Hedge Funds Give Back Half a Year of Gains in Four Months
The number that caught attention on the Goldman Sachs trading desk was not a price. It was a z-score, below minus three for global AI stocks, measured across six consecutive…
If Everyone Is Arguing About the Bubble, the Bubble Has Time
Howard Marks does not test for a bubble by looking at the price. He tests for it by listening to the room. A real one, in his account, is a…
Two Lines on a Chart, and Fifteen Percent of Cloud Stock
On the chart, the two lines separate. One is the credit spread on the AI hyperscalers, the handful of companies that own most of the computing capacity in the world,…
The Sell Signal Is Over. It Was Never a Buy Signal.
The gauge fell to 7.4 from 8.1, and with that the sell signal that Bank of America had been running since May ended. Michael Hartnett, the bank’s chief investment strategist,…
Two Metals Fell by Half. The Buyers Never Left.
Gold reached $5,608 an ounce in January. On October 19 it changed hands near $4,112, a decline of about 27 percent from that high. Silver peaked at $121.62 and traded…
Australian Takeovers Arrive in Threes, and the Buyers Are Foreign
By the time the Australian market closed on Monday, three of its listed companies had agreed to be bought. Cleanaway Waste Management rose 20.2 percent after accepting a A$9.3 billion…
Three Interns From One Winter, and What They Built
The caption was seven words: “got the HRT gang back together!” Alexandr Wang, Meta’s chief artificial intelligence officer, posted the selfie on X on October 19. Two faces filled the…
A SpaceX Share for Every Child, and No Instructions
The post ran to two sentences. Next year, Elon Musk said on X on Monday, he will give one of his SpaceX shares to every kid in America. “This will…
Amodei Says Culture Takes Up to 40% of His Time as IPO Talk Grows
Dario Amodei says the most important part of his working day is the part that does not appear on any product roadmap. In an interview published by Fortune on October…
A Small Protest Meets London’s Robotaxi Trials
About fifteen people gathered outside the London office of Wayve on October 17, holding signs and asking for a stop to road testing of driverless taxis. The group cited safety,…
