Let's tally what we're actually proposing to spend before Friday's board call, because I don't think the deck captures it cleanly. $12.9 billion for Hugging Face. Company…
Nvidia guarantees up to $105 billion for OpenAI's Ohio data center. OpenAI uses that backing to raise debt on better terms than it could get alone, then spends the proceeds…
Six of seven Bank of Korea board members raised the base rate to 3% on Thursday. Second consecutive hike. First back-to-back tightening since the seven-straight-meeting slog of…
You picked "Financial Innovation: Implications for Payments and Policy" as this year's theme sometime last winter, presumably back when payments innovation meant something tidy…
The Bar Isn't the Point Anymore Nvidia will almost certainly beat Wednesday's number. That's the boring part, and everyone quietly agrees on it, which is exactly why it stopped…
To whoever signed off on "Financial Innovation: Payments and Policy" as this year's theme: I'd like to understand the thinking, because from where the bond desk sits, we appear…
The Arithmetic Nobody at Jackson Hole Will Say Out Loud Before we get into positioning, I want to walk through a number that isn't going to appear anywhere in Kevin Warsh's…
Bessent didn't cut a check to bondholders on Thursday. He didn't have to. He said the word "increase" on CNBC and forty-eight hours later crypto had liquidated $3.3 billion of…
Let's start with what the sell-side wants you to look at, because it's mostly theater. Consensus has Nvidia printing $91.85 billion in fiscal Q2 revenue Wednesday after the…
Before Walmart opens this morning, sit with one number: the stock trades at nearly 40 times forward earnings. Nvidia, the company selling the actual physical infrastructure of…