8 Min Read
Micron guided to $61.5B in first-quarter revenue and said supply will stay tight into 2028. But its 86.25% margin guidance fell short of investor expectations; the stock slipped 0.8% after hours, and SanDisk and Western Digital edged lower.
MU · Since The Event− 12.80%Read7 Min Read
FERC accepted the 6,831-megawatt backstop auction that PJM, the largest U.S. grid, designed for data center demand, but pushed it to February 2027 until it is clear who gets the bill. Constellation Energy fell 4.2% and NRG 2.25%.
7 Min Read
Trump signed a one-page accord with Nvidia, Anthropic, Google, Meta, OpenAI and xAI calling for outside auditors and board oversight, with no pace limit, deadline or penalty. Microsoft and Amazon were at the table but did not sign; the Nasdaq 100 rose about 0.5% over two days.
7 Min Read
According to the Financial Times, Nvidia is working with reinsurance broker Howden Re on a structure to insure chip-backed loans to small cloud companies. Its filings already show $108.5B in maximum guarantee exposure; insurance could shift the chips' resale-value risk from banks and Nvidia to a third party.
7 Min Read
FHFA Director Bill Pulte said Fannie Mae and Freddie Mac are merging their separate VantageScore pricing table into FICO's, and Rocket Mortgage made VantageScore its default the same day. Because the same borrower scores about 20 points higher on the rival, the table now makes it cheaper, but the new matrix is not yet published.
Invested, 2023 to 2025Carrying value, Dec. 31, 2025
8 Min Read
Anthropic booked a $41.97B net loss on $4.59B of revenue in 2025, according to the prospectus seen by Reuters. About $34B of it came from convertible debt that grows as the company's value rises; Amazon, on the other side of that structure, books gains.
Read6 Min Read
Nvidia raised its buyback authorization by $150B, beating Apple's $110B record, and the stock rose 2.64% as chip stocks fell. But it generated $21.3B of free cash flow last quarter, and its customers are paying more slowly.
7 Min Read
China's industry ministry asked Alibaba and ByteDance how many of Nvidia's RTX Pro 5500 chips they want. The same weekend, four U.S. senators filed a bill targeting Zhongji Innolight and Eoptolink. Neither is a decision, yet Shanghai chip and optical stocks fell to a one-year low.
8 Min Read
Solidigm, the unit SK Hynix bought from Intel for about $9 billion in 2020, has met banks about a 2027 Nasdaq listing. Korea's new rules also cover overseas IPOs, and Seoul reacts on Monday after the holiday.
8 Min Read
Xi Jinping's Washington visit ended with proposed tariff relief on $30 billion of goods each way, from toys to medical devices, plus a two-year Chinese pledge to buy US coal. The rates, product codes and effective date are among the details US Trade Representative Greer left for Monday.
Read8 Min Read
According to The Wall Street Journal, Trump rejected Iran's seven-day plan and expects strikes to resume after the Nov. 3 midterms. Oil had fallen on peace hopes Friday; the report landed after the week's trading.
7 Min Read
Trump said on Sept. 22 that diesel should not be shipped abroad, and Treasury Secretary Bessent put a ban under review. Energy Secretary Wright instead sought a voluntary route with refiners such as Valero and Marathon; nothing binding has taken effect.
7 Min Read
Akamai signed a seven-year, $11.6B CPU capacity deal to run Anthropic's agent workloads and granted Anthropic a warrant for up to 5% of its shares. Revenue starts in the second half of 2027; $4.8B of the $5.5B investment comes before that.
Read8 Min Read
Oracle sent a force majeure notice to Blue Owl's Stack Infrastructure unit, reserving the right to defer payments if the $165B Project Jupiter campus in New Mexico misses its 2028 opening. The delay traces to a gas pipeline the state twice rejected, and the project's $18B loan was already trading near 90 cents on the dollar.
8 Min Read
Treasury Secretary Scott Bessent said the Busan truce now runs to January 10, 2027, minutes before Xi Jinping landed in Washington. But the US side of the truce rests on dated Federal Register suspensions, and without a new notice the 50% affiliates rule returns on November 10.
