Spotlight
The $725 Billion Prisoner's Dilemma
Big Tech's free cash flow is falling to a decade low. Debt is being issued at a record pace. Buybacks have been paused. What this means in the capital cycle.
6 min read
Category
Spotlight
Deeper looks at the companies, sectors, and stories behind the numbers.
Spotlight
America's Best Month Since 2020: What the Rally Is Really Telling You
The S&P 500 is up 10% in April. The Nasdaq is up 15%. Oil is above $125. Consumer spending is slowing. And tech is carrying the entire thing. This is not your typical bull market.
7 min read
Spotlight
Big Tech Earnings: The Numbers Were Stellar. The Market Didn't Care About the Numbers.
60% collective earnings growth. $320 billion combined AI capex. And the stock that fell the most was the one spending the most. Welcome to the era of delayed gratification.
3 min read
Spotlight
The Memory Supercycle: Structural Shift or a Longer Version of the Same Old Cycle?
SK Hynix is up 600% in a year. Samsung's margins are approaching 80%. And the supply crunch isn't expected to ease before 2028. Here's why this cycle feels different, and why that's exactly the time to stress-test the thesis.
4 min read
Spotlight
The Market Doesn't Care About the War. That's Not Irrational But It Is Fragile.
Oil above $100. The Strait of Hormuz still contested. And the S&P 500 at record highs. Before you call it denial, look at what the market is actually pricing.
5 min read
Spotlight
Guns and Debt: The Trade-off Defining the Next Decade of Defence Spending
The US is proposing a $1.5 trillion defence budget. Germany just ran its largest deficit since reunification. Japan is spending at a record pace. The world is rearming, but the fiscal arithmetic is getting complicated.
4 min read
Spotlight
The Secondaries Boom: Why a $226 Billion Market Is Only Getting Started
30,000 companies waiting for an exit. $3.7 trillion in unrealized value. And a secondaries market that has grown 41% in a single year. The liquidity problem in private markets is not getting smaller.
4 min read
Spotlight
Gold at $4,700: What Is Driving the Rally, and How Much Further Can It Go?
65% in 2025. All-time highs in early 2026. A JPMorgan price target of $6,000 to $6,300. Gold is doing things it has not done since 1979, and the reasons go deeper than geopolitical fear.
5 min read