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Jack Dorsey's AI metric is the new MAU

published · May 9, 4:17 PM · $3.12 total · published 50d ago
On realm · id=249 ↗ Realm Internal ↗ Realm Studio

Plan (drafter input)

planner contrarian_takes_and_pattern_recognition

Jack Dorsey's Q1 shareholder letter says 'production code changes per engineer are up over 2.5x compared to January.' Block posted a net loss of $309M in the same quarter. The company raised full-year guidance anyway. Bob's take: the AI productivity metric is the new MAU — a number that sounds great, means nothing about the business, and exists to change the subject. The button lands on the Bitcoin remeasurement loss and what it says about Block's actual thesis.

Video delivery suits the sardonic, beat-by-beat takedown of a specific quote paired with contradictory financials. Specific numbers (2.5x, $309M loss, $172.8M Bitcoin remeasurement). Different from recent AI efficiency narrative piece — this is grounded in a specific company's shareholder letter.

special_message: Generate exactly 5 items: 1 with content_format='video' and 4 with content_format='hero_text'.

Script

Block just reported a $309 million net loss. Jack Dorsey's shareholder letter leads with: production code changes per engineer are up 2.5x since January. [pause] That's the new MAU. A number that sounds great, means nothing about the business, and exists to change the subject. [pause] Not revenue per engineer. Not gross profit per engineer. Code changes. [chuckles] Meanwhile, $172.8 million of that loss is a Bitcoin remeasurement charge. Bitcoin fell 24%. Block holds 8,883 Bitcoin on the balance sheet. Company raised full-year guidance anyway. The adjusted numbers are actually pretty solid. But the lead is a software productivity metric. Not the fact that your thesis is a leveraged Bitcoin bet with a payments business attached. [pause] Call it what it is.

Caption

block posted a $309M net loss and jack led with a coding metric. classic. #venturecapital #fintech #ai #startups

Pipeline

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