Chipotle Falls 9% On An Outbreak It Has Not Been Linked To Yet

Chipotle pulled jalapeños from restaurants in Minnesota this week after state health officials flagged a possible connection to a salmonella outbreak. The stock fell close to…

By Scott Allan · Aug 5 · 3 min read

Overhead view of a pricing analysis report between two folders marked with the Eli Lilly and Novo Nordisk logos

Business

Brazil’s Weight-Loss Black Market Runs Exactly Along Eli Lilly’s Patent Line

CNN’s report on Brazilian customs officers pulling weight-loss injections out of boot soles, shampoo bottles and massage gel…

14h ago

Risograph-style illustration of a crude oil supertanker moving through a narrow strait between rocky headlands with radar dishes

Energy

While Washington Struck Hormuz, the IEA Was Cutting Oil Demand by 1.6 Million Barrels a Day

The US military hit two Iranian rocket launchers on Larak Island on Sunday, the first acknowledged strike on…

15h ago

Markets

Stocks, indices, and the macro tape

A near empty shopping mall concourse with a Foot Locker storefront on the right and a DICK'S Sporting Goods entrance further down on the left, lit by a glass skylight

Business

Dick’s Sporting Goods Just Had Its Worst Day Ever. The $2.4 Billion Foot Locker Bet Is Why

Dick’s Sporting Goods lost close to 30% of its market value on Tuesday, the…

By Scott Allan · 5d ago

Extreme macro photograph of an Nvidia-branded AI accelerator package flanked by four stacked high-bandwidth memory dies on a black surface

Nvidia Is Raising AI Server Prices More Than 15%, and the Memory Makers Are the Reason

For three years Nvidia has been the company that sets the price of artificial…

By Scott Allan · 6d ago

Overhead desk flatlay: a Wall Street Journal newspaper, a printed rising long-term bond yield chart, a fountain pen, coffee and a tablet showing the US Department of the Treasury seal

Economy

Druckenmiller Says Bessent Will Lose the Bond Fight as Treasury Eyes a $950 Billion Cash Pile

The man who trained Scott Bessent spent Tuesday morning telling him, in the pages…

By Scott Allan · 6d ago

Anthropic’s $2 Trillion IPO Target Came From Its Investors, Not From Anthropic

The number moving around Wall Street is $2 trillion, in October, on a listing…

By Scott Allan · Aug 24

Artificial Intelligence

The race to build — and regulate — intelligent machines

Overhead view of a wooden desk with printed quarterly report pages, coffee, glasses, an empty blank office badge on a lanyard, and a tablet showing the Oracle, Apple, Meta, Microsoft and Amazon logos

Why Tech’s 127,180 Job Cuts in 2026 Are Funding a $690 Billion Compute Bill

With four months still to run, 2026 has already been a worse year for technology employment than 2025 was. Layoffs.fyi counts 127,180 job losses across 281…

By Scott Allan · 5d ago

Technology

Product, platform, and the shape of the Internet

Risograph style print showing the Tesla, Waymo and Uber logos above a repeating row of driverless cars with roof sensor pods and a line drawing of the Las Vegas skyline

Electric Vehicles

Nevada Raised Tesla’s Robotaxi Cap From 10 to 5,000 in Five Weeks

In July, Nevada regulators capped Tesla at exactly ten paid robotaxis in Las Vegas…

By Scott Allan · Aug 24

IPO

Unitree Opened 629% Above Its IPO Price and Briefly Passed Baidu in Value

Unitree Robotics opened at 1,100 yuan in Shanghai on Wednesday against an offer price…

By Scott Allan · Aug 21

Extreme close-up of the Instagram icon glowing on a dark smartphone screen, with a fingerprint smudge and dust visible on the glass beside it

Legal & Regulatory

Meta’s Own Retention Study Is the States’ Best Evidence in a $1.4 Trillion Trial

The most damaging document in the case that opened against Meta this week in…

By Scott Allan · Aug 20

Macro photograph of a solar-powered Flock Safety automatic license plate reader camera against a black background

Policy

Flock Safety Cut Data Retention to Seven Days Because City Councils Kept Voting No

Flock Safety announced on Thursday that it will shorten default storage of license plate…

