In the iconic words from ‘Jaws’ (1975), ‘You’re gonna need a bigger boat’. That’s been the non-stop message message from the LLM AI companies over the last few years. The refrain led by OpenAI in particular, whose founder/CEO Sam Altman has been saying...

NEWS OF THE WEEK: Apple+Nvidia 40%+ of Taiwan Semiconductor’s (TSMC) Business: AI-RTZ #964: AI: Reset to Zero AI: Closer look at the Apple/TSMC chip partnership. RTZ #964 I’ve long discussed the criticality of Taiwan Semiconductor (TSMC) for the global...

Podcasts Michael Batnick talks investment management with Zack Conway, founder and of Seeds Investor. (youtube.com) Frazer Rice talks with Mark Tepsich, who runs the family office governance practice at UBS. (podcasts.apple.com) Private investments Why...

We’ve long discussed the AI Talent Wars accentuated by Meta last year, that have become a key supply constraint at this point in the AI Tech Wave. Most of that focus has been on super high priced AI Researchers who build the massively scaling AI training...

Sponsor this newsletter The Weekend RipHappy Weekend! U.S. markets navigated a chaotic mid-term election year kickoff, swinging from a DOJ investigation into Fed Chair Powell and 10% credit card rate cap threats to a massive AI-fueled recovery. While big...

Good morning from Coronado I am headed east this week, first to the Orlando PGA show with Max, a few other stops in Florida and than New York. Trump and his bootlickers believe he is playing 4D chess and I believe it is more like the child’s game...

Markets Just because the media reports on something, doesn’t mean its important. (tker.co) Everything went right for international stocks last year. (awealthofcommonsense.com) The market case for higher inflation. (trendlabs.com) Strategy Prices...

Here’s a preview of what we’ll cover this week:  Macro: The Economy Is Resilient; The Consumer Is Strong; Corporate Confidence is Solid; AI Is Becoming A Real Efficiency Engine Markets: GPUs Aren’t iPhones; The Attention Asset With A Solid Story;...

Also on the site Your favorite [fill in the blank] will close someday. Nothing lasts forever. (abnormalreturns.com) Are you a financial advisor? Every Friday we send a (free) advisor-focused newsletter. (newsletter.abnormalreturns.com) Don’t miss...

As discussed in these pages, OpenAI had an extraordinary year in 2025, culminating in its third anniversary of ChatGPT on November 30 last year. This while its peers had a pretty good year for the most part too. Then of course came its internal ‘Code Red’...