Investment research on the AI economy.
Notes and charts on the chips, power and data centres AI runs on, the money that pays for them, and what markets price in.
Recent notes
First note soon.
Markets, year to date
S&P 500
+10.2%
Nasdaq-100
+10.8%
US 10-year
+73bp
Gold
−9.3%
US dollar
+3.5%
Brent futures
+72.2%
Bitcoin
−12.4%
The yield curve since 2000
US 10-year minus 2-year Treasury yield, in percentage points. Below zero, the curve is inverted.