By Scott Allan · Aug 14

Markets

Reddit Joins the S&P 500 on August 18 With Its Front Door Under Google’s Control

Reddit will enter the S&P 500 before the opening bell on Tuesday, and the…

By Scott Allan · Aug 14

Markets

Intel Gained 12.7% in a Week on a Customer List Nobody Will Confirm

Intel closed Friday at $101.65, up $11.45 on the week, a 12.7% run that…

By Scott Allan · Aug 10

Business

Deals, earnings, and corporate strategy

Business

The FTC Made Redfin Get Back Into a Business Zillow Paid It $100 Million to Leave

Antitrust remedies usually come in two flavors. Regulators block a deal before it happens, or they force a company to sell something it already owns. On…

By Scott Allan · 5d ago

Live Now

Streaming markets and news, on air 24/7.

Charts

Our Bitcoin Live Chart Gets Major Upgrade: Learn How To Read the Indicators

The Tape

Every major index, currency, commodity, and the 20 biggest cryptos — all on one page.

Open the Tape →

Opinion & Analysis

Arguments, essays, and deep dives

Scott Allan Opinion

The 30-Year Treasury Hit a 19-Year High. Korea’s Chip Stocks Paid for It.

The yield on the 30-year US Treasury bond pushed past 5.33% on Tuesday, its highest level since 2007, and by Wednesday morning in Asia the invoice…

Scott Allan Opinion

Berkshire Put $17 Billion into Alphabet, and $10 Billion Never Touched the Market

Scott Allan Opinion

On Holding Posted a Record 65.4% Gross Margin and Had the Worst Day in Its History

Crypto

Digital assets, tokenization, and the on-chain economy

Crypto

Trump’s $1.4 Billion Crypto Disclosure Reveals the Business Model Behind His Deregulation Agenda

President Trump earned at least $1.4 billion from crypto ventures in 2025, his first year back in office, while simultaneously dismantling the…

Jul 1

01
Crypto Bitcoin ETFs Post Worst Month on Record With $4.5 Billion in June Outflows as Institutional Investors Retreat
Jul 1
02
Crypto Saylor Blinks: Strategy Sells Bitcoin for the First Time Since 2022 as BTC Cracks $68,000
Jun 2
03
Analysis Bitcoin Drops Below $73K as Stocks Hit Records: Why Crypto Is Diverging
May 29

Policy

Regulation, geopolitics, and capital in Washington

Line of transport trailers queued at customs inspection booths on wet asphalt, with Canadian and United States flags flying beside the crossing under overcast sky

Economy

US Canada Trade Talks Collapse as 50% Tariffs Hit $20 Billion in Goods

Fifty percent US tariffs on about $20 billion of Canadian goods took effect at midnight Saturday, and the list reads like a…

Aug 24

01
Legal & Regulatory Prediction Markets Got Federal Legitimacy Before They Got an Insider Trading Rule
Aug 17
02
AI Brussels Wrote AI Rules a Year Ago and Only Just Got the Power to Enforce Them
Aug 10
03
Economy Payrolls Fell 23,000 and the Rates Market Repriced a Fed That Refuses to Guide It
Aug 7

Cloud & Infrastructure

Data centers, chips, and the plumbing of AI

Dark navy graphic showing the Nvidia and OpenAI logos encircled by a closed loop of green arrows, with a capital flow diagram above and an electrical pylon and grid schematic below

Nvidia Will Backstop $105 Billion So OpenAI Can Rent the Chips Nvidia Sells It

Nvidia said on Monday it will guarantee up to $105 billion in financing for…

By Scott Allan · Aug 19

Baidu’s GPU Cloud Grew 283% and Revenue Still Fell 4%, Which Is the Whole Problem

Baidu reported second-quarter revenue of RMB 31.3 billion on Tuesday, down 4% from a…

By Scott Allan · Aug 18

Cloud & Infrastructure

CoreWeave’s $104 Billion Backlog Is Also the Collateral for Its Debt

CoreWeave beat on nearly every line that Wall Street models and the stock jumped…

By Scott Allan · Aug 14

Cisco Needs $3.7 Billion of AI Orders Tonight to Make Its $9 Billion Year Work

Cisco reports fourth-quarter and full-year fiscal 2026 results after the close today, with the…

