Yesterday’s Bigger Picture, part 1 of this pair, was the supply side of the compute trade: the ‘Gigawatt Gold Rush’, and who actually pays Elon’s prices for AI compute. Today, part 2, the demand side: the bull case that compute prices go UP from here, way...

Strategy Language matters when it comes to market analysis. (tker.co) Gambling is a better business than stock brokerage. (trendlabs.com) Does valuation matter any more? (giftarticle.ft.com) Companies Berkshire Hathaway ($BRK.A) put some cash work in...

Here’s a preview of what we’ll cover this week:  Macro: Should You Trust The NFP Print? Markets: Markets Keep Absorbing The Bad News; Software Is Back; Collegium: Bad Earnings Day, Interesting Price; Semis: Easy To Mark The Bottom; Vistra Corp: AI...

Happy Sunday.. I am back in Coronado and it feels good. It has been an intense couple of weeks of travel, work, cycling and reading (I will share a few links as we go today). Of course, I only fell further behind in everything. AI only intensifies...

Also on the site Part 1 of our Q&A with Jack Raines, author of “Young Money: A Field Guide to Wealth and Purpose in Your Twenties.” (abnormalreturns.com) Part 2 of our Q&A with Jack Raines, author of “Young Money: A Field Guide...

The Bigger Picture, Sunday, August 9, 2026 We have argued for a while now that this AI Tech Wave has a unit of account besides compute tokens: Gigawatts. Power and mostly Nvidia Compute, at a current going rate of $50+ billion per Gigawatt of Power. For...

Howdy folks – Feels good to get back in the swing of things. This week, I’m closely watching DARPA’s Vertical Lift Challenge in Dayton, Ohio. The Defense Advanced Research Projects Agency’s Vertical Lift Challenge is a heavy-lift competition. Its...

Autos How headlights got so bright. (arstechnica.com) Ford ($F) wants to sex up its lineup of vehicles. (wsj.com) Large (heavy) pickup trucks are more likely to kill others in a crash. (bloomberg.com) Energy The Trump administration has spent some $4...

Big Changes at Google AI: Google saw big changes in senior AI personnel and geographical shifts this week. Demis Hassabis stepped up to chairman and Alphabet chief scientist, with Koray Kavukcuoglu taking over all AI model development from Mountain...

Strategy The first goal of investing is survival. (awealthofcommonsense.com) Sometimes a basket trade just makes sense. (oldroperesearch.substack.com) Young men are trading like crazy, and not all that happy about it. (finance.yahoo.com) Fund...