Here’s a preview of what we’ll cover this week:  Macro: The Bottom Half Is on a Tear; Inflation’s Third Wave Is Already Breaking Markets: The June Swoon; The Rotation Is Underway; Bull Markets Are Born On Pessimism; What Happens If Data Center...

Also on the site We are rapidly running out of road to kick the proverbial Social Security can. (abnormalreturns.com) Are you a financial advisor? Sign up for our weekly Talking Wealth newsletter. (talkingwealth.com) Don’t miss a thing! Sign up for...

The Bigger Picture, Sunday, June 27, 2026 The two week Anthropic Mythos and Fable 5 model ban by the US two Fridays ago (June 12), got some nominal relief on the surface late yesterday. The Commerce Department will now allow some approved customers access...

Auto safety How big trucks and SUVs are more likely to kill pedestrians. (nytimes.com) The NHTSA doesn’t count deaths that occur in parking lots and driveways. (bloomberg.com) EVs The second wave of EV pickups are here. (wsj.com) How the war in...

Apple recognizes RAMageddon: The memory price hikes officially arrived this week, and it’s Apple that made them feel real. Media is dubbing it Apple’s ‘RAMageddon’— raising Macs, iPads, Apple TVs, Vision Pros and displays 15-25%+ to counter the...

Markets U.S. corporate profits are at a record high. (axios.com) Earnings are growing, but its the wrong companies. (ft.com) Prediction markets Polymarket’s annualized run rate now exceeds $1 billion. (cnbc.com) Donald Trump Jr. got a free stake...

Today’s theme: “Slow down for the speed bumps” — and Anthropic’s ‘The Blip 2.0’ in particular, the now two-week-old US-government slowdown on Anthropic’s Mythos and Fable models that seems to be spreading to OpenAI. OpenAI and Anthropic may see delays...

Om Malik passed away on June 24, 2026, at Stanford Hospital after a long health journey with his heart. He was surrounded by family and friends. Om was a friend and a mentor the last 20 years. He called me about the markets and investing and I called him...

The big tech incumbents are feeling the competitive pressure of the two leading frontier model companies. Especially in the white hot field of AI Coding. Microsoft, Meta, Elon Musk’s SpaceX/xAI/Tesla, and now Google, discussed here today. Particularly with...

Today’s theme: The memory price hikes feel real now— especially from Apple across the board, with Micron the biggest US beneficiary, and real implications for inflation and the economy. These rainstorms have been months in the making. But it feels really...