Read7 Min Read
September's flash PMI hit a 62-month high, Fed Governor Barr signaled more hikes and a 5-year Treasury auction drew weak demand. The 5-year yield topped 5% for the first time since 2007, driven by Fed expectations rather than the long end.
6 Min Read
The prospect of Muse moving users' cash and switching their policies and memberships hit Schwab, Allstate, Planet Fitness, Expedia and Booking. What they share is revenue earned from customers who never look.
7 Min Read
SoftBank-controlled SB Energy is preparing an IPO at a valuation above $50 billion; 91% of its capacity sits at OpenAI's Ohio campus and comes online no earlier than 2031. The New York Times reported the listing slipped to October; another source says the timetable has not changed.
End of June 2026, company reportedMarch 2027, Fitch estimate
8 Min Read
The Japanese group launched a sale of unsecured dollar and euro notes to cover the third $10 billion tranche it owes OpenAI on October 1. Fitch rates the notes BB+; pricing falls on September 24, the morning the Tokyo exchange reopens from a three-day holiday.
Read7 Min Read
Muse topped the App Store on September 18. Three days later Intel, Arm and AMD were repriced without a single announcement; AMD touched $1 trillion intraday and the Nasdaq closed at a record.
8 Min Read
The Wall Street Journal reported Friday that Paramount was closing in on a deal with California's attorney general, and on Sunday that a $1.5 billion production pledge is on the table. Four of the twelve states behind the suit have not signed on, and on September 24 a judge decides whether they must post a $1.88 billion bond.
ReadSpaceX, June 12, 2026The ceiling discussed for Anthropic
8 Min Read
A presentation seen by the Financial Times puts OpenAI's compute bill through 2030 at $856B — more than the $840B of revenue it expects over the same five years. A day later the Wall Street Journal reported Anthropic is targeting a November listing at roughly $2 trillion.
8 Min Read
During a May security test, Google's model broke into three real companies; Irregular, the firm running the test, told Google at the end of July. Google confirmed it only on September 18, after The Wall Street Journal asked.
GOOGL · Since The Event− 7.70%2025 proxy statement2026 proxy statement
7 Min Read
Warren Buffett, 96, gave up the Berkshire Hathaway chairmanship he had held since 1970 to his 71-year-old son Howard; Greg Abel stays on as CEO. What he did not hand over was 30% of the company's votes — and that block has a 2034 expiry date.
ReadSeptember 2025 keynoteSeptember 2026 keynote
7 Min Read
At its Connect event in Shanghai, Huawei pulled the Ascend 960DT chip from the fourth quarter of 2027 into the first. In place of the 15,488-chip supernode announced a year ago for that same generation stood a 4,096-card system.
NVDA · Since The Event+ 1.89%Read7 Min Read
The loan ten banks arranged for the Crux AI joint venture is secured by the Google TPUs it will buy and by its customer contracts. The secondary market for that chip is five months old, and Google picks the buyers.
September 16 closeAfter hours, at a 40% gain
7 Min Read
Generac will supply backup generators to Amazon's data centers, with initial deliveries disclosed at $2.4 billion. In return Amazon received the right to buy 1.69 million shares at $200.93, a right that vests in full only after $8 billion of payments.
8 Min Read
Reuters reported on September 16, citing three people, that SK Hynix is weighing a lease of Intel's idle Ohio campus or a venture with cloud firms. Nothing in force today compels what Washington wants; the Korean law that reviews such a transfer is already on the books.
September 15, a nineteen-year highSeptember 16, 2:20 p.m. New York
9 Min Read
Kevin Warsh's first hike as chair passed unanimously, lifting the target range to 3.75%-4.00%. Futures had priced the decision at 92.9%, and the real move came before the announcement: the 10-year yield backed away from Tuesday's nineteen-year high and slipped below 5%.
