Fucking horse is out the barn door, right? Let's try not to make me look stupid twice. And when you list the cases, put a little dot next
While agentic AI tools like Muse have caused investors to reconsider so-called "inertia" companies—those where excess profits come from consumers not switching—a more important category
A new paid-subscriber dashboard tracks Treasury market stress, rate pressure, and volatility—and shows where debt market stress is concentrated.
Four charts worth thinking about: 1. The sharp rise of open-weight models as corporations shift away from the frontier 2. How private equity became the new bad guy in
Some thesis-centric weekend reading, with our take on each, tying them to the house view. Contents 1. CoreWeave goes to junk 2. Climate inflation is not rate-sensitive 3.
As long-time capital markets people, we think in terms of "house views": What we believe, and what thus drives our interpretation of events. These can and do
What Happened The NYT's Ezra Klein interviewed Nvidia CEO Jensen Huang this week, and it was messy. The two repeatedly talked past one another, as Klein, looking for
💡I was traveling most of last week in Europe, so am finally getting caught up. Will have some notes on my travels and conversations later this week. What Happened Meta&
What Happened A new U.S. Census Bureau study finds an unprecedented worsening in outcomes since ChatGPT's launch for graduates from the U.S. college majors most exposed
What Happened The 10-year Treasury crossed 5% this week, its highest level since 2023. This creates an economic stress test, with consumers pulling money out of stocks, attracted by
What Happened After last week's outbreak of "Hey maybe unfettered AI advances will kill us all", and a subsequent industry coalescence around Anthropic head Amodei;'
What Happened This week frontier AI model maker Anthropic briefly posted a “Mega Account Executive, Meta” role paying as much as $450,000, then ... unposted it after Business Insider asked
