Newsletter

Dear readers, On Thursday we wrote that the AI investment thesis was entering its most demanding phase — that the...

Dear readers, On Tuesday we wrote that the market was rewarding proven earnings power over product roadmaps — that Schwab's...

Dear readers, Yesterday we wrote about the companies pushing AI onto the device itself — Apple's silicon roadmap, Arm's 45...

Dear readers, On Friday we wrote that the market's pricing mechanism was shifting from rewarding companies that build AI capacity...

Dear readers, On Thursday we wrote that the hardware earnings came and went — that Nvidia's $81.6 billion quarter barely...

Dear readers, Yesterday we wrote that Nvidia's earnings would dominate 48 hours of market commentary and that either outcome —...

Dear readers, Yesterday we wrote that the payment networks had found a way to keep growing even as the American...

Dear readers, On Saturday we wrote that the physical layer of the AI economy — semiconductor equipment, power infrastructure, cooling...

Dear readers, On Thursday we wrote that the equity market's thesis — AI monetization and geopolitical relief outweighing the gravitational...

Dear readers, On Monday we asked whether Tuesday's consumer price data would determine if this rally had room to run....