Markets, AI, and
structural repricing

Long-form analysis from Itô Research. Read the full essays on Substack and follow each issue as they are released.

Archive
Titian - Sisyphus
Itô Research

You Can't Make It Without Betting Anymore

Mar 03, 2026

The essay frames modern professional life as a shift from linear career EV toward forced asymmetric bets. As credential pathways decay faster than they pay back, risk-taking is no longer optional but also self-defeating at system scale.

Titian, "Sisyphus," 1548–1549. Museo del Prado.

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Goya - Witches' Sabbath
Itô Research

AI is already replacing us

Jun 19, 2025

Western labor is undergoing a direct repricing, not a temporary slowdown. If output can be approximated at a fraction of labor cost, repricing is inevitable. The impact appears first in hiring freezes before broad layoffs.

Goya, "Witches' Sabbath," c. 1789.

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