Is OpenAI’s Reported Sales Miss A Canary?
Nobody panic. It’s not as if the accuracy of Sam Altman’s back-of-the-envelope revenue projections is
Temperature Rises In Unsustainable US-Iran Stalemate
Donald Trump’s not enamored with the idea of postponing negotiations around Iran’s nuclear program as
Semi ‘Mania’ Triggers Familiar Warnings
A corollary of the wild surge in semiconductor stocks is an equally enthusiastic bull market
‘The New Oil’
Semis are the “new oil.” That’s according to a PM who spoke last week to
Who Has The Cards?
Iran’s prepared to stop impeding maritime traffic through the Strait of Hormuz. If the US
The Melt-Up, The Ugly Truth And The New 60/40
Did you miss the equity melt-up? And are you worried that getting in now is
Data Deluge Meets Tech Earnings, FOMC In Blockbuster Week
This has the potential to be a lively week on the macro-market front, even without
What To Expect From Powell’s Fed Chair Swan Song
This week may be the last time we hear from Jerome Powell as Chair of
Weekly: Semi-Automatic
The last time the SOX rose 40% in a month, Bill Clinton was president and
‘Labor Crisis’ Warnings Rekindled By Tech Job Cuts
You wouldn’t necessarily know it to look at the headline hiring numbers — although payroll
Pirro Gives Up Powell Probe To Clear Warsh Confirmation
Don’t beat yourself up, Jeanine. You tried. On Friday, a plainly peeved Jeanine Pirro announced
Strait Worries Intensify As US-Iran Stalemate Drags On
Abbas Araghchi was expected in Islamabad on Friday evening for weekend negotiations brokered by Pakistani
Cash On The Barrel
It’s still early (sort of), but 2026 is shaping up to be a helluva year
Spoiler Alert
Donald Trump threatened to kill some people on Thursday, both implicitly and explicitly. First, he
Dollar Doomsday 2026?
The dollar doomsday narrative’s not difficult to write. After years of practice, it’s an exercise
The World’s Always Ending Somewhere
Equities have decided the Strait of Hormuz doesn’t need to be open. Or, more precisely,
Wealth Effect? Check. Jobs? Check — For Now
The wealth effect for the rich, jobs for everyone else. If you think that’s the
‘On Top Of All That’: US Housing In Limbo
There was more incrementally good news on the US housing front Wednesday. On the heels
The Big Question: What Is Iran Now?
Donald Trump “expect[ed] to be bombing” Iran on Wednedsay. That’s what he told CNBC yesterday,
Rudderless Iran Forces Trump To Extend Ceasefire
Having lost every first-stringer and more or less every second-tier player too, the regime in
Warsh Makes His Case: ‘I’m Not A Sock Puppet’
Kevin Warsh is no one’s “sock puppet.” That’s according to the man himself, who on
US Pending Home Sales Accidentally Rise
Somewhat surprisingly, contract signings for existing US homes managed a gain in March, according to
Record Surge In Gas Receipts Fails To Deter US Shoppers
Nominal spending across the world’s largest economy expanded at the briskest pace in more than
On Taiwan’s Breathtaking Order Boom
If you’re curious as to the state of demand for AI hardware, Taiwan’s Ministry of
Now It’s The IRGC’s Turn To Take The Win
“I took their ship.” So said Donald Trump on Monday during a phone interview with
Two Things: Breadth And Revisions
Two things: Bad breadth and an anomalous revisions trajectory. Early Monday, I spent some time
New Stock Records Are Justified. But Don’t Read The Fine Print
Remember: Geopolitical conflict only matters for equities if investors — as distinct from traders —
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