in “dark-funnel” channels we cannot track. Think Slack communities. Think peer-review sites. Think private forums and social feeds. They form a consensus with a 10-person buying committee before we even know they are in the market.

We’ve responded by putting up more walls. More gates. More forms. We’ve turned the customer acquisition process into a gauntlet of transactional hurdles. We demand a prospect’s email address before we have even given them a reason to trust us.

The result is devastating. We are not building relationships. We are just qualifying MQLs. And this is killing our growth.

It is time to stop optimizing the broken model. It is time to build a new one. The fix is not a better funnel. The fix is an entirely different engine. It is an engine built on trust, momentum, and proven value.

What Is the Customer Acquisition Process, Really?

First, let us clear the air.

The customer acquisition process doesn’t merely concern your marketing funnel. It is not just your sales pipeline. It is definitely not just the MQL handoff.

A really functional customer acquisition process is the single, unified engine that aligns your entire revenue organization. Under one umbrella: acquisition and retention of high-quality accounts.

If your definition stops at “Closed-Won,” you have already lost. If your marketing team measures success on MQL volume while your sales team measures success on revenue, you are running two different companies.

This is the core human problem. We have functionally siloed our processes to the point of absurdity. The B2B buyer experiences a single, exhaustive journey. We manage it in three disconnected, misaligned pieces. The fix starts by acknowledging this deep structural flaw.

The Potential Gaps in Your Customer Acquisition Process

The first part of the new engine is about reframing the “top of the funnel.” The goal is not to “engage” as many people as possible. The goal is to become the only credible answer for the right people.

The old model was transactional. It said, “Give me your email for this e-book.” This is a low-trust interaction. It forces your buyer to lie with a fake email. It forces your sales team to pounce with an immediate, unwelcome SDR call.

The new model is about trust building.

This means you must stop gating your best content. Your best, insightful, and most strategic content should not be a “lead magnet.” It must be a brand magnet. It must be out in the open. Insert it on your blog. Publish it on your social media. And put it in your podcasts. Prove your expertise to the world.

When a prospect is in the dark funnel and learning on their own terms, you want them to find your ungated helpful content. You want them to read your article and think, “Finally, someone who actually gets it.” You want them to see your CEO’s LinkedIn post and feel understood.

It’s how you build trust before the transaction. The goal is to be so ridiculously generous with your expertise that when the buyer is finally ready to talk, you are the only company they trust enough to call.

It’s not about ignoring metrics. It is about changing it. Stop measuring MQLs. Start measuring “in-market” accounts that are consuming your ungated content. Start measuring the influence your content has on closed deals, not the leads it generated. This phase of the customer acquisition process is about winning the mindshare battle. When you win the mindshare, the “lead” is a byproduct. It is not the goal.

The Nitty-Gritty of Your Customer Acquisition Process: What it Should Be?

This nuance of B2B is often ignored.

We pretend we are selling to “Acme Corp.” We are not. We are selling to Sarah in Marketing. She is our champion. And Sarah is about to walk into an internal war.

She has to convince her skeptical boss, the Economic Buyer. She has to get approval from the overworked Head of IT, the Technical Buyer. She needs a sign-off from the paranoid Head of Legal, the Risk Buyer. She also needs to appease the end-users who hate change. These people do not share a brain. They often do not even share goals.

The traditional customer acquisition process is comically bad at this. We sent Sarah a generic, 30-slide “sales deck” full of our features. We expect her to do the rest. We are sending our champion into battle unarmed.

This part of the process is not about selling. It is about coalition-building. Your job is to make it easy for Sarah to build an internal consensus.

This means your sales process must become a consulting process. You need to map the buying committee. You must understand their individual pains. You have to create specific assets for them.

This is not a simple checklist. It is a unified strategy. When you learn the CFO is the blocker, you do not just send a pricing sheet. You co-build a custom, one-page ROI model with Sarah that speaks directly to the CFO’s P&L concerns. You do not send a 200-page compliance document when IT flags a security threat. You host a 30-minute “security and integration” call with their IT team and your engineer. You build peer-level trust.

You are building a micro-community around the solution. You are using tools like Digital Sales Rooms not as a content library. You are using them as a “deal cockpit.” All stakeholders can see the mutual action plan. They can access their specific documents. They can collaborate in one place.

