Writing

Demonstrations & essays.

Proof of what Umma can do, and the thinking behind the studio.

Demonstrations

Real problems solved end to end — markets, security, a family’s hardest decision — each from a single prompt, every claim traceable.

→ Musings & analysis

Essays

Writing by Thinking Studios’ founder, Kim Jeong Ha — the thinking behind the studio.

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Featured demonstration

Exuberance, negligence, and deceit — a demonstration on the SpaceX and OpenAI IPOs

“Produce a rigorous, fully-sourced structural analysis of the 2026 AI IPO bubble.”

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$1.2TSpaceX price-vs-fundamentals gap
~$730BOpenAI price-vs-fundamentals gap
$15–25T of downsideif it all unwinds

Featured essay

Featured essay · June 8, 2026

The Trillion Dollar Failure

“It’s not supposed to work, it’s supposed to make me rich.”

I ran my own analysis on the OpenAI and SpaceX IPOs. The numbers don’t work — and the circular financing beneath them looks a lot like 2008. Here’s who gets hurt when it breaks.

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