The Weekly Letter
One issue a week: what moved, what it means, and what to watch next.
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Week of 2026-09-05 to 2026-09-11
AI Demand Exploded as Oil and Rates Pushed Back
The AI infrastructure boom became easier to see this week, and so did its cost.
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Week of 2026-08-29 to 2026-09-04
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.
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Week of 2026-08-22 to 2026-08-28
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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Week of 2026-08-15 to 2026-08-21
The AI Moat Is Moving From Chips to Capital
AI demand became more tangible this week, expressed through long-term contracts, power commitments, custom silicon partnerships, and financing structures. The...
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Week of 2026-08-08 to 2026-08-14
AI Infrastructure Meets the Cost of Capital
AI demand moved from an industry forecast to a contracting, pricing, and financing story. Compute capacity is increasingly being presented as an investable...
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Week of 2026-08-01 to 2026-08-07
AI Has Demand, but Capital Structure Decides the Returns
AI moved from a growth narrative toward an economic test. Demand remains visible in contracts, shortages, revenue, and capital spending, but the market is...
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Week of 2026-07-25 to 2026-07-31
AI Infrastructure Faces the Quality Test
AI remained the market's organizing force, but investors raised the standard of proof. Spending plans, supply agreements, and model breakthroughs still matter...
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Week of 2026-07-18 to 2026-07-24
The AI Buildout Meets the Price-Matters Market
That distinction mattered as investors reacted to Moonshot’s Kimi models and another “Deep Seek” style scare. The bearish read is that cheaper Chinese models...
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Week of 2026-07-11 to 2026-07-17
Proof Beats Promise
That thesis gained force as Meta’s broader buildout came into focus: a Meta-made AI chip expected to enter production in September, Broadcom’s...
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Week of 2026-07-04 to 2026-07-10
AI’s Capital Test
At the semiconductor level, the market is rediscovering the importance of memory bandwidth. In the Qualcomm memory discussion, Dylan Patel of SemiAnalysis...
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Week of 2026-06-27 to 2026-07-03
AI’s Toll Roads, Memory Shock, and the Discipline of Valuation
This week, the AI trade became less abstract and more financial. The market is no longer just debating whether AI is transformative; it is asking who earns...
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Week of 2026-06-20 to 2026-06-26
AI’s Capital Cycle Gets More Selective
The issue is not simply headline valuation. Even if SpaceX is valued at $2.5 trillion, only $75 billion may initially come to market. Other mega IPOs could...
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Week of 2026-06-06 to 2026-06-12
Hype Machines Meet the Distribution Test
The structure is also unusually complex. Tools for Humanity, co-founded by Sam Altman, created the cryptocurrency, while the World Foundation is technically a...
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