Recent Issues

IBM just told you who pays for AI

Cheaper money, record demand — and the trade fell anyway. The week AI split in two.

The Donor Economy: who's actually paying for the AI build-out

At 9:47 on Tuesday morning, a 114-year-old company worth a third of a trillion dollars began losing a quarter of its value — not to a fraud, not to a product failure, but to a paragraph.

$29bn walked in. A credit rating walked out. Same week, same trade, opposite verdicts. The build-out just met its bill.

On Thursday evening, SK Hynix priced the largest foreign listing in American history — $29 billion of new equity to build more memory plants. Hours earlier, S&P had cut Oracle to one notch above junk - read more

Who pays for the machines? The balance-sheet mechanics of a $750bn build-out

This week's Signals made a claim: the AI trade is turning into a financing story, and the week proved it

Sam Altman just offered Washington 5%

Not a fine. Not a settlement. A gift — and that’s the interesting part

When the regulator holds shares — the week Washington became AI’s business partner

A reported 5% stake. A 30-day review window. The permission economy we mapped last week just published its price list.

The AI Investing Framework

The customer just became the competitor

Meta wants to rent chips out. Anthropic wants to build its own. Mind the middleman. The biggest customers in AI just stopped acting like customers. On Wednesday, Meta added $150 billion of market value on a report that it plans to rent out its spare computing power

The customer becomes the competitorMeta wants to rent out its computers. Anthropic wants to build its own chips.

Meta was reported to be building a cloud business to sell the computing power it doesn’t use; Anthropic turned out to be designing its own chip. Neither plan is confirmed. The market repriced roughly $60 billion of other people’s equity anyway.