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

Markets

Will Broadcom Guarantee the $50 Billion It Is Raising So OpenAI Can Buy Its Chips?

Broadcom is arranging $50 billion-plus of debt so OpenAI can buy its chips, the same day OpenAI's revenue…

10h ago

Jobs & Labour

The Labor Department Froze Green Card Filings at Microsoft and Seven Other Employers

Vance's claim that Microsoft replaced each laid-off worker with 1.5 foreign workers counts H-1B renewals and green cards.…

10h ago

Markets

Stocks, indices, and the macro tape

Three-colour risograph poster showing a nuclear cooling tower, turbine hall and transmission towers beside the Google G and Constellation Energy logos

How Much of Google’s 3.6-Gigawatt Constellation Energy Deal Is New Power for the PJM Grid?

Google signed for 3,590 MW from Constellation Energy, but only 890 MW is new…

By Scott Allan · 2d ago

Close-up of a cold Modelo Especial bottle with condensation, stacked beer cases on a warehouse pallet blurred behind it

Analysis

Constellation Brands Beat on a Distributor Restock, and Drinkers Bought Less Modelo

Constellation Brands grew beer sales 5% as shipments rose 5.5% while depletions fell 0.6%.…

By Scott Allan · 2d ago

Schneider Electric and PTC logos on a dark trading-desk display, joined by a cracked light line between a falling red chart and a rising green chart

Analysis

Schneider Electric Shed €15 Billion in Market Value Agreeing to Buy PTC for $22.6 Billion

Schneider lost about €15 billion in market value the day it agreed to pay…

By Scott Allan · 3d ago

A tablet showing the SpaceX and Anthropic logos on a wooden desk beside highlighted filing pages and a page with a calendar circled in red

Anthropic Disclosed Up to $84.5 Billion in SpaceX Compute Deals. Most Can Be Ended on 90 Days’ Notice.

Anthropic's prospectus lists up to $84.5 billion in SpaceX compute agreements, most cancelable on…

By Scott Allan · 4d ago

Artificial Intelligence

The race to build — and regulate — intelligent machines

$300 Million in AI Savings Is How C.H. Robinson Plans to Pay for Its $5.8 Billion RXO Deal

C.H. Robinson's $300 million savings target for RXO is nearly three times RXO's 2025 adjusted EBITDA, about $32,500 for each of its 9,218 workers.

By Scott Allan · 2d ago

Technology

Product, platform, and the shape of the Internet

Data center aisle with Seagate and Western Digital drive trays in the foreground and a Toshiba tray with a pallet of boxed drives in the centre

Markets

Toshiba’s $380 Million Hard Drive Plan Knocked 14.6% Off Seagate

Toshiba plans about $380 million to double hard drive capacity. Seagate and Western Digital…

By Scott Allan · 4d ago

Markets

$32 Billion in Customer Deposits Sits Behind the Micron Capex Plan That Spooked Investors

Micron beat on every line, then dipped on $25 billion of capex. Customers have…

By Scott Allan · Oct 1

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 · Sep 24

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

Meta added roughly $190 billion in market value on Muse download counts. The same…

By Scott Allan · Sep 23

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

Business

Deals, earnings, and corporate strategy

Business

After a Record 141 Deals of $100 Million or More, Accenture Stock Closed Up 16%

Accenture jumped 16% on record $100 million bookings, but fiscal 2027 guidance of 3% to 6% growth is a step down from fiscal 2026.

By Scott Allan · Oct 2

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

Anthropic’s Leaked Prospectus Shows a $42 Billion Loss Behind Its $2 Trillion IPO Ask

Anthropic's leaked S-1 shows a $42 billion 2025 loss. About $34 billion is a non-cash charge on convertible financing, and a $2 trillion IPO price is what makes it grow.

