This week's thinking lives on the Insights page. Everything that's held up past the week it was written lives here, permanently.
Free download: four weeks of the Weekly Intelligence Brief, tracked in real time →
A bond buyback worth a rounding error against the $32 trillion Treasury market still knocked yields off a 2007 high, sent gold and Bitcoin sharply higher, and reignited the dollar-debasement trade that's shadowed markets since early 2025.
A $105bn credit line for OpenAI's Ohio campus, a guarantee on up to 25% of any AI project's residual value, and a regulatory carve-out that keeps the loans outside the usual investor protections.
US payrolls have stalled since May, yet risk assets just posted their most euphoric week in years, built more on leverage and debt-financed AI spending than on the economy underneath it.
Baidu runs a search engine, a leading LLM, a cloud business and a robotaxi fleet running about as many monthly rides as Waymo. The whole company is priced at less than a third of Waymo on its own.
A 92% revenue beat and a marquee Nvidia deal weren't enough to hold the price once 911.5 million insider shares hit the market. Here's why the two stories don't contradict each other.