SpaceX, Broadcom, and Oracle lined up 150 billion in AI debt in a week, and credit insurance spiked.
Markets
+1
Unitree lists at a $9B valuation with something almost no competitor has: a profit.
+2
A $10B investment in xAI became a $21B stake in a rocket company. That was the point.
A research lab becoming an enterprise software company gets better revenue and a different institution.
Premium
Purchase commitments don't sit on the balance sheet like debt. That's exactly why they matter.
Why the cheap model got expensive and the expensive models got cheap.
The first share sale since 1971, and what it says about the cost of staying in the AI race.
Why a 55-year first tells you more than the guidance does.
Tesla delivered a record 480,126 vehicles and the stock fell 7%. The market cares about robots now.
Autonomy
Tesla is a carmaker and an autonomy option wearing one ticker. Value them separately.
The market stopped paying for AI ambition and started pricing its cost. Buyers down, suppliers up.
Investors soured on hyperscaler AI spending, wiping $2.3 trillion off the Mag 7 while chipmakers rallied.
Google capped Meta's Gemini use and rented 110,000 GPUs from SpaceX. The AI bottleneck is physical.
A compute shortage that binds the richest buyers inverts the bubble thesis. Own the constrained layer.
+3
A week of DeepMind departures to OpenAI and Anthropic wiped a quarter-trillion off Alphabet.
Elite researchers are now a priced asset class. How to read the frontier-AI talent trade.
Frontier models are now controlled technology. How to price the political-access premium and risk.
Washington cleared Anthropic's Mythos 5 for 100 vetted partners as OpenAI also limits its newest model.
Policy
A shaky market and Sam Altman's trillion-dollar demand may push the biggest AI IPO to 2027.
OpenAI's pause is the first real test of whether public markets will fund AI's cash burn.
IBM's 0.7nm nanostack chip stacks transistors in 3D, keeping Moore's Law alive for another decade.
IBM rescued the scaling roadmap. The durable margin sits with the foundries and the enablers.
OpenAI's first chip is a margin play on inference. How to price the vertical-integration race.
OpenAI unveiled Jalapeño, its first custom chip with Broadcom, to cut costs and lean less on Nvidia.
A risk-repricing, not an earnings-repricing. How to read the most crowded trade's first real drawdown.
