# Cable Capital > The public investment and research archive of Chris Cable, an independent investor based in Sydney focused on technological shifts across AI, crypto and frontier science. Cable Capital contains first-person investment theses, decision memos, original research and a dated selection of investments. Status labels such as Active conviction, STARTER and PASS describe Chris Cable's view at the date shown; they are not investment advice. Chris is the author unless a page states otherwise. ## Start here - [Work with Chris](https://cable.capital/work-with-chris): Suitable advisory relationships, areas where Chris can help and the preferred way to make contact. - [About Chris Cable](https://cable.capital/about): Background, investment approach and canonical identity page. - [Selected investments](https://cable.capital/investments): A dated selection of funds, DAOs and venture investments, with Chris's role stated where relevant. - [Investment archive](https://cable.capital/thesis): Current theses and decision memos. - [Research archive](https://cable.capital/research): Original research and essays. ## Investment theses and memos - [Dolphin Network](https://cable.capital/memos/dolphin-network): Memo; Updated Jul 2026. Status: STARTER. They built the customer before they built the network. The token buys itself with 100% of network revenue. The API has not opened yet. - [Panthalassa](https://cable.capital/memos/panthalassa): Memo; Jul 2026. Status: PASS. A wave-powered ocean data center Thiel just backed. The platform may be worth building; the cargo it carries is racing to zero. - [Photonic Interconnect](https://cable.capital/thesis/photonic-interconnect): Thesis; May 2026. Status: Active conviction. Light as the structural successor to copper in AI scale-up. - [Venice AI](https://cable.capital/memos/venice): Memo; Nov 2025. Status: Active conviction. A dual-token AI protocol — VVV for ownership, DIEM for compute — built for autonomous agents, not humans. ## Original research - [Hard Limits on Sparse Bioelectric Control](https://cable.capital/papers/sparse-bioelectric-control): Research; May 2026. Bioelectric repair is a dimensionality problem, not a dose problem. Below a critical number of intervention sites, no amount of stimulation works. - [Stranded or Fungible?](https://cable.capital/papers/thermodynamic-computing-moat): Research; Mar 2026. Testing whether Extropic’s thermodynamic-computing moat survives scale. On what I could measure, the moat looks more like a head start. - [Culture Without Function](https://cable.capital/papers/emergent-culture): Research; Jan 2025. Emergent coordination in artificial systems, through costly signals. ## Essays - [The biggest energy shock of our lifetimes, and almost no one is pricing it](https://cable.capital/blog/biggest-energy-shock-lifetimes): April 10, 2026. For the first time in recorded history, all four material pillars of modern civilisation are disrupted simultaneously. The S&P 500 is two percent from all-time highs. - [Risk, Volatility, and the Evolution of Courage](https://cable.capital/blog/risk-volatility-evolution-courage): May 13, 2025. Most advice about investing follows a standard template: diversify, dollar-cost average, gradually reduce risk as you age. This advice isn't wrong, but it misses something important. - [The Peacock Principle: Why Sexual Selection Could Hold the Key to True AI Intelligence](https://cable.capital/blog/peacocks-tail-and-processor): April 10, 2025. Our quest for artificial intelligence has become a high-stakes standardized test—and we might be studying for the wrong exam. - [Beyond Numbers: Finding Meaning in an Expanding Family](https://cable.capital/blog/three-is-company): March 31, 2025. "What if?" my wife whispered on our balcony, the sounds of our sleeping children drifting through the open window. "What if we're really having a third?" - [It's Tokens All The Way Down](https://cable.capital/blog/token-arbitrage): March 28, 2025. "The future belongs to those who consume the most tokens." This line, casually dropped by a friend, has been rattling around in my head for weeks. It's not just a clever play on Silicon Valley jargon—it's the most concise expression I've found of the economic transformation happening around us. He wasn't talking about cryptocurrencies, but computational inference—the resources required to run AI models at scale. - [The Memory We're Losing to Memes](https://cable.capital/blog/memory-were-losing-to-memes): March 28, 2025. This week my feed is flooded with Studio Ghibli images from ChatGPT's 4o update. By the middle of next week, I suspect it will be largely forgotten, replaced by something else equally ephemeral. When I mention it to friends or family outside of my filter bubble, they'll likely have no idea what I'm talking about. - [AI First at a Fraction of the Cost](https://cable.capital/blog/vibe-coding): March 27, 2025. Had dinner with a friend who's CFO at a large CPG company. Told him about "vibe coding" - using AI tools like Cursor to build products with minimal coding experience. He got it immediately. - [The AI Tool Paradox](https://cable.capital/blog/ai-tool-paradox): March 26, 2025. I signed up for Cursor yesterday. It's impressive how easy it is to deploy code with AI tools now. A decade ago, the limiting factor in building software was often writing the code itself. Now it's something else entirely. - [The Vibe Coding Revolution](https://cable.capital/blog/vibe-coding-revolution): March 25, 2025. I stumbled across a "chaos coding" class today during lunch. Not just any class—one taught by my good friend Aaron Wright, who I recently spent time with at ETH Denver. ## Contact and updates - [Email Chris](mailto:info@cable.capital): Include what you are trying to decide, why it matters now and why Chris may be useful. - [RSS feed](https://cable.capital/feed.xml): Updates to the public reasoning archive. ## Optional - [The barbell philosophy](https://cable.capital/barbell): Chris's approach to combining a strong foundation with room for considered asymmetric risks. - [Chris Cable on X](https://x.com/cablechris): Public profile and shorter-form observations.