AI is coming for software companies
Agentic tools threaten seat pricing
Tech
Artificial intelligence, semiconductors and Big Tech spending, and what they mean for markets and the economy.
Big Tech's AI spending passes $600bn
Capex outruns operating cash
Nvidia's $57bn quarter doesn't end the bubble debate
Beat fails to calm capex fears
AI's biggest spenders feel the credit squeeze
Supply indigestion in IG tech
Meta borrows $30bn for AI
Debt funds AI capex
The AI money loop
Vendor equity funds customer capex
Nvidia's China problem
Guidance ex-China
Nvidia pays Washington to sell to China
Government take on China sales
Tariffs haven't dented Big Tech's AI spending
AI capex insensitive to trade shock
Nvidia's margins slip
Ramp costs compress gross margin
Big Tech keeps spending after DeepSeek
Jevons logic in capex guides
Microsoft reopens Three Mile Island
Long-dated PPAs as capex substitutes
Nvidia beats and still falls
Whisper numbers exceed guidance
Nvidia becomes the world's most valuable company
Single-stock weight in index funds
Nvidia hits $3trn, and index funds are along for the ride
Index flows amplify single names
Nvidia's boom: peak or plateau?
Hyperscaler capex as customer concentration
Apple's record $110bn buyback
Record repurchase at high cost of capital
Meta spends more, investors flee
Capex raise without revenue guide
Big Tech is now in the power business
Power contracts enter tech balance sheets
Nvidia adds $277bn in a day
Single-stock shock as factor event
Meta pays its first dividend
Payout initiation as maturity signal
OpenAI's boardroom drama and Microsoft's $13bn exposure
Nonprofit control vs investor claims
Alphabet spends more, grows less, and pays for it
Deceleration plus capex compresses multiple
Special Report
Independence Day: Washington is paying factories to come home
IRA/CHIPS lower hurdle rates
Nvidia's forecast stuns Wall Street
Guidance shock re-rates AI infrastructure
Meta's new growth story: buying back its own shares
Capital return re-rates cost-cut narrative
Meta's spending spree just cost it a quarter of its value
Capex guide without revenue path crushes multiple
