We have tracked ‘RAMageddon’, the AI-driven global memory crunch, since it turned existential for the smaller tech players, and through yesterday’s demand-side look at compute prices. Today the story arrives where every scarce commodity story...

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Today’s theme borrows from the driving manual. For three years the US AI industry ran like it was on the German Autobahn: no speed limits, pedal down, floor it. Now come the slow speed zones, and yes, maybe even posted speed limits. ‘Slow and Steady’ is...

Markets A list of everything the stock market has overcome in the 2020s. (awealthofcommonsense.com) The semiconductors and health care sectors trade at the same forward P/E. (apollo.com) Private assets A look at rising private credit loan default...

Also leveraged ETF momentum, GameStop’s eBay bid, event contract tick sizes and private equity boyfriends.

Charles Schwab Charles Schwab ($SCHW) is looking for someone to run the long-short separately managed account (SMA) program. (citywire.com) Charles Schwab ($SCHW) is dropping FDIC for SIPC coverage for sweep cash. (riabiz.com) Why Charles Schwab ($SCHW)...

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...

Presented by The Weekend RipHappy Weekend! Stocks pushed to records as AI leadership and easing rate fears kept investors risk-on despite war and oil-supply threats. SpaceX spending, AMD’s slowdown, and unforgiving earnings reactions tested that...

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...