Scott Allan Opinion

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

Scott Allan Opinion

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

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

Cloud & Infrastructure

BlackRock and IFM Near a $25 Billion Deal for Stack’s Asia-Pacific Data Centers

A BlackRock-backed consortium is in exclusive talks for Stack's Asia-Pacific data centers at up…

By Scott Allan · Sep 25

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

Economy

Inflation, employment, and the real economy

A brass balance scale with a stack of dollar bills outweighed by bread, eggs and a tomato, beside a plain pay envelope

Economy

Payrolls Missed by Roughly 60,000 in September, but the Real Damage Is in Wages

Employers added 29,000 jobs in September, but wages grew 3% against inflation near 3.4% while the Fed is still hiking. Why the…

4d ago

01
Economy The 10-Year Treasury Yield Hit 5.34%, Its Highest Since 2002, and Mortgages Are Already Over 7%
Oct 2
02
Economy The Treasury Sold $70 Billion of Five-Year Notes at 5.033%. Primary Dealers Were Left Holding $11 Billion of Them.
Sep 24
03
Economy Everyone Reported Mortgage Rates Approaching 7%. The Daily Trackers Already Have Them Above It.
Sep 23

The Latest

Everything else across the newsroom

Markets

Cboe’s Exclusive S&P 500 Options License, Extended to 2051, Carries a Royalty Reset Nobody Has Priced

Oct 2

Healthcare Technology

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

Sep 29

Meta Rose 36% in September on Its Muse AI App. Can Muse Ever Cover $145 Billion in Capex?

Sep 25

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

Sep 24

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

Sep 22

Macro photograph of AMD EPYC, Intel Xeon and Arm server processor packages on a dark brushed metal surface

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

Sep 22

Overhead view of a printed Anthropic IPO prospectus on a walnut desk beside a tablet showing the Anthropic mark, financial statement pages with a rising revenue chart, a fountain pen and a coffee cup

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

Sep 21

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

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

Sep 18

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

Sep 18

An open Lennar quarterly earnings report booklet on a walnut desk beside rolled house blueprints, a door key, a pen and coffee

Economy

Lennar’s Margin Fell 170 Basis Points in a Quarter Its Own Construction Costs Improved

Sep 17

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

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

Will Broadcom Guarantee the $50 Billion It Is Raising So OpenAI Can Buy Its Chips?

The Labor Department Froze Green Card Filings at Microsoft and Seven Other Employers

How Much of Google’s 3.6-Gigawatt Constellation Energy Deal Is New Power for the PJM Grid?

Constellation Brands Beat on a Distributor Restock, and Drinkers Bought Less Modelo

Schneider Electric Shed €15 Billion in Market Value Agreeing to Buy PTC for $22.6 Billion

Anthropic Disclosed Up to $84.5 Billion in SpaceX Compute Deals. Most Can Be Ended on 90 Days’ Notice.

$300 Million in AI Savings Is How C.H. Robinson Plans to Pay for Its $5.8 Billion RXO Deal

Why Did Synopsys Jump 4.8% on Amazon and OpenAI Deals With One Disclosed Number?

The FTC Opened a Probe Into OpenAI, Anthropic and METR. Anthropic’s Prospectus Saw It Coming.

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

Toshiba’s $380 Million Hard Drive Plan Knocked 14.6% Off Seagate

$32 Billion in Customer Deposits Sits Behind the Micron Capex Plan That Spooked Investors

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

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

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

After a Record 141 Deals of $100 Million or More, Accenture Stock Closed Up 16%

A 14-Day Order Put CNN, MS NOW and Politico Back Inside the White House

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

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

Charts

The Tape

Anthropic’s Leaked Prospectus Shows a $42 Billion Loss Behind Its $2 Trillion IPO Ask

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.

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

BlackRock and IFM Near a $25 Billion Deal for Stack’s Asia-Pacific Data Centers

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

Payrolls Missed by Roughly 60,000 in September, but the Real Damage Is in Wages

Cboe’s Exclusive S&P 500 Options License, Extended to 2051, Carries a Royalty Reset Nobody Has Priced

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

Meta Rose 36% in September on Its Muse AI App. Can Muse Ever Cover $145 Billion in Capex?

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

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

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

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

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

Lennar’s Margin Fell 170 Basis Points in a Quarter Its Own Construction Costs Improved

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