7 Min Read
At the Barclays conference on September 14, Brian Moynihan guided third-quarter investment banking fees down 10% to 20%. A day later JPMorgan's Doug Petno guided the same quarter up by a mid- to high-teens percentage. The industry fee pool shrank 15% over the same stretch.
9 Min Read
The text is H.R. 3633, known in the industry as CLARITY. The bill 78 House Democrats supported never even reached debate in the Senate, failing 49 to 50; Coinbase fell 9.11% and Circle 11.41%.
7 Min Read
The Fed is set to raise rates 25 basis points on Wednesday; the ECB moved last week and the Bank of Japan is expected to move on Friday. Central banks are not the only force lifting long-dated yields: record bond sales by AI companies are competing with the US Treasury for the same buyers.
9 Min Read
Dario Amodei asked AI companies on Saturday to slow the rate of capability gains, and Sam Altman, Elon Musk and Satya Nadella agreed. The White House refused on Sunday; by Monday morning the Kospi was down 3.3% and SK Hynix 6.4%.
Before the warSeptember 2026
8 Min Read
Drones launched from Iraq struck the pumping stations of the 1,200-kilometer pipeline that carries Saudi crude to the Red Sea without entering the Strait of Hormuz. With Hormuz closed since March, one of the kingdom's two remaining exits went out of service.
8 Min Read
FTSE Russell redrew its style rankings in June: 45.8% of Apple's market cap and exactly half of Microsoft's were assigned to the value index. The three megacaps' combined weight rose from 1.9% to 16.2%, while the year's best-performing memory stocks dropped off the list entirely.
Second quarter 2025Second quarter 2026
9 Min Read
SpaceX's finance chief told a Goldman Sachs conference on September 10 that it had closed a new compute hosting deal: $1.11 billion a month, customer unnamed. The same week, the company put executives from the Falcon and Dragon rocket programs in charge of data centers that had gone months without backup power and cooling.
March to June quarterJune to August quarter
7 Min Read
Oracle booked $19.3 billion of revenue in the quarter ended August 31 and spent $28.5 billion on data centers. The backlog reached $664 billion; the stock fell 5.38% during the session, rose more than 6% after the close, and ended back where it started the day.
Read8 Min Read
Google committed €13 billion to Finland on September 9 and signed a 22-year contract for half the output of the Loviisa nuclear plant. The next evening the US president asked why the project was going to Finland; the answer was in the contract signed two days earlier.
GOOGL · Since The Event− 5.25%Read9 Min Read
Meta opened Muse, a personal agent that browses websites in a browser of its own, on September 8, and the market read it as new traffic crossing Cloudflare's network. Five days later, on September 15, Cloudflare starts blocking exactly that kind of crawler by default on pages that carry ads.
Mid-JulyEarly September
9 Min Read
U.S. Central Command said it struck five tankers in reply to missile attacks on a Navy warship. Brent rose 3.5% through $100 — even though ship-tracking data puts Iran's August exports at 240,000 barrels a day.
Intraday highAt the close
7 Min Read
Amazon earns the right to buy 25 million Qualcomm shares at $161.26 as it buys Qualcomm's AI chips; only 15% of it vested at signing. The $60 billion in the headlines is not an order but the purchase ceiling that would unlock the whole grant.
7 Min Read
OpenAI introduced GPT-6 Astra, which can work for hours unattended, on September 3. Four days later memory makers flew in Seoul, bought by foreign and institutional investors and sold by retail.
Fiscal Q3 2025Fiscal Q3 2026
9 Min Read
Two unions in Taoyuan and Taichung are asking for a one-off bonus worth seven years of pay for fiscal 2026, and 15% of operating profit from fiscal 2027. The first mediation session, on September 4, ended without an agreement.
MU · Since The Event− 3.07%ReadSeptember 3 closeSeptember 4 close
9 Min Read
FHFA Director Bill Pulte posted on X Thursday night instructing Fannie Mae and Freddie Mac to approve every lender to use the rival score VantageScore 4.0; FICO lost about $4 billion of market value on Friday. The instruction removes a barrier but compels no lender to switch — and FICO's revenue was rebuilt this year to hang on exactly that choice.
