The companies spending hundreds of billions on AI are watching their free cash flow disappear, but it's moving somewhere very specific.
The S&P is up 9.6% through June. In the 53 years the first half finished green, the second half followed three times out of four, averaging a 6.2% gain.
Since the March low, eleven sectors took in $19 billion. One of them took more than that by itself.
SpaceX began trading Friday as the largest IPO in American history.
Software development job postings bottomed in May 2025, then they rebounded.
There are two kinds of companies in AI right now: the ones that create proprietary data no frontier model has ever seen, and the ones that run on data their customers upload. One group has compounded that advantage for three years.
S&P 500 earnings just grew at the fastest rate of the cycle.
Our approach with new IPOs, and what the last 25 years of data say about the first two years.
The S&P 500 just hit another all-time high. Going back to 1988, the month after a new record runs below average but the year after runs above it. Here's the data.
Four companies are planning to spend $682 billion on infrastructure this year. The last time they did something like this, they built the cloud.
After 165+ editions and 150,000 words, the cadence is changing. Here's why — and what the knowledge layer of an AI-native business actually looks like.
U.S. federal debt has reached 122% of GDP. Here's what that's meant for the dollar, and international stock outperformance.