By Scott Allan · Aug 12

ByteDance and TikTok logos on dashboard with Brazilian flags wind turbines server racks and world map showing cable connections

ByteDance Is Spending $39 Billion on Its Biggest Data Center Outside China, and Brazil Won the Bid

TikTok’s parent company just made the largest single infrastructure bet in Latin American history,…

By Scott Allan · Jul 3

Meta Is Building a Cloud Business to Sell Its Massive AI Computing Surplus

Mark Zuckerberg spent more than $60 billion building AI infrastructure nobody outside Meta could…

By Scott Allan · Jul 3

Economy

Inflation, employment, and the real economy

Dark navy data display showing a Brent crude candlestick chart that breaks down and recovers, beside a nautical chart of a narrow strait with a dotted shipping corridor, with an oil tanker silhouette behind

Economy

Brent Crossed Back Above $80 on the Day the Hormuz Deal Looked Closest

Brent crude settled 1.49% higher at $80.54 a barrel late Wednesday, hours after Houthi forces put ballistic missiles into a Saudi oil…

Aug 6

01
Economy Q2 GDP Slowed to 1.5%, but Private Demand Jumped 3.9%: Why the Bond Market Isn’t Buying the Cooldown
Jul 30
02
Economy Fed Rate Decision Today: Warsh’s Silence Is the Only Number That Moves
Jul 29
03
Economy June Jobs Report: ADP Signals Cooling Labor Market Ahead of Today’s Payrolls Data
Jul 2

The Latest

Everything else across the newsroom

AI Policy

OpenAI Shipped a Teen Version of ChatGPT Because the Lawsuits Got There First

Aug 19

A laden crude oil supertanker lying at anchor in calm water at dawn near an arid coastline, with a second tanker on the horizon

Energy

Oil Pushes Past $90 as Trump Lets the Iran Ceasefire Lapse and Hormuz Stays Shut

Aug 18

A small white network router on a bone-white studio backdrop, with printed cards showing the Stripe and OpenRouter logos leaning against it and white network cables coiled alongside

Stripe’s $7 Billion OpenRouter Deal Buys the Meter, Not the Model

Aug 17

Analysis

Intel Raised $20 Billion at $95 a Share for Factories Most of Its Customers Have Not Signed For

Aug 13

A Wendy's paper cup and takeout bag on a white studio backdrop next to a folded share purchase agreement and a fountain pen

Business

Nelson Peltz Wants Wendy’s Private After 18 Years, a Withdrawn Outlook and a Halved Dividend

Aug 13

Business

Blackstone Is Paying a 96% Premium for MarineMax Because It Is Not Buying a Boat Dealer

Aug 12

Nvidia Just Made Its GPUs Collateral, and Six Wall Street Firms Signed On for $500 Billion

Aug 12

Analysis

Cathie Wood Sold $37.5 Million of Deere to Fund Nvidia and Broadcom Buys

Aug 11

Zuckerberg’s 6,500-Word AI Manifesto Is a Pricing Attack on OpenAI and Anthropic

Aug 11

Fiber optic transceiver modules and aqua patch cables on a white studio backdrop beside printed cards showing the Coherent Corp. and Lumentum logos

Analysis

Coherent Fell 12% and Lumentum 7% as the AI Optics Policy Trade Unwound Into Earnings

Aug 11

Two-colour risograph illustration of a GameStop bond certificate with arrows sweeping into a fanned spread of multiplying share certificates

Analysis

GameStop Told Its Own Noteholders They May Short the Stock That Prices Their Payout

Aug 10

Business

Washington Will Pay RWE $1.22 Billion Not to Build 7 Gigawatts of Offshore Wind

Aug 7

Chipotle Falls 9% On An Outbreak It Has Not Been Linked To Yet

Brazil’s Weight-Loss Black Market Runs Exactly Along Eli Lilly’s Patent Line

While Washington Struck Hormuz, the IEA Was Cutting Oil Demand by 1.6 Million Barrels a Day

Dick’s Sporting Goods Just Had Its Worst Day Ever. The $2.4 Billion Foot Locker Bet Is Why