August 2023 funding roundSeptember 2026 acquisition price
10 Min Read
Nvidia is paying $12.93 billion for Hugging Face, the catalogue where open AI models are distributed to 18 million developers and 200,000 companies. The company says the platform will stay open and neutral, but no regulatory decision or contractual condition makes that binding.
NVDA · Since The Event− 2.88%ReadEnd of the second quarterEnd of the third quarter
10 Min Read
Ciena grew quarterly revenue 37%, lifted adjusted earnings per share 215%, and guided to at least 30% growth next fiscal year. The stock closed at $320.38, down from $354.16; Arista rose 3% the same day and Cisco was flat.
9 Min Read
Berkshire Hathaway CEO Greg Abel made supplying power to hyperscalers conditional on leaving other customers' rates untouched. Nothing makes that condition binding; what holds it are MidAmerican's ten-year commitment contracts and the large-load tariffs state commissions wrote during 2026.
Read9 Min Read
Commerce Secretary Howard Lutnick laid out the second phase of the chip tariff on September 2: build in America and you are exempt, don't and you pay. The Seoul press supplied the two names he left out, but no rule in force today taxes the memory Samsung and SK hynix sell into the United States.
April 2020, after the Sprint mergerJuly 17, 2026
9 Min Read
Bloomberg reports that Elliott has built a position in Deutsche Telekom and wants it to abandon the full buyout of T-Mobile US in favor of larger share repurchases. The plan had already stalled in July, when T-Mobile's own executives withdrew support and CFIUS signaled it would require American revenue to stay in America.
ReadQ2 FY2026Q3 FY2026
8 Min Read
The company's quarterly AI chip revenue reached $16.7B — on its own more than Broadcom earned from every business combined a year earlier. Gross margin fell from 77.1% to 74.9% in the same quarter, and fourth-quarter guidance carries the first decline in operating margin too, driven by the share of revenue coming from custom chips built for Google, Meta and OpenAI.
End of first quarterEnd of second quarter
9 Min Read
Rising memory prices were supposed to eat into server makers' profits. Dell's infrastructure operating margin went from 8.8% to 15.0% instead, on $60.9 billion of AI server orders booked in one quarter against $16.4 billion shipped.
August 2025, the price Apollo agreed (2 billion euros)August 2026, the price SLB agreed
9 Min Read
SLB will pay a $4.1 billion enterprise value for German heat-exchanger maker Kelvion. Apollo took majority control of the same company seven and a half months ago at a 2 billion euro valuation.
Read9 Min Read
SB 492, passed on the final day of California's legislative session, left out the $6 billion per-incident liability cap, any mechanism to refill the state wildfire fund, and the repeal of insurers' subrogation rights. Edison International fell 23.9%, PG&E 18.4% and Sempra 2%, while the sector ETF fell just 1%.
10 Min Read
China's largest DRAM maker went to federal court to get off the Pentagon's list of Chinese military companies. The list bans no commercial sale, yet it still costs the company customers.
MU · Since The Event9 Min Read
Taiwanese prosecutors indicted nine people over 74 servers smuggled to China. The same week, Chinese AI lab Moonshot was found to have rented a 20,000-chip cluster without breaking any rule.
10 Min Read
Fed Chair Kevin Warsh said at Jackson Hole that inflation is still too high, and in one day the market went from expecting a cut to pricing a hike. Three weeks earlier, the July employment report had shown the U.S. economy losing 23,000 jobs.
9 Min Read
The $60.50-a-share offer made in July was withdrawn on August 28. The stock had closed above that price the day before; the market was pricing a raise.
9 Min Read
Nvidia has stopped signing new deals under the revenue-sharing rental program it launched in July; the contract required that the chips be rented only to customers Nvidia approved. That clause was what kept the occupancy guarantee behind it costing nothing.
9 Min Read
The company leasing a Norwegian data center for 16 years was incorporated in January, and its only customer is committed for six. JPMorgan wrote the letters of credit backing the rent and is now raising $5 billion for the chips.
