Weekly Roundup: The AI Trade Got Smacked. We’re Following the Data, Not the Fear
We put capital to work in two holdings, exited another and bumped up our price target for a long-time position.
The Run-Up to Black Monday in 1987 Looks a Lot Like 2026
While there are some similarities to 1987, there are also some major differences.
Import Prices Jump as AI-Related Costs Rise the Most Since 1987
Fuel prices rebounded and nonfuel import prices hit their highest annual rate since April 2022, with semiconductor prices posting an eighth straight record year-over-year gain.
Warsh Remains Tight Lipped and the Market Likes That: 8 Key Items Shaping the Stock Market Friday
Netflix exec choice raises more questions, Anthropic’s shifting IPO valuation, and other headlines moving the market this morning.
My Worst Case for the AI-Fueled Economy
Here’s what I’m most concerned about the future of our economy. Also, let’s check on Warsh’s latest speech, the market rebound and the charts.
The Market Is Undergoing a Change in Character as AI Splits Into 2 Groups
The hyperscalers pay for AI out of their own cash. The companies that borrow to build it are starting to trade like rate-sensitive stocks.
The AI Trade Isn’t Over, but the Easy Gains Likely Are
The hot CPI report finally triggered the rotation. Breadth was the best in weeks as money moved toward the laggards.
Is the Bottom Falling Out of the AI Trade?
We’re seeing equity valuations collapse for semiconductor stocks, and bond yields for CoreWeave soar to distressed levels. Is the AI bubble bursting?
We’re Building Up Our Semi Cap Exposure With This Buy
We continue to see chip capacity tightness ahead, creating an even bigger industry pain point.
PPI Shows Red Hot Inflation Pressure: 8 Key Items Shaping the Stock Market Thursday
September Retail Sales surprise to the upside, takeaways from Anthropic’s meeting, and other headlines moving the market this morning.