FNF #7
By Handzalah / Black Swan Research 13 September 2026, 8:55pm MYT
Topics discussed in tonight’s FNF:
- Cursor, an AI API aggregator company was bought by Space X
- A member believed that GPT 6 answered AGI and member says that it is the smartest AI and peak of AI ability
- Space X has very high computational power
- AI with access to tools and context analogy:
‘smart guy, no tools < average guy, with tools’ - Reasoning Neural Network (RNN) basically reprompts user’s prompts without user having to add more prompts
- A member believes that in the future everyone will have their own personal AI agent
- Agents consume a lot of tokens
- Chinese AI models are efficient and thereby scalable
- Boom of water (due to more of population being urbanized) years ago caused a bubble
- Bubbles like water, railway, internet and AI will and has been of great importance however, the companies coming out of that bubble is unknown part
- Certain low level coding still requires human input
- A member presents an AI model for monitoring faults and errors within a mechanical structure
- Salik, a tollgate operator in Dubai was given concession by Dubai’s RTA, Roads & Transport Authority to operate till 2071 (45 more years)
- Dubai Investment Fund (DIF) holds a large stake in Salik amounting to 75.1% or shares
- Lower margin in recent years because prior to IPO and concession agreement, Salik had to not pay RTA any concession fees
- Revenue in tollgate businesses are of two factors, traffic rate and number of traffic
- Traffic rate is usually linked with inflation. It can sometimes be raised on toll operator’s discretion. And sometimes traffic rate is 70% of CPI.
- Number of traffic depends on if the toll is inter or intra city tollgate
- Inter city tollgates tend to be more discretionary travelling like holidays therefore traffic can be more cyclical
- Intra city tollgates consist of more non-cyclical nature of commuting such as people commuting to work
- Favorable economy of Dubai
- Interesting thing occurs when tollgate in general raises prices. Toll rate or traffic rate increases causing people to use free roads more. After a while the free roads gets congested which increases demand for tolled roads. The price increase tend to only negatively affect the tollgate operator’s revenue in the short-term.
- For a tollgate that still has 45 years of concessions left, an EV/EBITDA of 21.5x seems reasonable (Salik)