Federal Reserve System seal beside glowing data panels reading GDP 1.5 percent, core PCE 3.3 percent and 30-year Treasury yield 5.24 percent, with a steepening yield curve chart

Q2 GDP Slowed to 1.5%, but Private Demand Jumped 3.9%: Why the Bond Market Isn’t Buying the Cooldown

The Bureau of Economic Analysis reported Thursday that real GDP grew at a 1.5% annual rate in the second quarter, down from 2.1% in the first,…

By Scott Allan · Jul 30 · 4 min read

Healthcare Technology

Kodiak’s Zenkuda Matched Eylea in Phase 3, a Win Against the Dose Regeneron Is Already Leaving Behind

Kodiak Sciences more than doubled after Zenkuda matched Eylea in Phase 3. The comparator was Eylea every eight…

10h ago

AMD Is Buying World Labs for $8.2 Billion in Stock, Not Cash

AMD will pay about $8.2 billion in stock for Fei-Fei Li's World Labs, a 64% markup on February's…

10h ago

Markets

Stocks, indices, and the macro tape

Markets

IonQ’s Quantum Error Decoder Ran on Simulated Noise, Not on Its Own Qubits

IonQ opened 11.9% higher on a real-time quantum error decoder. The error data came…

By Scott Allan · 5d ago

Extreme macro of an engraved United States Treasury bond certificate showing the Department of the Treasury seal in raking light

Economy

The Treasury Sold $70 Billion of Five-Year Notes at 5.033%. Primary Dealers Were Left Holding $11 Billion of Them.

Wednesday's bond selloff was reported as a growth story. The five-year auction record says…

By Scott Allan · 5d ago

Studio still life of printed cards showing the Paramount and Warner Bros. Discovery logos behind a clipped stack of legal documents

Business

Paramount Settled 12 States for Film Quotas and $47.5 Million, a Fraction of the $49 Billion It Must Now Borrow

Twelve states won film quotas, a $47.5 million workforce fund and an editorial monitor.…

By Scott Allan · 6d ago

An overhead view of a printed Freddie Mac report showing a rising trend line beside a rate sheet, glasses and a coffee cup

Economy

Everyone Reported Mortgage Rates Approaching 7%. The Daily Trackers Already Have Them Above It.

Freddie Mac's weekly survey says 6.95 percent. Optimal Blue, Zillow and US News all…

By Scott Allan · 6d ago

Artificial Intelligence

The race to build — and regulate — intelligent machines

When Microsoft Cut Copilot Prices by up to 50%, It Attached a Usage Meter to the Deal

Microsoft will authorize 30% to 50% Copilot discounts from October, but only for customers who also accept usage-based fees. The breakeven is about 1,500 credits per seat per…

By Scott Allan · 5d ago

Technology

Product, platform, and the shape of the Internet

Legal & Regulatory

Musk Quietly Dropped Apple From His Antitrust Case, and OpenAI Went to Court to Find Out Why

X Corp and SpaceXAI dropped Apple from their antitrust suit with prejudice and disclosed…

By Scott Allan · Sep 17

Business

Apple’s Price Increase Tracks the Memory Shortage, Not the Foldable

The headline out of Apple Park on Wednesday was a folding phone. The number…

By Scott Allan · Sep 10

Extreme macro photograph of a green DRAM memory module with black chip packages and gold contact fingers lit against a dark background

Markets

When Memory Makers Started Taking Collateral, the Shortage Stopped Being a Cycle

Every story about the memory crunch this year has been filed as a market…

By Scott Allan · Sep 8

AI Policy

Europe Regulated ChatGPT as a Search Engine, Not as an AI Model

The European Commission brought ChatGPT under the strictest tier of the Digital Services Act…

By Scott Allan · Sep 2

Enterprise Technology

Apple Put Its First 2nm Chip in an $899 Desktop. The iPhone Has to Wait.

Most of the coverage of Apple’s surprise Mac refresh has treated it as a…

By Scott Allan · Sep 1

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…

By Scott Allan · Aug 26

Business

Deals, earnings, and corporate strategy

Risograph style poster showing SoftBank, OpenAI and Arm logos on stacked bars representing a capital structure

Business

The $20 Billion Book for SoftBank’s Bond Is a Bet on Yield, Not on OpenAI

SoftBank's $11 billion notes are senior unsecured. Arm already backs a $25 billion margin loan and the OpenAI stake backs another. Bondholders rank behind both.

By Scott Allan · Sep 22

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

Oracle’s $638 Billion Backlog Is a Funding Structure, Not a Sales Pipeline

Oracle reports first-quarter fiscal 2027 results on Thursday, and nearly every preview written this week leads with the same number: $638 billion in remaining performance obligations,…

Scott Allan Opinion

Amgen Fell 5% on a Trial It Did Not Run. Nobody Yet Knows if the Target Failed or the Dose Did.

