About three weeks ago, markets watched a historic unwind. The manager was directionally right. He didn’t survive being right. That distinction is

On July 16, a Chinese company called Moonshot released a new artificial-intelligence model named Kimi K3. Two things about it rattled the

As of late last year, the market has had an index for the price of intelligence. The SDLLMTK Index tracks the going

Until recently, the usage rule in artificial intelligence was simple. The best models cost the most, and the most expensive were the

Every few months a new release clears a benchmark that was supposed to be years away. The models are improving on a

On Friday, SpaceX is expected to complete the largest initial public offering in history, raising on the order of $75 billion in

Last month, Cerebras Systems went public, largely on the idea that it had finally solved one of computing’s oldest problems: the bottleneck that

Aggregate S&P 500 earnings are unusually strong. The Mag 7 prints are doing the heaviest lifting, but breadth has improved, and the

When Snowflake leaned into consumption pricing, the market hammered it. Every legacy SaaS metric deteriorated during the transition, and the thesis was

Nursing was supposed to be the safe profession in an AI world.  Hands-on, empathetic, credentialed, performed in person at the bedside of human beings

Wall Street is selling retail investors a story. The story is that quant strategies once reserved for institutional desks — factor tilts,

The strategy was sound. Its perfection is the trap.  Back in my July 2025 blog post, titled Apple’s AI Crisis: When Fortresses Become Prisons, I warned the walls had

Being right in the market is not the hard part. The hard part is staying right long enough to get paid for

Some of the most credentialed economists and market strategists on Wall Street are letting their accumulated frustration drive their conclusions. Not hacks.