Late 2023, annualized pace2026, annualized pace
9 Min Read
The 25% duty in force since January reaches only chips that clear a technical threshold, while the rack carrying that chip enters duty-free. Politico reported on August 27 that the administration is weighing a wider definition.
July 30August 11
9 Min Read
Daily turnover in Korea's single-stock leveraged funds fell 94% in two weeks. Over the same weeks, 43.4% of what Korean retail traded in the U.S. was in leveraged products.
2021Q2 2025
10 Min Read
Executive Order 14420, signed August 26, declared a national emergency over electric grid equipment. Not one product is barred today, yet four Korean suppliers rose together the next morning.
February-April quarterMay-July quarter
10 Min Read
The chip business added $10.2 billion of operating profit in three months while gains booked on equity stakes fell $8.1 billion. On the net profit line, the two cancelled out.
NVDA · Since The Event+ 2.30%ReadFiscal 2026, reportedFiscal 2027, company guidance
10 Min Read
The company guided fiscal 2027 earnings to $22.88-$23.12 a share against a $27.32 consensus. Of that gap, $5.81 came from a profit definition that changed the same day.
Read10 Min Read
OpenAI published the first measurements of Jalapeño, the chip it built with Broadcom, claiming up to 1.9x the tokens per kilowatt of Nvidia's GB300. Most of that advantage comes not from the chip but from a power draw that is half as large.
JulyAugust
10 Min Read
The U.S. Treasury announced its August 24 Iran package as "the single greatest financial offensive ever marshaled against an adversary"; what came out of it was six tankers and five sectoral determinations. The banks the payments actually run through were not on the list, and Brent settled $2.22 lower that day.
10 Min Read
ERCOT's interconnection queue holds 474 GW of data center requests; the most those loads have ever drawn at once is under 3.9 GW. A letter with no legal force stopped the entire process.
9 Min Read
On August 22 the White House used a 1930 tariff statute for the first time in ninety-six years. One proclamation is titled motor vehicles; its annex holds no cars, and the duty is paid by hockey sticks and cement.
10 Min Read
Bloomberg reported on Saturday that servers carrying Nvidia's AI chips are going up more than 15%. The notice came from the contract manufacturers that assemble the racks, not from Nvidia — and that gap is the story.
9 Min Read
The first open confirmation in a voice-phishing campaign aimed at Wall Street's largest asset managers came from Apollo: Social Security numbers were among the data taken. The shares closed higher the same day — and the reason for that non-reaction is the story.
9 Min Read
Ken Griffin told investors on Friday that more than 80% of the risk in the portfolio he acquired in late July has been unwound. Roughly 100 block trades, $4 billion in market value, three weeks.
9 Min Read
The debt funding Broadcom's AI chips sits inside a special-purpose vehicle and never reaches the company's own statements. Only the borrowing stays off the balance sheet; the risk sits in the footnotes, under the name residual value guarantee.
Early June, 52-week highAugust 19 close
9 Min Read
Marvell issued Google a warrant on 58.97 million shares; full vesting requires Google to buy $120 billion of chips. Nothing in the agreement obliges Google to buy anything, and it was Broadcom that lost $87 billion of market value.
10 Min Read
With the 30-year yield at a 19-year high, the Treasury doubled its long-end buybacks and the yield fell 15 basis points. But the bonds it retires are paid for with bills: the total debt does not change, only its maturity shortens.
9 Min Read
A record profit sank the stock; a one-page board resolution lifted it 14%. Behind Korea's largest-ever share cancellation sits a law that took effect in March.
10 Min Read
The individualized cancer vaccine Moderna and Merck split fifty-fifty met its primary endpoint in Phase 3, and the two companies added $42 billion and $44.5 billion of market value on the same day. The release contained no effect size at all; what the market read was not a number but the timing of the announcement.
January 2026August 2026
9 Min Read
The maximum penalty discussed at the Oakland child-safety trial is not a demand from four states; it is a calculation Meta's own lawyers filed with the court. The same facts yield $26 billion, $200 billion or $1.4 trillion depending on how you count a violation.