Scott Allan Opinion

Most of Salesforce’s Record Earnings Beat Was an Unrealized Gain on Anthropic

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

High-key studio still life of clear and amber pharmaceutical vials and a blister pack of tablets in front of printed cards showing the Pfizer and Bristol Myers Squibb wordmarks

Healthcare Technology

Nearly Half of America’s In-Licensed Drugs Now Start in China, a Dependency Treasury Just Decided Not to Break

Treasury will allow most US pharma licensing deals with China, restricting only pathogen work. The reason is commercial: nearly half of US…

Sep 21

01
Economy The Fed Hiked to 4% on a Dot Plot With 18 Dots, Not 19
Sep 18
02
Legal & Regulatory Canada’s C$27.6 Billion Retaliation Is Pegged to a 1930 Statute No Court Has Ever Tested
Sep 8
03
Business KKR’s Record Antitrust Penalty Will Be Paid by Its Law Firms, Not by KKR
Aug 28

Cloud & Infrastructure

Data centers, chips, and the plumbing of AI

Macro photograph of a Cornelis Networks switch chassis with a dense row of fibre optic transceiver ports lit teal and amber, cables running out of frame

To Break Nvidia’s Grip on AI Networking, Cornelis Raised $205 Million on a Figure It Modeled Itself

Cornelis raised $205 million to attack Nvidia's interconnect lock-in. The $1.68 billion waste figure…

By Scott Allan · Sep 16

Cloudflare’s New Crawler Rules Grade Microsoft on a Control That Ships in 2027

Cloudflare's Accountable designation decides which AI crawlers keep reading your site. Microsoft holds it…

By Scott Allan · Sep 16

Close up of a copper transformer winding and switchgear busbar with a brushed steel nameplate reading Fluidstack

The Pentagon Wants to Lend $5 Billion to an AI Cloud Startup. None of It Would Build a Data Center.

The Office of Strategic Capital would make its largest ever loan to Fluidstack, funding…

By Scott Allan · Sep 14

Microsoft Plans to Triple Its Data Center Fleet by 2032, and the Number Came From Nobody at Microsoft

Microsoft's reported 38 gigawatt capacity target has been written up as an announcement. The…

By Scott Allan · Sep 11

Jane Street, a Trading Firm With No AI Product, Now Holds $19 Billion in GPU Contracts

Crusoe closed more than $3 billion at roughly a $30 billion valuation, nearly tripling…

By Scott Allan · Sep 7

Cloud & Infrastructure

Dell Guided Its AI Server Line Lower This Quarter Because It Cannot Buy Enough Memory

Every preview of Dell Technologies’ fiscal second quarter, which the company reports after the…

By Scott Allan · Sep 1

Economy

Inflation, employment, and the real economy

Trading display showing a falling WTI and Brent crude chart, the Federal Reserve seal, a Saudi Aramco panel and a rising interest rate bar chart

Economy

Oil Fell 9% in Four Days Because Trump Said He Would Probably Take a Meeting Nobody Has Scheduled

Crude lost more than 9% in four sessions on US-Iran diplomacy that does not exist. No meeting is scheduled, and the Fed's…

Sep 22

01
Economy Lennar’s Margin Fell 170 Basis Points in a Quarter Its Own Construction Costs Improved
Sep 17
02
Economy The Fed’s Two Inflation Gauges Disagree by 80 Basis Points. Warsh Is Hiking on the Higher One.
Sep 2
03
Economy The AI Buildout Borrowed $225 Billion at Low Rates. Warsh Just Signaled the Bill Is Repricing.
Aug 31

The Latest

Everything else across the newsroom

Weathered site signage board stencilled CRML, GLND and GRML at a Greenland exploration camp, with orange site cabins, a tarped drill rig and a fjord carrying pack ice behind

Energy

Greenland Energy Does Not Mine Anything. It Rose 150% on a Mining Trade.

Sep 21

A dark green J.B. Hunt intermodal shipping container model beside a stainless steel diesel fuel nozzle on a white studio backdrop

Markets

J.B. Hunt Lost 13% on a Warning Blamed on Diesel. Its Own Split Puts $25 Million on Driver Pay.

Sep 17

Hazy wide shot of three laden crude oil supertankers sitting at anchor in the Strait of Hormuz while a small naval escort vessel passes in the foreground

Energy

The Hormuz Escorts Moved Barrels, Not Insurance Premiums

Sep 15

Business

Michael Dell’s Family Office Is Buying an Insurance Brokerage at 20 Times EBITDA to Automate It

Sep 15

Cybersecurity Stocks Jumped 15% on a Call to Slow AI Down. Chip Stocks Fell on the Same Essay.

Sep 15

Advertising & Marketing

OpenAI Closed Its Ad Platform to the Exact Product Categories It Just Entered

Sep 14

A pallet display stacked with Kirkland Signature full synthetic motor oil jugs in a Costco warehouse aisle beneath a Costco Wholesale sign

Business

The Motor Oil Shortage Behind Costco’s Purchase Limit Started in Qatar, Not in Its Warehouses

Sep 14

Advertising & Marketing

LVMH Ended Nine Years With WPP Without Bothering to Hold a Pitch

Sep 11

Legal & Regulatory

Groq, the Startup Nvidia Never Actually Bought, Is Now the First Real Test of the Acquihire Loophole

Sep 11

The CISA seal glowing at the centre of a dark navy field with blank monitoring panels and a faint network of connected nodes

Washington Told AI Companies to Quietly Degrade Suspect Accounts. The Advisory Never Once Says Theft.

