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Trump's Tariff Gun

Fab Diplomacy The conventional wisdom on President Donald Trump’s trade policy is that it’s mostly just chaos and bluster, a series of threats made on social media that are often walked back a day later. This week, however, the bluster got very real for a factory in Japan.
Trump's Tariff Gun

The Overconfidence Engine

Robot Forecasters One thing you might use AI for is to get stock tips. You have a powerful new technology that has digested the entire internet; surely it has some thoughts on where Nvidia is going? It seems some researchers, writing in Harvard Business Review, had the same idea, so
The Overconfidence Engine

Tesla the Narrative Company

DOGE Eats Its Own There are companies that you value by looking at their profits and cash flow and putting a multiple on them. And then there are companies that you value by listening to their story. You don’t buy the stock because it earned a lot of money
Tesla the Narrative Company

Off-Balance-Sheet AI Arms Race

The New Financiers of Tech You are a giant, world-dominating technology company with a market cap north of a trillion dollars and tens of billions in cash on your balance sheet. You have decided, out of a sense of "paranoia" and competitive fire, that you must spend even
Off-Balance-Sheet AI Arms Race

How Private Credit Is Powering the AI Revolution

Meta is reportedly in talks to raise a staggering $29 billion, not from the public markets, but from private credit giants like Apollo Global Management and KKR. The purpose: to finance its all-in push into artificial intelligence. The move is the latest and one of the most dramatic signs that

Nvidia's Landlords

Who's the Customer Here? There is a standard way that business relationships work. A company like Nvidia sells the essential tools—the picks and shovels—for a technological gold rush. Its customers, the giant cloud computing companies like Amazon, Microsoft, and Google, buy those picks and shovels in
Nvidia's Landlords

Tesla's Robotaxi Takes a Wrong Turn

Vision Quest If a car drives itself down the street with no one behind the wheel, but it has a "safety monitor" sitting in the passenger seat and is only allowed to drive in good weather within a small, heavily-mapped area of Austin, is it really a robotaxi?
Tesla's Robotaxi Takes a Wrong Turn

With Robotaxis on the Road, What's Behind Tesla's Bet Against Lidar?

Tesla rolled out its long-promised robotaxi service in Austin this week, a landmark moment CEO Elon Musk called the "culmination of a decade of hard work." The deployment of driverless Model Ys carrying paying customers puts Tesla squarely in the autonomous ride-hailing market. But within hours of the
With Robotaxis on the Road, What's Behind Tesla's Bet Against Lidar?

Perplexity Has Apple and Google on Edge

The Search for Search Apple, famously, does not do big deals. Its largest acquisition ever was buying Beats for $3 billion back in 2014, a deal that mostly seems to have been about getting Jimmy Iovine and Dr. Dre to come work there. So it is interesting that, according to
Perplexity Has Apple and Google on Edge

How US Chip Policy Squeezes Key Allies

The U.S. government is reportedly considering a move that would make it significantly harder for some of its closest international partners—including South Korea’s Samsung and SK Hynix, and Taiwan’s TSMC—to operate their advanced chip factories inside China. The policy under consideration, which would revoke special