The Weekly Letter
One issue a week: what moved, what it means, and what to watch next.
Get the weekly letter
One email a week. What moved in tech and markets, what it means, and what to watch. No spam, unsubscribe in one click.
Free. Read the archive first if you prefer.
-
Week of 2026-10-17 to 2026-10-23
AI Demand Is Growing, But Investors Are Watching the Bill
AI demand stayed strong across the period, but the market focused on what it costs to build capacity and how those costs will be paid back. Meta’s revenue grew, yet its spending plan rose and free cash flow turned negative.
-
Week of 2026-10-10 to 2026-10-16
AI Demand Stayed Strong, but Financing Took Center Stage
AI demand kept producing strong business numbers, but investors spent more of the period asking how much it costs to build the infrastructure behind that demand.
-
Week of 2026-10-03 to 2026-10-09
AI Demand Is Surging, but Returns Are Still the Question
Chipmakers described demand they cannot meet, and AI companies laid out enormous spending plans.
-
Week of 2026-09-26 to 2026-10-02
AI Spending Keeps Climbing, but Rates and Customers Still Matter
The period opened with oil and bond yields pushing borrowing costs higher. A weak jobs report then cut traders’ bets on an October rate hike.
-
Week of 2026-09-19 to 2026-09-25
AI Revenue Is Growing, but the Cost of Building It Keeps Climbing
The period made AI’s two sides harder to separate: new products are finding users, while the infrastructure plans behind them require enormous spending. Meta gave investors a visible consumer product to measure.
-
Week of 2026-09-12 to 2026-09-18
AI Spending Kept Climbing as Money Got More Expensive
AI demand stayed strong while the cost of money moved higher. The Fed raised rates, oil remained above $100, and the 10-year Treasury yield returned to about 5%.
-
Week of 2026-09-05 to 2026-09-11
Triple-Digit Oil and Surging Yields Confront Massive AI Backlogs
The collision between capital-intensive computing and macroeconomic tightening intensified as crude oil crossed the hundred-dollar threshold.
-
Week of 2026-08-29 to 2026-09-04
Resurgent Inflation and Physical Grids Squeeze AI Expansion
The macroeconomic landscape shifted aggressively as robust employment and elevated energy prices dismantled hopes for monetary easing.
-
Week of 2026-08-22 to 2026-08-28
Physical Bottlenecks and Surging Input Costs Catch Up to AI Growth
The AI buildout encountered the physical friction of the real world this week.
-
Week of 2026-08-15 to 2026-08-21
The AI Infrastructure Moat Shifts to Balance Sheets and Power
The competitive advantage in AI shifted decisively from processor architecture toward balance sheet capacity and grid access.
-
Week of 2026-08-08 to 2026-08-14
Compute Financing Meets the Real Cost of Capital
The AI infrastructure boom transitioned from an engineering race into a massive structured credit experiment.
-
Week of 2026-08-01 to 2026-08-07
Capital Structure Decides the Returns of the AI Buildout
The AI expansion transitioned from a narrative of boundless growth into a rigorous test of capital returns.