The nuance here is critical. Your customer acquisition process must pivot. You must move from persuading a single buyer to empowering an entire committee. You win when your champion looks like a hero for finding you.

The Marketing-Sales Handoff: Customer Acquisition’s Treasure Trove

This is the most dangerous, most broken part of the entire B2B machine.

We have all seen it. The deal is finally done. The contracts are signed. The sales team celebrates. They ring the bell. They collect their commission. The “Closed-Won” deal is marked in the CRM.

And then there is silence.

The customer, who was just showered with attention, is thrown over a massive, invisible wall. They land in the lap of a “Customer Success” or “Onboarding” team. That team often has no idea what was promised. They do not know the customer’s actual goals. They do not understand why they bought it in the first place.

This is where B2B companies die. This is where the painfully built trust is shattered in an instant. The buyer’s remorse is immediate. The customer acquisition process has failed. And the metrics will not show it for another 12 months.

This part of the process is not about the signature. It is about the handoff.

A human-centric, high-trust customer acquisition process treats this handoff as the most critical step. The “sale” is not the endpoint. It is the transition point.

The fix is structural. The Customer Success Manager (CSM) should not meet the customer after they sign. The CSM must be part of the final stages of the sales process. They should be on the final call. They must co-create the “First 90-Day Value Plan.”

Think about the power of that. The customer sees a unified team. The CSM has full context. The promises made by sales are documented. They are transformed into an action plan before the ink is dry.

This simple, structural change obliterates the “wall.” It transforms this part of the process from a transactional event into the first act of a long-term, profitable relationship. It cements trust at the moment when trust is most fragile.

Your Best Customers Are Your Best Acquisition Channel

If your customer acquisition process stops at the first sale, you are operating an expensive, inefficient business. You are constantly hunting. You are incessantly trying to fill a leaky bucket.

This final phase is where the engine becomes a flywheel. It is where the process becomes self-funding and compounds.

This is not about “upselling” or “renewals.” Those are transactional outcomes. This is about proving and articulating the value you promised.

Your Customer Success team is not a “retention” department. They are your new growth department. Their job is not to be a friendly support rep. Their job is to be a strategic partner. They must be focused on making the customer a hero.

The CSM’s mandate is to quantify the value you have delivered. Six months post-sale, they should be working with your champion, Sarah, to build the “Value Realization Report.”

“Sarah, when we started, your team’s processing time was 40 hours a week. After implementing, you are down to 4 hours. We have verifiably saved your team 1,440 hours and $150,000 in six months.”

This report does two magic things.

First, it makes the renewal and expansion conversation a formality. The value is proven.

Second, it becomes the primary fuel for your entire acquisition engine.

That “Value Realization Report” is the single most powerful asset your company owns. It is the case study that Marketing turns into your next high-performing ad campaign. It is the proof point that your Sales team uses to arm the next champion in their own consensus-building battle.

This is the closed loop. The customer acquisition process for your next customer begins with the documented success of your current one.

Stop Optimizing the Funnel. Start Unifying the Engine for Your Customer Acquisition Process.

The B2B customer acquisition process is broken because it is siloed, transactional, and inhuman. We are so obsessed with our own internal metrics. We love MQLs, SQLs, and conversion rates. We have forgotten what the buyer actually experiences- a disjointed, high-friction, low-trust gauntlet.

You do not need a new dashboard to navigate this. And neither a new AI tool.

You need a new mandate.

The fix is structural. It is a commitment to unifying marketing, sales, and customer success under a single, unified revenue organization. It is about tearing down the walls between departments. It means rebuilding the entire process around the customer’s journey.

It is about changing your metrics. Stop celebrating MQLs. Start celebrating pipeline influence and proven customer value.

It is about building an engine, not a funnel. An engine where trust is the lubricant. An engine where proven value is the fuel. That is the only customer acquisition process that will win the next decade.

GPT 5.1 is Warmer, Says OpenAI. But Do We Really Need AI to be More Human?

GPT 5.1 is Warmer, Says OpenAI. But Do We Really Need AI to be More Human?

GPT 5.1 is Warmer, Says OpenAI. But Do We Really Need AI to be More Human?

Users asked for a much warmer, conversational model, and that’s precisely what OpenAI has achieved with GPT-5.1, which entails 8 unique chat tones.

“Cheaper,” “smarter,” and “faster” are the three labels tech companies glue onto their latest AI models. That’s what gets the attention of both users and the market, plagued by concerns.

