Callum van den Enden
Product leader who ships production AI systems.
Currently founding hey anna, an analyst that tells you why your numbers moved. Before that, I repositioned a consumer tool into a $1M ARR enterprise business, led UK market entry from $20M to $60M in 12 months at Luxury Escapes, and much more over the journey.
Latest essays
- Cheap intelligence makes the incumbents richer Cheap intelligence does not destroy value; it relocates it. Follow the money down the stack as the model commoditises and it lands in the layers a falling token price can't reach: proprietary data, workflow lock-in, distribution. The SaaS apocalypse is real and aimed at the wrong layer - it comes for the thin wrappers and the pure-model labs, while the incumbent with a real moat just got a cheaper engine bolted into it.
- The bet against itself Intelligence is deflating about fifty times a year, and the companies that make it are filing to go public at the largest valuations in history. The contradiction resolves once you see that none of them is priced as a model company - Anthropic is an enterprise bet, OpenAI a distribution bet, xAI a compute bet - and each is worth a trillion dollars only to the degree it can stop being the thing it is famous for.
- The internet goes headless If intelligence is ambient and free, the scarce layer becomes the interface - the agent that represents you and filters the world before you see it. That is the best filter we will ever have on slop, and the most valuable real estate on the internet, which is why everyone who owns your attention will try to be it. The headless internet doesn't free the individual; it moves the choke point from the platform to the agent, and the only question that matters is who that agent works for.
- Context pruning is a bet on the future When an agent's window fills, the obvious move is to drop the oldest, biggest tool results. That's a cache-eviction bet you can't make optimally without seeing the future, and the right one depends entirely on your workload.
- Google wins consumer AI on distribution Intelligence is commoditising, so the model stops being the moat. What's left is distribution and a business that profits from giving intelligence away, and Google is the only company with both - fighting Nvidia, Apple, Amazon, Microsoft and Meta each on one front while it works all five.