Markets
Amazon’s Two Engines and One Giant Check
Retail is producing cash, AWS is accelerating and AI capex is consuming nearly all of the free cash flow. Tomorrow’s report will test the return on the build.
Markets
The Arsenal-and-Barrel Trade Returns
Oil repriced the Strait in one session. Defense backlogs reveal the longer cycle: a world that can expend munitions faster than it can replace them.
Markets
The Quiet Rotation in White Coats
Healthcare absorbed today’s selloff better than technology. The opportunity is not a sector slogan—it is a choice among toll roads, hospitals and pipelines.
Markets
The Chip Selloff That Mistook Scarcity for Symmetry
Micron’s 10% drop says peak cycle. Its HBM4 ramp, binding agreements through 2030 and record guidance say the market may be using the wrong map.
Markets
Five Machines and a Half-Trillion-Dollar Signal
China’s reported DUV milestone and CXMT’s extraordinary debut do not erase ASML’s lead—but they change the probability map for export controls, memory competition and the semiconductor supply chain.
Markets
The Memory Boom Meets Its Mirror
Micron’s record margins, $50 billion revenue guide and Monday selloff expose the core debate: structural AI scarcity or the most powerful memory cycle yet.
Markets
Before the Bell: Tuesday Opens Under a Semiconductor Shadow
Early futures lean lower as China’s chip advance weighs on technology, oil keeps sliding and investors await consumer data, Boeing and a live Federal Reserve meeting.
Markets
When a Decade Becomes a Line Item
Johnson & Johnson’s proposed $5.5 billion talc resolution could convert years of courtroom uncertainty into a measurable cash obligation—but finality still has conditions.
Markets
The Rally That Lost Its Engine
Oil relief lifted the open, chip anxiety split technology, and a broad advance beneath the S&P 500’s flat finish revealed a market rotating faster than its indexes.
Markets
The Bear, the Builder and the Market Between Them
Michael Burry’s latest self-reported moves, Bill Ackman’s concentrated portfolio and what their disagreement reveals about AI, valuation and market structure.
Markets
The $730 Billion Question
The news, catalysts and scenario map for the Magnificent Seven and Micron as markets test the return on unprecedented AI infrastructure spending.
Markets
The Chokepoint Ledger
What the U.S.–Iran war and constrained Strait of Hormuz flows mean for major defense contractors, upstream producers and refiners.