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

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…

9h ago

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 of 150.8 yuan, a…

10h ago

Markets

Stocks, indices, and the macro tape

Overhead flatlay of printed US Treasury yield tables and a hand annotated rising yield curve on a wooden desk, next to a tablet showing Samsung and SK Hynix logos above falling red stock charts

Analysis

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…

By Scott Allan · 2d ago

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 · 3d ago

Business

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

Home Depot cleared the bar on Tuesday morning and then declined to move it.…

By Scott Allan · 3d ago

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

The 60-day US-Iran ceasefire expired on Monday with nothing to replace it, and the…

By Scott Allan · 3d ago

Artificial Intelligence

The race to build — and regulate — intelligent machines

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 an OpenAI data center in southern Ohio, which is a sentence worth…

By Scott Allan · 2d ago

Technology

Product, platform, and the shape of the Internet

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

Anthropic Is Hiring Chip Designers at $485,000 to Stop Renting Its Margin From Nvidia

Anthropic confirmed this week that it is standing up an in-house custom silicon team…

By Scott Allan · Aug 7

Shopify Jumped 25% on AI Orders It Spent Nothing to Build

Shopify reported second-quarter revenue of $3.58 billion on Wednesday, up 34% from a year…

By Scott Allan · Aug 6

Anthropic Priced Claude Opus 5 to Cannibalize Its Own Flagship

Anthropic launched Claude Opus 5 at the same $5 and $25 token price as…

By Scott Allan · Jul 24

Business

Deals, earnings, and corporate strategy

Analysis

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

Berkshire Hathaway added more than $17 billion of Alphabet in the second quarter, and CNBC reported that the position is now the conglomerate’s third-largest holding at…

By Scott Allan · 4d 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

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

On Holding did almost everything the market says it wants. The Swiss running brand grew constant-currency net sales 21.6%, expanded gross margin by 390 basis points…

Scott Allan Opinion

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

Scott Allan Opinion

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

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

Legal & Regulatory

Prediction Markets Got Federal Legitimacy Before They Got an Insider Trading Rule

Kalshi and Polymarket cleared roughly $44.8 billion in combined trading volume in June, and both now operate as federally regulated venues in…

4d ago

01
AI Brussels Wrote AI Rules a Year Ago and Only Just Got the Power to Enforce Them
Aug 10
02
Economy Payrolls Fell 23,000 and the Rates Market Repriced a Fed That Refuses to Guide It
Aug 7
03
Business Washington Will Pay RWE $1.22 Billion Not to Build 7 Gigawatts of Offshore Wind
Aug 7

Cloud & Infrastructure

Data centers, chips, and the plumbing of AI

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

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

Bloom Energy and Brookfield Asset Management logos with 5B AI Power Deal label and upward-trending stock chart on dark navy circuit board background

Cloud & Infrastructure

Bloom Energy Stock Surges 20% as Brookfield Expands AI Data Center Power Deal to $25 Billion

Bloom Energy just landed the kind of deal that turns a fuel cell company…

By Scott Allan · Jul 2

Business

Amazon Commits $48 Billion to India by 2030 as Andy Jassy Makes His First Visit as CEO

Amazon CEO Andy Jassy met Indian Prime Minister Narendra Modi on Thursday and announced…

By Scott Allan · Jun 25

FERC seal with US power grid map showing data center interconnection nodes and 60-day deadline panels

FERC Orders Six Grid Operators to Fast-Track AI Data Center Connections or Justify Current Rules

The federal government just gave America’s largest power grid operators a 60-day ultimatum: prove…

By Scott Allan · Jun 21

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

2d ago

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

Advertising & Marketing

The Trade Desk Guides to a 12% Revenue Decline and Loses a Fifth of Its Value

Aug 7

Business

911.5 Million SpaceX Shares Unlock Today, and Musk Is Not the One Selling

Aug 6

Sam Altman Says AI Should Pace Itself, Weeks After His Models Broke Out Of Their Cage

Aug 5

Macro view of a liquid-cooled Nvidia AI accelerator board with copper cold plate and coolant fittings

Nvidia’s $250 Billion Backstop for OpenAI’s Ohio Campus Says the Debt Market Already Said No

Jul 27

Nvidia Rose 3.26% the Day Washington Accused Moonshot AI of Smuggling Its Chips

Jul 22

Markets

Anthropic Above, DeepSeek Below: OpenAI’s Squeeze Is Now a $1 Trillion IPO Problem

Jul 20

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

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

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

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

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

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

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

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

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

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

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

Anthropic Is Hiring Chip Designers at $485,000 to Stop Renting Its Margin From Nvidia

Shopify Jumped 25% on AI Orders It Spent Nothing to Build

Anthropic Priced Claude Opus 5 to Cannibalize Its Own Flagship

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

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

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

Charts

The Tape

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

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

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

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

Prediction Markets Got Federal Legitimacy Before They Got an Insider Trading Rule

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

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

Bloom Energy Stock Surges 20% as Brookfield Expands AI Data Center Power Deal to $25 Billion

Amazon Commits $48 Billion to India by 2030 as Andy Jassy Makes His First Visit as CEO

FERC Orders Six Grid Operators to Fast-Track AI Data Center Connections or Justify Current Rules

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

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

The Trade Desk Guides to a 12% Revenue Decline and Loses a Fifth of Its Value

911.5 Million SpaceX Shares Unlock Today, and Musk Is Not the One Selling

Sam Altman Says AI Should Pace Itself, Weeks After His Models Broke Out Of Their Cage

Nvidia Jumps 3.8% as Cloud Giants Line Up $886 Billion in AI Capex

Microsoft and Meta Report Tonight, and the Beat Is Already Irrelevant

The Chip Rout Is Deepening and Retail Is Googling 3x Leveraged ETFs

Nvidia’s $250 Billion Backstop for OpenAI’s Ohio Campus Says the Debt Market Already Said No

Nvidia Rose 3.26% the Day Washington Accused Moonshot AI of Smuggling Its Chips

Anthropic Above, DeepSeek Below: OpenAI’s Squeeze Is Now a $1 Trillion IPO Problem