
The Auditors Arrive
Very little has happened in markets these past few weeks that will alter the trajectory of artificial intelligence; a lot has happened regarding the financial market frenzy surrounding it. Here are three items: What is
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Very little has happened in markets these past few weeks that will alter the trajectory of artificial intelligence; a lot has happened regarding the financial market frenzy surrounding it. Here are three items: What is

Last week, Eli Lilly (LLY) announced that it would buy a development-stage psychedelics biopharma, AtaiBeckley, for roughly $2.8 billion in cash now, and a potential $1 billion more if Atai meets development and regulatory milestones.

We were surprised to read that Wall Street has never carried higher expectations into an earnings season than it is carrying into this one — recession rebounds aside. The bottom-up consensus (that is, analysts’ company-by-company

If you strip the AI rally down to what the money is actually buying, you finally find transformers, high-voltage switchgear, copper, industrial-scale cooling, gas turbines, and data centers whose power draw rivals that of a

Happy Fourth of July to all our readers! Here’s our patriotic but unsentimental analysis of where we stand midway through 2026, why we think it makes sense to keep betting on America, and how you

Next week we’ll give you a video presentation of our first-half 2026 wrap-up and offer some thoughts as we enter the second half of the year. Beyond the MOU signed with Iran — which markets
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