Nvidia Is Raising AI Server Prices More Than 15%, and the Memory Makers Are the Reason

Druckenmiller Says Bessent Will Lose the Bond Fight as Treasury Eyes a $950 Billion Cash Pile

Anthropic’s $2 Trillion IPO Target Came From Its Investors, Not From Anthropic

Why Tech’s 127,180 Job Cuts in 2026 Are Funding a $690 Billion Compute Bill

XPeng Raised $900 Million for Its Robot Unit at a $6.3 Billion Valuation Before Selling a Single IRON

Google Handed Marvell a $12.2 Billion Warrant and Broadcom Lost $87 Billion in a Day

Spirit Airlines’ Email Archive Sold to Google for $10 Million in Bankruptcy Court

Nevada Raised Tesla’s Robotaxi Cap From 10 to 5,000 in Five Weeks

Unitree Opened 629% Above Its IPO Price and Briefly Passed Baidu in Value

Meta’s Own Retention Study Is the States’ Best Evidence in a $1.4 Trillion Trial

Flock Safety Cut Data Retention to Seven Days Because City Councils Kept Voting No

Reddit Joins the S&P 500 on August 18 With Its Front Door Under Google’s Control

Intel Gained 12.7% in a Week on a Customer List Nobody Will Confirm

The FTC Made Redfin Get Back Into a Business Zillow Paid It $100 Million to Leave

Morgan Stanley’s $1.3 Billion Dallas Tower Puts a Number on New York’s Tax Fight

Walmart Raised Guidance on a $2.9 Billion Refund It Has Not Received Yet

Home Depot Beat on $47.9 Billion and Still Refused to Raise Guidance, One Day Before 50% Canadian Tariffs Land

Charts

The Tape

The 30-Year Treasury Hit a 19-Year High. Korea’s Chip Stocks Paid for It.

Berkshire Put $17 Billion into Alphabet, and $10 Billion Never Touched the Market

On Holding Posted a Record 65.4% Gross Margin and Had the Worst Day in Its History

Trump’s $1.4 Billion Crypto Disclosure Reveals the Business Model Behind His Deregulation Agenda

US Canada Trade Talks Collapse as 50% Tariffs Hit $20 Billion in Goods

Nvidia Will Backstop $105 Billion So OpenAI Can Rent the Chips Nvidia Sells It

Baidu’s GPU Cloud Grew 283% and Revenue Still Fell 4%, Which Is the Whole Problem

CoreWeave’s $104 Billion Backlog Is Also the Collateral for Its Debt

Cisco Needs $3.7 Billion of AI Orders Tonight to Make Its $9 Billion Year Work

ByteDance Is Spending $39 Billion on Its Biggest Data Center Outside China, and Brazil Won the Bid

Meta Is Building a Cloud Business to Sell Its Massive AI Computing Surplus

Brent Crossed Back Above $80 on the Day the Hormuz Deal Looked Closest

OpenAI Shipped a Teen Version of ChatGPT Because the Lawsuits Got There First

Oil Pushes Past $90 as Trump Lets the Iran Ceasefire Lapse and Hormuz Stays Shut

Stripe’s $7 Billion OpenRouter Deal Buys the Meter, Not the Model

Intel Raised $20 Billion at $95 a Share for Factories Most of Its Customers Have Not Signed For

Nelson Peltz Wants Wendy’s Private After 18 Years, a Withdrawn Outlook and a Halved Dividend

Blackstone Is Paying a 96% Premium for MarineMax Because It Is Not Buying a Boat Dealer

Nvidia Just Made Its GPUs Collateral, and Six Wall Street Firms Signed On for $500 Billion

Cathie Wood Sold $37.5 Million of Deere to Fund Nvidia and Broadcom Buys

Zuckerberg’s 6,500-Word AI Manifesto Is a Pricing Attack on OpenAI and Anthropic

Coherent Fell 12% and Lumentum 7% as the AI Optics Policy Trade Unwound Into Earnings

GameStop Told Its Own Noteholders They May Short the Stock That Prices Their Payout

Washington Will Pay RWE $1.22 Billion Not to Build 7 Gigawatts of Offshore Wind