The index number understated the damage. The VanEck Semiconductor ETF closed down more than 2%, with intraday prints closer to 4%, but the dispersion underneath was violent: SanDisk fell over 14%, AMD between 5% and 8% depending on the print, Teradyne 4% to 5%, Nvidia nearly 5% intraday, ASML's US listing almost 6%, and BE Semiconductor roughly 8.5% in Amsterdam. Micron shed … [Read more...] about China’s DUV Breakthrough, Nvidia’s $250B OpenAI Backstop and the CXMT IPO: Three Headlines, One Mispriced Selloff
Fed and Bank of England Rate Decisions This Week: The Hold Is Expected, the Dissents Are Not
The Federal Reserve announces its rate decision Wednesday at 2 p.m. ET, with Chair Kevin Warsh's press conference following at 2:30. The Bank of England follows Thursday at noon London time, alongside a quarterly Monetary Policy Report and Governor Andrew Bailey's press conference. Both are expected to hold. Both are walking into the meeting with real hawkish dissent building … [Read more...] about Fed and Bank of England Rate Decisions This Week: The Hold Is Expected, the Dissents Are Not
Trump’s Tuesday With Zelensky and Netanyahu: One Status Update, One War Council
My instinct, every time a headline reads "Trump meets [foreign leader], no breakthrough expected," is to file it under theater and keep scrolling. Nine times out of ten that instinct earns its keep. Trump treats the Oval Office the way other presidents treat a photo line, and "no breakthrough" is usually just an honest disclaimer on a session that produced a handshake and a … [Read more...] about Trump’s Tuesday With Zelensky and Netanyahu: One Status Update, One War Council
Semis are already in a regime where every headline this month has been read bearishly
Semis are already in a regime where every headline this month has been read bearishly regardless of direction, which is the real setup to understand before this week. The SOX round-tripped from a late-June record high to a confirmed bear-market drawdown (>20% off the peak) by mid-July — a valuation unwind after a roughly 65% six-month run, not a fundamentals break: Micron's … [Read more...] about Semis are already in a regime where every headline this month has been read bearishly
Meta, Microsoft, and Apple Earnings: What $725 Billion in AI Capex Has to Prove
Wednesday brings Meta and Microsoft, both reporting after the close. Thursday brings Apple, also after the close. Alphabet already set the tone on July 22, raising its 2026 capex guide by $15 billion to $205 billion and watching its stock drop 6% the next day. Between Amazon, Google, Meta, and Microsoft, combined 2026 AI infrastructure spending is tracking toward roughly $725 … [Read more...] about Meta, Microsoft, and Apple Earnings: What $725 Billion in AI Capex Has to Prove
Distillation Becomes Washington’s Newest AI Panic After Moonshot’s Kimi K3
There is a word doing laps around Washington this week, and it sounds like something you'd do to corn mash in a shed in Kentucky. Distillation. In February, Google's AI chief explained it on a podcast the way an engineer explains a wrench: you take a big expensive model, you use its outputs to teach a small cheap one, and now the small cheap one punches above its weight. He … [Read more...] about Distillation Becomes Washington’s Newest AI Panic After Moonshot’s Kimi K3
Shein’s Hong Kong IPO Prospectus: The $99 Million Loss Is Accounting, the 2.9% Operating Margin Is Not
The number in every headline is the wrong one to underwrite. Shein's draft Hong Kong listing prospectus shows a $99 million net loss for the first quarter against $395 million of net income a year earlier, a $494 million swing. Two-thirds of that swing — $328 million — is a fair-value charge on convertible redeemable preferred shares. That is a non-cash remeasurement of … [Read more...] about Shein’s Hong Kong IPO Prospectus: The $99 Million Loss Is Accounting, the 2.9% Operating Margin Is Not
OpenAI, Anthropic and Google Are Giving Teachers Free AI Tools — the Expiry Dates Tell You Why
Every major AI company is now shipping a free product aimed at schools. OpenAI put ChatGPT for Teachers out last November, free for verified US teachers through June 2027 — a date that has since quietly moved to June 2028. Anthropic launched Claude for Teachers this month, free for verified US K-12 educators through June 30, 2027. Google keeps folding Gemini deeper into its … [Read more...] about OpenAI, Anthropic and Google Are Giving Teachers Free AI Tools — the Expiry Dates Tell You Why
Nvidia Would Guarantee $250B of OpenAI’s Ohio Data Center Debt — But Not the Chips Inside It
The Wall Street Journal reported Sunday that Nvidia is discussing roughly $250 billion in financing guarantees to let OpenAI lease a 10-gigawatt campus that SoftBank's energy arm is building in southern Ohio. Nobody involved has confirmed it. The sourcing is unnamed people familiar with the matter, which at this stage of a deal usually means the talks are real and the terms are … [Read more...] about Nvidia Would Guarantee $250B of OpenAI’s Ohio Data Center Debt — But Not the Chips Inside It
Defense Primes Hit Record $4.1B in Venture Rounds as Lockheed Martin and BAE Systems Chase Drone and Autonomy Startups
Global defense contractors have participated in a record $4.1 billion of venture capital rounds for military technology startups so far this year, according to Dealroom data. The capital is concentrated in companies building autonomous drones, interceptor missiles, and the software layers that connect them — categories where production speed and unit cost matter more than the … [Read more...] about Defense Primes Hit Record $4.1B in Venture Rounds as Lockheed Martin and BAE Systems Chase Drone and Autonomy Startups