The Constraint That Three Companies Control and None of Them Can Solve Fast Enough
High-bandwidth memory has become the binding constraint in AI infrastructure. Memory stocks posted their best week on record, with the sector up 30% in five sessions. Supply cannot catch demand for years. Here is what that condition looks like.
The Rally Is Real. The Question Is How Many Stocks Are Actually In It.
Goldman Sachs says market breadth has not been this narrow since the dotcom era. The index is at all-time highs. Those two facts describe the same market.
The Single Most Consequential Earnings Event of 2026 Lands Next Wednesday
Wall Street expects total revenue around $78 to $80 billion. The hyperscalers just raised their capex again. If any company can beat those expectations, it is Nvidia. The question is whether it does.
The Market Has Already Priced Tomorrow’s Summit. That Is the Most Interesting Thing About It.
Trump arrives in Beijing tonight for his first China visit since 2017. Markets rallied last week on summit optimism. Goldman Sachs expects modest outcomes. Both of those things are true right now.
Berkshire's cash hit $397 billion this quarter, a new all-time record, while it sold a net $8 billion in stocks for the 14th consecutive quarter. The market is at record highs. Both true at once.
The S&P averages just 2% between May and October since 1945. It just came off its best April since 2020. Whether the old rule applies this year is actually an interesting question.
When the AI Spending Number Gets This Big, It Starts Reshaping Everything Around It
At the start of 2026 the estimate was $546 billion. After earnings season it is now north of $700 billion. Five companies, one thesis, a number that will not stop growing.
What Meta's After-Hours Drop Actually Says About the AI Trade
Meta had one of its best quarters in years last night. The stock dropped anyway. That gap between the result and the reaction is what is worth understanding right now.
When the Central Bank Stops Speaking With One Voice
The Fed held rates steady today, but the 8-4 vote was anything but routine. Three officials wanted to remove the easing bias entirely, and that changes the picture.
