Inflation Is Back in Charge. AI Demand Still Runs Ahead of Supply.
AI companies cannot build capacity fast enough.
Daily analysis
Technology, capital, and what it actually costs.
Independent market analysis on the companies building the AI buildout, the infrastructure underneath it, and the money paying for it. Published every day, with a letter every Friday.
Analysis
All analysis →AI Spending Is Huge. Rates Are Pushing Back.
Oracle booked more than $30B of AI cloud contracts in one quarter.
Oil Tops $100. Apple Folds the iPhone.
Oil is back above $100 as the US and Iran battle for control of a route that carried about a fifth of the world’s oil and gas before the war.
Oil Near $97 Puts Rate Hikes Back on the Table
Brent crude is at a six-week high near $97.
Higher Rates Are Starting to Bite
McDonald’s trades at 300 with a 2% dividend yield.
Strong Jobs and Expensive Oil Complicate the Fed
Employers added 162,000 jobs in August.
The Weekly Letter
All issues →AI Demand Exploded as Oil and Rates Pushed Back
The AI infrastructure boom became easier to see this week, and so did its cost.
AI Demand Got Bigger, And So Did The Rate Problem
The period started with disputed rate-hike odds and ended with stronger jobs, high services prices, and expensive energy keeping a September hike in play.
AI Demand Was Real, But the Bottlenecks Got Real Too
This week made the AI buildout feel less like a story and more like a physical supply chain.
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