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About That AI Bubble

The AI Sandwich One of the more popular pastimes in financial markets these days is worrying about the AI bubble. The specter of 2000 hangs over every conversation. The valuations are dizzying, the revenue is often speculative, and the whole thing can feel a bit ephemeral. Are we just bidding
About That AI Bubble

The Anti-Nvidia Alliance

Nvidia Has Some Competition One of the fundamental laws of the modern tech economy is that all AI-related capex eventually flow to Nvidia. It is a force of financial gravity, pulling in tens of billions of dollars from every hyperscaler and sovereign wealth fund with an AI dream. If you
The Anti-Nvidia Alliance

Google's Two Truths

Is Google a Monopoly or an Underdog? It is a little weird to be in a position where you must simultaneously convince one group of powerful people that your business is an unstoppable juggernaut, and another group of powerful people that your business is on the verge of collapse. But
Google's Two Truths

ARPU Competitive Radar (Sample)

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Weekly Debrief: AMD's Big Bet, Intel's "Prove It" Moment (Sample)

The AI arms race broadened this week, as the market's insatiable demand for compute forced a new wave of strategic partnerships and product-level execution. The central theme was the tangible move to diversify the AI supply chain, highlighted by OpenAI's massive, multi-billion dollar deal with AMD,

The AI Money-Go-Round

The Circular Boom Last month, we talked about cybersecurity's Kafka-esque problem: the only way to fend off AI-powered hackers is with AI-powered defenders, creating an absurd, self-feeding growth cycle for cybersecurity companies. It turns out, the same circular logic is now propping up the financial foundations of the
The AI Money-Go-Round

Why Is Qualcomm Buying a Company That Sells $50 Circuit Boards?

Qualcomm just announced its acquisition of Arduino, an Italian company beloved by hobbyists, students, and robotics labs for its inexpensive, open-source circuit boards. On the surface, the deal seems bizarre—a multi-billion dollar corporation buying a company whose products are famous for prototyping and tinkering. But this move is far

How OpenAI Paid for Its AMD Chips

The Kingmaker Ordinarily, when you buy a product, you pay for it with money. OpenAI, it seems, has found a way to pay for its AI chips with something more ephemeral: hype. This week, the AI startup announced a landmark deal to purchase tens of billions of dollars' worth
How OpenAI Paid for Its AMD Chips

AI's Real Estate Boom

Pricing the Future The core principle of modern finance is that you pay for a company's current and future earnings. It might seem a little weird, then, that BlackRock is in talks to acquire Aligned Data Centers for $40 billion, when a significant portion of what it is
AI's Real Estate Boom