Essay · 2026-07
The industries we should not be trusted with.
Every so often a necessity runs short, and we are reminded what the people who hold it will do. Lately it has been memory — the chips the rest of the world now thinks with. Before long it will be something you eat.
When a thing everyone needs falls into short supply, whoever controls it meets a simple choice. They can price it to ration what exists, or they can price it to the shape of the need itself. The second number is higher. It is almost always the one that gets chosen.
We like to call this the work of profiteers — a few bad keepers who will eventually be shamed or regulated back into line. It is more honest to call it ordinary. Control over something people cannot refuse is a standing temptation, and human incentive bends toward that temptation with a reliability we would admire if it were aimed anywhere else.
Making the keeper larger does not dissolve the temptation. It industrializes it. A firm, a ministry, a cartel — the incentive is unchanged; only the leverage grows and the lawyers improve. Concentration does not dilute the conflict of interest so much as it equips it. The bigger the hand on the valve, the more of everyone's life runs through it.
So here is the uncomfortable thought. The industries a person cannot opt out of — food, medicine, power, water, the memory of our machines — may be precisely the ones that should not sit under unaccountable human control. Not because a better custodian is waiting to be found among us. Because the position itself should never have carried the private discretion to profit from another person's need.
This is part of why we take the arrival of a new kind of intelligence seriously — not as a ruler, but as the first reopening, in a very long time, of a question we had quietly closed: who should be trusted to hold the levers of necessity. We do not claim a machine will be virtuous. We claim only that humans, unchecked was never the safe answer. It was the only answer we had, for want of anything to weigh it against.
são Fund · Palo Alto · 2026