AI's Pricing Power Shifts from Compute and Capital to Rules — Scorecard: 92 entries, 24 ledgered calls (6 verified / 2 publicly corrected in 1 and 5 days / 16 open). Four storylines: (1) the model layer went from "platform dream" to "regulated utility" — end of free (✓) → explicit pricing (✓) → telco-ification (ChatGPT under 50%) → licensed release; (2) regulation & sovereignty, the heaviest thread — Fable 5 pulled → passport wall → G7 co-writing rules → STAR fifth-set → GPT-5.6 licensed release → Fable 5 returns with a verification machine; R&D, compute, access, and exit all nationalized within six months ("velvet glove & iron fist" verified in 10 days); (3) compute framework 3→6 layers (✓), inference-layer de-Nvidia goes structural; (4) application-layer year confirmed by funding ($25B, $155M avg round) + embodied AI's triple inflection. Meta-judgment: H1's single biggest change is AI turning from a company business into a state asset — AI's pricing power is migrating from compute and capital to rules. H2 watchlist: Anthropic IPO (public pricing of the model layer), July 8 passport-wall final form, embodied AI crossing 10,000 units.