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

Advertising & Marketing

When Amazon’s Ad Auction Quietly Became a First-Price Auction, 1.2 Million Advertisers Were Not Told

Almost every account of the Federal Trade Commission’s new lawsuit against Amazon leads with the same number: $20…

16h ago

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 on August 31, and…

17h ago

Markets

Stocks, indices, and the macro tape

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…

By Scott Allan · 2d 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…

By Scott Allan · 2d ago

Long corridor of black NVIDIA-branded GPU server racks in an AI data center, daylight from a high window at the end of the aisle

Economy

The AI Buildout Borrowed $225 Billion at Low Rates. Warsh Just Signaled the Bill Is Repricing.

Every account of Kevin Warsh’s Jackson Hole speech on Friday told the same story:…

By Scott Allan · 2d ago

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

Salesforce closed up 22.6% on Thursday, the second-best trading day in the company’s history…

By Scott Allan · 5d ago

Artificial Intelligence

The race to build — and regulate — intelligent machines

After Turning Down Nvidia at $7 Billion, Hugging Face Is Selling to Nvidia for $12.9 Billion

Nvidia has agreed to acquire Hugging Face for about $12.9 billion, according to The Information, in a deal that would put the default distribution point for…

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

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

Spirit Airlines spent two decades teaching Americans that a plane ticket could cost less…

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

Business

Deals, earnings, and corporate strategy

Business

KKR’s Record Antitrust Penalty Will Be Paid by Its Law Firms, Not by KKR

The Justice Department announced on Wednesday that KKR had agreed to pay $250 million to settle claims it serially violated federal premerger review law, calling it…

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

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 of a national newspaper, that he is going…

Aug 25

01
Economy US Canada Trade Talks Collapse as 50% Tariffs Hit $20 Billion in Goods
Aug 24
02
Legal & Regulatory Prediction Markets Got Federal Legitimacy Before They Got an Insider Trading Rule
Aug 17
03
AI Brussels Wrote AI Rules a Year Ago and Only Just Got the Power to Enforce Them
Aug 10

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

Business

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

The New York Post reported on Thursday that Morgan Stanley has settled on Dallas for its big expansion outside New York, the…

Aug 21

01
Economy Payrolls Fell 23,000 and the Rates Market Repriced a Fed That Refuses to Guide It
Aug 7
02
Economy Brent Crossed Back Above $80 on the Day the Hormuz Deal Looked Closest
Aug 6
03
Economy Q2 GDP Slowed to 1.5%, but Private Demand Jumped 3.9%: Why the Bond Market Isn’t Buying the Cooldown
Jul 30

The Latest

Everything else across the newsroom

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

Aug 21

Business

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

Aug 20

AI Policy

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

Aug 19

Business

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

Aug 18

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

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

When Amazon’s Ad Auction Quietly Became a First-Price Auction, 1.2 Million Advertisers Were Not Told

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

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

The AI Buildout Borrowed $225 Billion at Low Rates. Warsh Just Signaled the Bill Is Repricing.

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

After Turning Down Nvidia at $7 Billion, Hugging Face Is Selling to Nvidia for $12.9 Billion

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

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

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

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

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

KKR’s Record Antitrust Penalty Will Be Paid by Its Law Firms, Not by KKR

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

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

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

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

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

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

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

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

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

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

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

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