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

Macro photograph of a So Delicious Dairy Free non-dairy frozen dessert pint on dark slate, with caramel cashew pieces and several small grey stones scattered beside it

Business

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

Danone recalled So Delicious SKU 136603 for stones in cashew inclusions, nine months after an identical Class II…

19h ago

Two-colour risograph poster in orange and navy on cream paper showing an industrial standby generator unit, an arrow, and the Generac and Amazon logos

Business

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

Generac added nearly $2 billion in market value on the Amazon deal. The 8-K shows $2.4 billion contracted;…

19h ago

Markets

Stocks, indices, and the macro tape

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

Washington says it has the Strait of Hormuz under control. War risk underwriters still…

By Scott Allan · 3d ago

Business

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

The Baldwin Group is going private at $7.7 billion. None of the three principal…

By Scott Allan · 3d ago

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

Dario Amodei's essay sent cybersecurity stocks up 15% and semiconductors down 5% in a…

By Scott Allan · 3d ago

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

Costco capped Kirkland Signature motor oil at two boxes and pushed the price to…

By Scott Allan · 4d ago

Artificial Intelligence

The race to build — and regulate — intelligent machines

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 anchoring the pitch is the company's own model.

By Scott Allan · 2d ago

Technology

Product, platform, and the shape of the Internet

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

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

XPeng’s robotics business has never shipped a product to a paying customer, and investors…

By Scott Allan · Aug 25

Business

Deals, earnings, and corporate strategy

Business

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

Oura's S-1 shows gross margin falling from 65% to 52%. An $84.4 million warranty charge for defective Ring 4 batteries explains most of the drop.

By Scott Allan · 2d 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

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

Novartis shed close to 4% in Zurich on Monday after pelacarsen, its lipoprotein(a) lowering drug, missed the primary endpoint of a Phase III cardiovascular outcomes study.…

Scott Allan Opinion

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

Scott Allan Opinion

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

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

White studio still life of lumber, kraft paper, a steel bar, milk, cheese, a folded shirt and soap, with small Canadian and US desk flags behind them

Legal & Regulatory

Canada’s C$27.6 Billion Retaliation Is Pegged to a 1930 Statute No Court Has Ever Tested

Canada’s counter-tariffs on more than 700 American products took effect Tuesday, and almost every account of them has quoted two different numbers…

Sep 8

01
Business KKR’s Record Antitrust Penalty Will Be Paid by Its Law Firms, Not by KKR
Aug 28
02
Business The FTC Made Redfin Get Back Into a Business Zillow Paid It $100 Million to Leave
Aug 26
03
Economy Druckenmiller Says Bessent Will Lose the Bond Fight as Treasury Eyes a $950 Billion Cash Pile
Aug 25

Cloud & Infrastructure

Data centers, chips, and the plumbing of AI

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

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

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

Economy

Inflation, employment, and the real economy

Bronze Board of Governors of the Federal Reserve System seal mounted on the marble wall of the Eccles Building in Washington DC

Economy

The Fed’s Two Inflation Gauges Disagree by 80 Basis Points. Warsh Is Hiking on the Higher One.

Futures markets now put the odds of a quarter-point Federal Reserve hike this month at 66%, and almost every explanation you will…

Sep 2

01
Economy The AI Buildout Borrowed $225 Billion at Low Rates. Warsh Just Signaled the Bill Is Repricing.
Aug 31
02
Economy US Canada Trade Talks Collapse as 50% Tariffs Hit $20 Billion in Goods
Aug 24
03
Business Morgan Stanley’s $1.3 Billion Dallas Tower Puts a Number on New York’s Tax Fight
Aug 21

The Latest

Everything else across the newsroom

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

Snowflake’s 23% Pop Bought Faster Growth, Not Better Growth

Sep 3

Broadcom Guided AI Revenue to $230 Billion. Wall Street Read the Software Line Instead.

Sep 3

Advertising & Marketing

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

Sep 2

Stack of folded summer clothing in grey, tan and navy next to a white printed card reading Old Navy on a bone-white studio backdrop

Business

Old Navy’s Incoming CEO Ran Its Marketing Through the Quarter Gap Just Blamed on Marketing

Sep 1

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

Aug 31

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

Aug 31

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

Aug 28

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

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

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.

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

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.

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

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

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

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

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

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

Uber Cut 3,300 Jobs to Bankroll an Autonomous Future It Does Not Build

Charts

The Tape

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

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

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

Canada’s C$27.6 Billion Retaliation Is Pegged to a 1930 Statute No Court Has Ever Tested

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

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

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

The Fed’s Two Inflation Gauges Disagree by 80 Basis Points. Warsh Is Hiking on the Higher One.

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

Snowflake’s 23% Pop Bought Faster Growth, Not Better Growth

Broadcom Guided AI Revenue to $230 Billion. Wall Street Read the Software Line Instead.

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

Old Navy’s Incoming CEO Ran Its Marketing Through the Quarter Gap Just Blamed on Marketing

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

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