The Weekly Letter
One issue a week: what moved, what it means, and what to watch next.
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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. While enterprise...
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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. While Broadcom delivered...
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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. While Nvidia delivered record-shattering earnings and specialized cloud...
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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. Large hardware vendors began...
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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. Large asset managers and hyperscalers mobilized...
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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. While demand remained visible in commercial...