Sep 10

A large coastal oil refinery lit at blue hour, with distillation columns, storage tanks and a Saudi Aramco control building

Energy

Diesel Set an All-Time US Record While Crude Trades $28 Below Its 2022 Peak

Sep 10

When OpenAI Hit Its Own Critical Cyber Threshold, the Framework Logged It Rather Than Stopping It

Sep 7

Q2 GDP Slowed to 1.5%, but Private Demand Jumped 3.9%: Why the Bond Market Isn’t Buying the Cooldown

Kodiak’s Zenkuda Matched Eylea in Phase 3, a Win Against the Dose Regeneron Is Already Leaving Behind

AMD Is Buying World Labs for $8.2 Billion in Stock, Not Cash

IonQ’s Quantum Error Decoder Ran on Simulated Noise, Not on Its Own Qubits

The Treasury Sold $70 Billion of Five-Year Notes at 5.033%. Primary Dealers Were Left Holding $11 Billion of Them.

Paramount Settled 12 States for Film Quotas and $47.5 Million, a Fraction of the $49 Billion It Must Now Borrow

Everyone Reported Mortgage Rates Approaching 7%. The Daily Trackers Already Have Them Above It.

When Microsoft Cut Copilot Prices by up to 50%, It Attached a Usage Meter to the Deal

Meta Added Nearly $200 Billion on Download Counts the Week Amazon Blocked Muse and a Researcher Hijacked It

AMD Touched $1 Trillion for a Few Hours. The Number That Mattered Was Nvidia’s 0.4%.

Anthropic Pushed Its IPO to November Because a $2 Trillion Ask Needs One More Quarter of Revenue

Musk Quietly Dropped Apple From His Antitrust Case, and OpenAI Went to Court to Find Out Why

Apple’s Price Increase Tracks the Memory Shortage, Not the Foldable

When Memory Makers Started Taking Collateral, the Shortage Stopped Being a Cycle

Europe Regulated ChatGPT as a Search Engine, Not as an AI Model

Apple Put Its First 2nm Chip in an $899 Desktop. The iPhone Has to Wait.

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

The $20 Billion Book for SoftBank’s Bond Is a Bet on Yield, Not on OpenAI

Danone Pulled SKU 136603 for the Second Time in Nine Months, a Recall the FDA Had Already Closed

Generac Gained $2 Billion in Market Value on an Order Worth $2.4 Billion Over Two Years

Oura’s Gross Margin Fell 13 Points in a Year. An $84.4 Million Battery Bill Explains Most of It.

Charts

The Tape

Oracle’s $638 Billion Backlog Is a Funding Structure, Not a Sales Pipeline

Amgen Fell 5% on a Trial It Did Not Run. Nobody Yet Knows if the Target Failed or the Dose Did.

Most of Salesforce’s Record Earnings Beat Was an Unrealized Gain on Anthropic

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

Nearly Half of America’s In-Licensed Drugs Now Start in China, a Dependency Treasury Just Decided Not to Break

To Break Nvidia’s Grip on AI Networking, Cornelis Raised $205 Million on a Figure It Modeled Itself

Cloudflare’s New Crawler Rules Grade Microsoft on a Control That Ships in 2027

The Pentagon Wants to Lend $5 Billion to an AI Cloud Startup. None of It Would Build a Data Center.

Microsoft Plans to Triple Its Data Center Fleet by 2032, and the Number Came From Nobody at Microsoft

Jane Street, a Trading Firm With No AI Product, Now Holds $19 Billion in GPU Contracts

Dell Guided Its AI Server Line Lower This Quarter Because It Cannot Buy Enough Memory

Oil Fell 9% in Four Days Because Trump Said He Would Probably Take a Meeting Nobody Has Scheduled

Greenland Energy Does Not Mine Anything. It Rose 150% on a Mining Trade.

J.B. Hunt Lost 13% on a Warning Blamed on Diesel. Its Own Split Puts $25 Million on Driver Pay.

The Hormuz Escorts Moved Barrels, Not Insurance Premiums

Michael Dell’s Family Office Is Buying an Insurance Brokerage at 20 Times EBITDA to Automate It

Cybersecurity Stocks Jumped 15% on a Call to Slow AI Down. Chip Stocks Fell on the Same Essay.

OpenAI Closed Its Ad Platform to the Exact Product Categories It Just Entered

The Motor Oil Shortage Behind Costco’s Purchase Limit Started in Qatar, Not in Its Warehouses

LVMH Ended Nine Years With WPP Without Bothering to Hold a Pitch

Groq, the Startup Nvidia Never Actually Bought, Is Now the First Real Test of the Acquihire Loophole

Washington Told AI Companies to Quietly Degrade Suspect Accounts. The Advisory Never Once Says Theft.

Diesel Set an All-Time US Record While Crude Trades $28 Below Its 2022 Peak

When OpenAI Hit Its Own Critical Cyber Threshold, the Framework Logged It Rather Than Stopping It