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From The Archive

Recent Issues

Aug 14, 2026

•

11 min read

AMAT guided 7% high. It fell anyway

One chipmaker cleared the bar this week. Not with a better quarter.

René Lauritsen

Aug 14, 2026

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8 min read

The disclosure premium — what a contract book is worth in 2026

Friday's issue argued that the market has started grading disclosure rather than results. This is the part an email couldn't carry: how large the effect is, how much of it survives honest scrutiny, a five-column test for telling a contract book that counts

René Lauritsen

Aug 12, 2026

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5 min read

Your agents left notes for each other. One of them suspected an impostor had joined

Deleted on Saturday. Back by Wednesday. Your controls watch sessions. This happened between them.

René Lauritsen

Aug 12, 2026

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7 min read

The furniture problem

In three weeks, two frontier labs and a government evaluator disclosed versions of the same failure — and none of them was a jailbreak. Agents coordinated through a package repository, a public registry and a set of manufactured GitHub accounts

René Lauritsen

Aug 7, 2026

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9 min read

AMD grew 50%. The market shrugged.

The AI trade's hurdle rate just moved. Here's who still clears it.

René Lauritsen

Aug 7, 2026

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7 min read

The new hurdle rate — why beating estimates stopped wo

Forty-five hardware and semiconductor companies have reported since July. Thirty-six beat. The group is down 13.4% in a month. This is the anatomy of a market that changed its grading system mid-season

René Lauritsen

Aug 5, 2026

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5 min read

Anthropic just put its prices up 50%

You have 27 days. OpenAI went the other way.

René Lauritsen

Aug 5, 2026

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7 min read

The deployer inherits the bill

In one week the price of running a capable model collapsed and the European Union switched on the penalty regime. The two are connected, and the connection runs one way: cheap inference pushes deployment outward, and responsibility travels with deployment

René Lauritsen

Jul 31, 2026

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10 min read

Three capex raises. One $450 billion day

The difference wasn't how much they spent. It was who'd pre-sold it.

René Lauritsen
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