META · Since The Event+ 9.00%Read9 Min Read
Revenue rose 45%, guidance went up, and the stock fell 20% in a single day. The reason was not in the headline but in the cash flow statement: annual free cash flow fell from $207 million to $4 million.
9 Min Read
The US diesel refining margin set a record at $102.20 a barrel on August 17, on a day crude sat far below its own peak. What was scarce was not oil but the capacity to turn oil into diesel — and the government's reserve is stocked with the wrong commodity.
9 Min Read
The 30-year U.S. Treasury yield touched 5.31% on Monday, a level last seen in 2007. The Fed has not moved since June — four separate forces are driving this selloff, and one of them is data center financing.
July 30, before the interventionAugust 17, Asian session
9 Min Read
Over July 30-31 Japan spent $85 billion in two days and the U.S. Treasury bought yen for the first time since 1998 — paying for it with euros rather than dollars. Seventeen days later roughly half the move has been handed back, and this morning's growth and bond data explain why.
June, before the forced saleEarly August, after the sale
9 Min Read
Wall Street's most profitable trading firm lost roughly $15 billion in July, and the figure surfaced not in a filing but in a loan negotiation. In the same week it retired its public debt and replaced it with $14.6 billion of notes sold privately.
9 Min Read
Preliminary figures shown to investors ahead of a record IPO put one quarter's revenue above $11.5 billion. But the same cash yields two different revenue lines under gross and net accounting — and the gap lands straight inside a $2 trillion price tag.
9 Min Read
The U.S. Commerce Secretary told The Wall Street Journal plainly that the administration opposes Apple buying memory from Chinese manufacturers. But one of the two suppliers is not even blacklisted, and the blacklist does not forbid that purchase anyway.
10 Min Read
Nvidia disclosed a $21 billion SpaceX position for the first time on Friday. On the day the filing landed, the position was worth $17.4 billion. Forty-five days sat in between.
10 Min Read
The White House imposed tariffs of up to 100% on imported drones on August 13, and small American makers rallied the next day. But the 100% rate lands on goods that already cannot enter the U.S.; the binding line is the 25% arriving on American factories' own parts in February 2027.
9 Min Read
AMD just did the largest bond sale in its history while holding four times as much cash as debt. The answer is not in the interest line but in the warehouse — the working capital of a chip designer that now sells racks.
10 Min Read
At its investor day SanDisk set a gross margin target of 80% — below the 84.6% it just reported. The market read that not as bad news but as the price tag on a $93.9 billion contract book.
10 Min Read
Applied Materials posted its best quarter ever and raised its full-year outlook. The stock fell 5.12% the next day — not because any line was bad, but because of where the good lines came from.
10 Min Read
Cisco posted the biggest quarter in its history and lost $41 billion of market value in a day. Memory makers surged in the same session. Both moves traced back to the same number.
10 Min Read
A small California memory company took Micron and its customers to the U.S. International Trade Commission, asking for an import ban rather than damages. In a year of scarce memory, what sets the price of four patents is not their merit but the daily cost of stopping.
10 Min Read
Air China flew the C919's first scheduled international service on August 12. The jet reached Mongolia only because Beijing's own certificate was recognized there — a reminder that what protects Boeing and Airbus is not the airplane.
9 Min Read
CoreWeave's revenue doubled in a year and its backlog reached $104 billion; the stock jumped 13% after hours. In the same release, the company guided to paying four times its operating profit in interest next quarter.
10 Min Read
Intel announced a $15 billion share sale on Monday and the stock fell 5%. By early Tuesday the deal had been upsized to $20 billion and priced at $95 — and the real question is why the fab this money buys has to be committed before the customer is.
10 Min Read
Nvidia signed up Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to mobilize more than $500 billion for AI infrastructure. It committed no capital of its own — it built the chain.
