Meta just posted a 26% revenue surge to $64.6 billion, yet the number that matters most went the other way. Free cash flow turned negative as AI spending outran the ad business for the first time this cycle. The Q4 math suggests the bill is about to get even bigger. So how long will investors keep paying?

SpaceX’s AI business just outearned its rockets and Starlink combined, bringing in $7.6 billion of a $14.6 billion quarter. But the AI buildout is costing almost $20 billion a quarter, and Elon Musk has now put a Tesla-SpaceX merger on the table. Here’s what the numbers really say, three scenarios for what comes next, and why Tesla’s earnings tonight could be the next big signal.

China’s biggest tech companies have reportedly ordered more than 3 million Nvidia RTX PRO 5500 chips, about $35 billion in demand. Nvidia may deliver only a fraction of that. Here’s why export rules, manufacturing capacity, and product priorities stand between the headline and the revenue line, and which signals could change the story in 2027.

AI demand is still strong, so why is CoreWeave’s debt trading like a distress signal? One bond’s yield topped 16%, default-insurance costs hit records, and hot producer prices just made borrowing harder. The real question now is whether this stays a CoreWeave problem or spreads across every leveraged AI builder.

TSMC just posted its 6th straight record quarter, with profit up nearly 69% and AI demand still outrunning supply. So why are Nvidia, AMD, and Micron falling? The answer isn’t about AI demand. It’s about what money costs, and this morning’s PPI report could tip the balance either

ASML just posted a record €11.7 billion quarter, but the real headline is what it said about the future: even with 30% more capacity planned, it can't build enough chipmaking machines to meet demand in 2027 and 2028. Customers are already asking about 2030. Here's why the AI trade's bottleneck is shifting from money to machines, and what to watch as TSMC reports next.

Microsoft's new Maia 300 chip claims 40% more useful computing per megawatt than leading GPU systems, with potentially more than 1 million chips headed into deployment next year. The real story isn't Microsoft vs. Nvidia — it's who keeps the profit margin on more than $175 billion in AI spending. Here's the mechanism, 3 scenarios, and what Ignite needs to prove next month.

Nvidia just approved the biggest buyback increase ever — $150 billion on top of its existing program, for a total of $235 billion. But a buyback authorization is permission, not spending. To use it all by fiscal 2028, Nvidia would have to roughly double its record repurchase pace. Here's the math, the 3 scenarios, and the numbers that will decide whether this is a real capital-return machine or just a very large permission slip.

AMD just crossed $1 trillion for the first time, but it didn't rally alone. Chip stocks surged, the Nasdaq set a record, and the AI trade may finally be broadening beyond Nvidia. Here's what's driving the move, and the test AMD faces next as it tries to hold the trillion-dollar line.

Three of the most powerful people in AI spent the weekend agreeing their industry is moving too fast. By Monday's premarket, Nvidia was down more than 2%, chip stocks were bleeding across three continents, and the enterprise software sector left for dead all year was catching a bid. That's not the market rejecting AI — it's the market re-pricing who inside the AI trade gets paid. Here's the mechanism behind the split, the two macro crosscurrents most coverage ignored, and exactly what would prove this read wrong.

Broadcom more than tripled AI chip revenue to $16.7 billion and forecast roughly $230 billion by fiscal 2028 — and the stock still fell. Snowflake jumped more than 20%. HPE posted record revenue and dropped over 3%. Same sector, same tailwind, three different verdicts. Here's what the market is actually pricing now, and why the 10-year Treasury yield matters more to these stocks than the guidance did.

Nvidia gained 8.7% on AI guidance Thursday, then fell 4.6% Friday on news that had nothing to do with Nvidia. What changed was the price of money. Fed Chair Kevin Warsh put the 2% target back at the center of the market, September rate hike odds jumped from roughly 35% to 57%, the 2-year Treasury yield rose 13 basis points to a one-month high, and gold dropped 3%. Here's the full causal chain, the falsification test for whether it holds, and the three scenarios for the August jobs report.

Nvidia's $442 billion single-day market cap gain was historic, but the rally underneath it was narrow — only tech finished higher, even as Salesforce and CrowdStrike surged on their own guidance raises. With oil rebounding and Kevin Warsh set to speak at Jackson Hole, here's what actually moved markets Thursday and what to watch next.

Nvidia reported $96.2 billion in revenue and 117% data-center growth — but the stock only took off after guidance blew past estimates. Here's why the reversal matters, what sticky inflation means for rate expectations, and what to watch at Jackson Hole.

Nvidia reports Wednesday after the close with roughly $280 billion of market value in play — more than the individual market cap of 90% of S&P 500 companies. But the implied 5.4% move is smaller than Nvidia's recent average, and the stock just posted its seventh straight down day. The real variable isn't in the income statement. It's the 30-year Treasury yield sitting above 5% at a 19-year high, quietly repricing every data-center project the AI trade depends on.

Micron fell 7% yesterday. SanDisk and Seagate fell 9%. None of them reported bad news, missed earnings, or lost a contract — and yet three of the AI buildout's biggest winners got hit harder than anything else in the market. The answer isn't in their filings. It's in the bond market, where the 30-year Treasury yield just hit a 19-year high and repriced every dollar of earnings these companies expect to make next decade. Here's the mechanism behind the move, the $3 trillion sitting in tech's footnotes, and why the Fed minutes at 2:00 PM Eastern decide whether the pressure continues.

Applied Materials just delivered the biggest quarter-over-quarter revenue jump in its history and the stock fell 5% anyway. One line about flat gross margins did it. Cisco beat and dropped 8.4% for the same reason the night before — while Micron, which sells the memory driving those costs, jumped over 4%. The AI trade isn't breaking. The margin is just moving down the supply chain.

U.S. crude inventories posted their biggest weekly build in 3.5 years — 17.4 million barrels against forecasts calling for a drawdown — and oil still closed higher. The reason is a shipping constraint, not a demand collapse, and it runs straight through energy inflation to a Fed that may be closer to hiking than cutting.

Super Micro told Wall Street it expects up to $72 billion in AI server sales next year — roughly 36% above the $53 billion consensus — and the stock jumped 9% after hours. Hours earlier, AI stocks had sold off all day. The doubt isn't about demand anymore; it's about how a buildout running on borrowed money gets paid for with the 10-year near 4.7% and oil at $83.

Oil climbed for a third straight session after Iran ruled out direct talks with Washington, pushing gold toward $4,400 and silver past $64. Meanwhile the S&P 500 closed at a record 7,757 and Nasdaq futures led again overnight. Capital is hedging Wednesday's inflation print two contradictory ways at once — here's what that rotation is telling you.