AI is making content, code, and analysis abundant. The inverse is now true for anything that cannot be replicated: scarce assets are entering a supercycle. Thrive Capital bought the San Francisco Giants. Hall of Fame Racing bought Bugatti. Marc Andreessen has named the mechanism: when one category floods with supply, another drains. Not Boring writer Packy McCormick argues this dynamic is now accelerating across asset classes of all shapes and sizes.
The original piece started as a section in Not Boring Capital's quarterly LP update before the Giants and Bugatti deals pushed McCormick to expand it. The argument is not just about collectibles or sports franchises. It is a structural claim: anything easily replicable by AI will compress in value, while anything irreducibly unique will appreciate. The full piece works through the logic of what qualifies as genuinely scarce and why that distinction is about to matter more than almost any other investment framework.
Read the original for the asset taxonomy, the specific examples that do not make the headlines, and McCormick's case for why differentiation at the individual level follows the same logic as differentiation at the asset level. The conclusion is almost secondary. The reasoning that gets you there is the part worth your time.
[READ ORIGINAL →]