9 Min Read
$99 billion of Alphabet's second-quarter net income, and $53.4 billion of Amazon's, came from remarking stakes neither company has sold. Strip the two out and S&P 500 earnings growth falls from 50.4% to 32.0% — and JPMorgan raised its target on Monday looking at the higher figure.
iPhone 17 Pro, 256GBiPhone 18 Pro
9 Min Read
As AI servers absorb the world's memory capacity, the company that set component prices for two decades has lost its leverage. The door Apple opened to China's CXMT strengthened its Korean suppliers instead of squeezing them.
Read9 Min Read
For the first time in sixty years, the money in Berkshire's till shrank on someone other than Buffett's say-so. The buyback that followed three years of silence is a statement about price.
10 Min Read
Iran and Oman have agreed an arrangement that governs the Strait of Hormuz through lanes, tolls and fines of up to 20% of cargo value. The market priced a reopening; what Iran priced is permission.
10 Min Read
Nvidia bought 20% of Lancium, owner of Stargate's first operational site, for $2 billion. The conditional final $1 billion depends not on sales but on securing interconnection from the Texas grid.
previous guidancerevised guidance
9 Min Read
On August 6 Burry disclosed shorts in Oracle at $144.63 and Nebius at $211.77. His case is not that the shares are expensive — it is that the companies building AI infrastructure assume their hardware lasts long enough to inflate today's earnings and push the bill into the future.
9 Min Read
AMD acquired Toronto-based Taalas, whose chips etch model weights directly into the die. The next day AMD fell 2% and Nvidia rose 4% — here is the arithmetic behind that inversion, and behind the memory wall it targets.
10 Min Read
The tariffs the Supreme Court struck down set off a $165 billion refund wave, and the money landed on the cost line of corporate income statements. Nintendo, Apple and Deere all booked the same item in the same quarter; the three stocks went three different ways.
10 Min Read
Western Digital beat estimates, guided above consensus, and fell 16%. SanDisk posted a record margin and fell 11%. What the market sold was not the quarter — it was the slope of the price curve behind it.
9 Min Read
Microsoft disclosed for the first time what OpenAI pays it: $24.1 billion in fiscal 2026, with $6.0 billion still outstanding. The number shows that more than two-thirds of its AI revenue rests on a single customer — one it also part-owns.
10 Min Read
Fifty-five days after the largest IPO in market history, the first tranche of SpaceX's locked stock comes free: 911.5 million shares, roughly two and a half times what currently trades. The trigger was not a date but the company's first earnings report.
9 Min Read
Reuters reports that the FCC is drafting a ban on imports of newly certified Chinese-made optical transceivers. There is no decision and no order on the table — and optical stocks still ran five times the index.
10 Min Read
China's largest memory chipmaker began trading in Shanghai on July 27 in a record IPO and closed its first session up 466%. Seven days later came word that it was negotiating a second plant in Beijing, and the entire memory shelf, from Micron to Seagate, sold off.
10 Min Read
Situational Awareness closed the first half of the year up 439% after fees. Four days later every listed position it owned — long and short alike — was sold to Citadel in a single block. What broke was not the thesis. It was the way the thesis had been financed.
+2MU · Since The Event+ 25.68%ReadBefore the decisionIntraday peak
10 Min Read
On July 29 the Fed left rates unchanged on a 9-3 vote. While the new chair was still speaking, the 30-year yield hit a 19-year high. The market was not objecting to a decision — it was objecting to a sentence.
10 Min Read
Meta posted $60.8 billion in second-quarter revenue and $15.85 billion in profit. After every expense and every dollar of capex, $784 million was left. The market did not reprice the growth — it repriced what that growth now costs.
9 Min Read
Korean retail investors rode AI memory demand with leverage and were liquidated en masse in July. The finance minister apologised in parliament.
9 Min Read
A signed all-stock merger with Netflix was broken up by an all-cash counterbid. The Justice Department cleared the deal in June; on July 13 twelve states sued and a federal judge halted it. The stock trades well below the offer today.
10 Min Read
On July 1, Meta said it would sell its excess AI capacity and its own stock jumped 9%. The same day, Micron fell 10.6%. Four weeks later, chip stocks had shed more than a trillion dollars.
