$650,000,000,000
$650,000,000,000 An open letter to the hyperscalers, delivered after the bell Gentlemen, Tonight you report earnings. The four of you — Meta, Microsoft, Alphabet, Amazon —…
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To Anyone Still Pretending This Is a Normal Market
MEMO: To Anyone Still Pretending This Is a Normal Market FROM: The part of your brain that reads the fine print RE: The Microsoft-OpenAI divorce, Intel's ghost, and the…
Notes From the Quiet Unraveling
Notes From the Quiet Unraveling Monday, April 27, 2026 Nobody panic. The S&P is at record highs. The Nasdaq is up 15% in April. Intel just delivered the greatest single-quarter…
Welcome to the Trading Floor: War Is Good, Actually
Welcome to the Trading Floor: War Is Good, Actually TO: Anyone still pretending this is complicated FROM: The quarterly earnings reports RE: Q1 2026 Let's dispense with the…
Powell's term expires May 15
Powell's term expires May 15. The DOJ dropped its criminal probe of him this morning. Jeanine Pirro announced it on X, said the inspector general would handle it from here, and…
The Strait, The Ceasefire, and the Market's Embarrassing Optimism
MEMO: Re: The Strait, The Ceasefire, and the Market's Embarrassing Optimism TO: Anyone still pricing in a peace deal FROM: Recent history DATE: April 24, 2026 RE: You've…
Dear Software: The War Called. It Wants Its Excuse Back.
Dear Software: The War Called. It Wants Its Excuse Back. Markets & Macro — April 23, 2026 TO: Enterprise Software Sector FROM: The Market RE: Q1 2026 Earnings Season — A…
Sock Puppet Economics
Sock Puppet Economics April 22, 2026 MEMORANDUM TO: Anyone still pretending the Federal Reserve is a normal institution FROM: The situation RE: Yesterday Kevin Warsh sat…
THE POACHER THEY JUST PUT IN CHARGE OF THE HEN HOUSE
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The dominant tension
The Strait of Hormuz cracked open again over the weekend, tankers queued up like nothing had happened, and crude still plunged double digits on Friday before the weekend. May WTI…