The development costs, reasoning capabilities, efficiency, and performance speed. These facets were always under the spotlight.

OpenAI’s GPT-5 is warmer. And not just that. It comes with multiple personality options, such as nerdy, quirky, candid, and friendly.

But there was another inherent dilemma that was overshadowed- the AI model’s response and communication skills. Hallucinations aside, users observed that each AI chatbot (ironically) sounded just like a machine: detached, cold, and logically on point.

However, somewhere we’ve attached the chatbots a persona. The demand for AI to present more like a collaborative partnership and less like an assistant has transformed expectations.

It needs to have a more human touch. Or it needs to be more human? One might say it’s the same. But basically, it’s not. The actual question here is: why do we need AI to be more human?

Could it be for catering to different industries? Extend ChatGPT’s market penetration?

This rationale stems from the AI chatbot’s function as a therapist (or something equivalent). These models have been under a negative spotlight, with many hailing them as their go-to cost-efficient therapist to tackle mental health problems.

But hopefully, OpenAI isn’t directing the new GPT-5.1 towards this direction. And a more positive one- for research and knowledge expansion. After all this, the upgraded model is more intelligent and way better at following instructions.

And ChatGPT is “more enjoyable to talk to” with two new variants: GPT-5.1 Instant and GPT-5.1 Thinking. And in the future, the AI giant also plans to expand its personality presets.

“With more than 800 million people using ChatGPT, we’re well past the point of one-size-fits-all,” writes OpenAI’s CEO of Applications, Fidji Simo, in a Substack post.

Is SoftBank Doubling Down on OpenAI? Sells $5.8bn NVIDIA Stakes

Is SoftBank Doubling Down on OpenAI? Sells $5.8bn NVIDIA Stakes

Is SoftBank Doubling Down on OpenAI? Sells $5.8bn NVIDIA Stakes

Softbank’s sudden exit from NVIDIA isn’t the financial giant cleaning its hands of AI. It’s merely revamping its investment strategies.

There has been rampant speculation (and sure-shot statements) about the AI bubble. But only a few in the market have really gauged if AI is truly creating a bubble, or it’s merely a precaution, a way of being cautious after the dot-com bubble.

Each different quarter this year has flagged down a warning that this potential bubble could burst. And send all of us toppling- the G7 have no long-term, sustainable AI model in sight. But they continue to invest billions of dollars into artificial intelligence.

Hearing of Softbank selling its stakes in NVIDIA for $5.8bn sent shivers down the market.

But it isn’t giving up on AI just yet. The financial institution is merely doubling down on OpenAI, which it believes holds more promise. Especially after it reported $15.99 billion in valuation gains driven by its OpenAI holdings.

Why?

For Softbank, its investment in OpenAI is more substantial. It’s also freeing up more assets to further invest in new avenues. And diversify its portfolio after they made a $30bn investment in OpenAI.

According to a few market analysts, it’s not as if Softbank is abandoning the AI route. It is still the shiny, glossy plaything. Only that the finance giant could have found newer toys, which it believes hold more potential than NVIDIA.

“Investors typically sell out of positions when they believe the valuation is too rich, the growth prospects for the company are less attractive than before, or they’ve found something better to back and need cash to make that investment,” chimed in AJ Bell’s investment director.

And further on, attempted to justify this sudden shift

“Nvidia’s role in an AI world is already well known, yet OpenAI’s position is still evolving, so it might simply be that SoftBank sees the latter as a better way of profiting from the tech explosion going forward, rather than sticking with yesterday’s trailblazer.”

Honestly, there’s no stopping these institutions. So much so that the US’s economic model is now basically these seven giants sending a trillion dollars back and forth to each other.

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Wired announcing that AI is the Bubble to Burst Them All, to Fortune declaring that “a collapse is definitely a possibility.” There are plenty of best-case scenarios that the tech leaders and investors are drumming up for you. And some are rosier than others.

But there’s no doubt when we say that all of these companies are tied together in financial deals that are ticking time bombs. Even the Big Short- Michael Burry, who rightly predicted the housing bubble of 2008, placed $1.1bn bets against NVIDIA and Palantir.

Isn’t this a strategic move, or is it all left to fate’s hands?

AI can be persuasive. But it’s all a gigantic mess, not merely a bubble.