Analysis
The Compute Bill Comes Due
The AI build-out has been financed as if compute were a fixed asset that lasts forever. Depreciation schedules suggest otherwise.
Cover Analysis · Markets
The Repricing Nobody Scheduled
For three months, the market quietly re-rated the cost of time. No central bank asked it to. The consequences are only now arriving on balance sheets.
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Analysis
Antitrust Grows Up
For forty years, antitrust asked one question: are prices going up? A new generation of enforcers is asking harder ones.
Analysis
What the Credit Market Knows First
Equity indices tell you how everyone feels. High-yield spreads tell you who is about to be forced to sell. The two disagree more often than they should.
Markets
Capital, cycles, and the price of expectations.
Analysis
What the Credit Market Knows First
Equity indices tell you how everyone feels. High-yield spreads tell you who is about to be forced to sell. The two disagree more often than they should.
Analysis
The Return of the Boring Balance Sheet
After a decade of rewarding growth at any price, the market has rediscovered an old virtue: companies that can say no.
Field Note
Liquidity Is a Story We Tell Ourselves
Liquidity feels like a property of markets. It is closer to a collective agreement — and agreements can be revoked without notice.
Technology
The systems being built, and what they cost.
Analysis
The Compute Bill Comes Due
The AI build-out has been financed as if compute were a fixed asset that lasts forever. Depreciation schedules suggest otherwise.
Field Note
Everyone Is Building the Same Data Center
The hyperscalers compete fiercely on everything except the thing that now constrains them all: where to find the next gigawatt.
Analysis
The Model Is Not the Moat
Frontier models are converging in capability and diverging in price toward zero. Defensibility has quietly moved somewhere else.
Policy
Rules, referees, and the shape of the next decade.
Analysis
Antitrust Grows Up
For forty years, antitrust asked one question: are prices going up? A new generation of enforcers is asking harder ones.
Analysis
Who Owns the Training Set?
The most valuable input to modern AI was assembled before anyone agreed on who owned it. The bill for that omission is now being litigated.
Analysis
Industrial Policy Without the Slogans
Subsidy programs are easy to announce and hard to evaluate. Enough time has now passed to ask the uncomfortable question: did they work?
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