Reports

Every few weeks the AI trade gets a new scare with the same plot. The hyperscalers spend more than they earn, the gap gets filled with bonds, and Nvidia lends its customers the money to buy its own chips. Credit default swaps widen, someone says "circular" on television, and the semiconductor tape sells off for a day or three. Nvidia dropped as much as 3.2% on the mere report … [Read more...] about AI Financing Fears Are Overrated: Hyperscaler Debt and Nvidia’s Vendor Deals Sit on Real Revenue

HyperCrux, an open-source database that reached version 0.1 in October 2026, keeps records, the links between them and their vector embeddings in a single SQLite file. An application can reach any record four ways: by its key, by SQL, by following its links, or by asking which records sit closest to a question in vector space. There's no server. It ships as a Go library and as … [Read more...] about HyperCrux Market Analysis: Agent Memory and Local AI Drive Demand for a One-File Multi-Model Database

Microsoft, Alphabet, Amazon and Meta have guided to something like $700 billion of capital spending for 2026. Microsoft alone put its calendar-year figure at about $190 billion, and said roughly $25 billion of that is plain component inflation. The money goes into GPUs, memory, power contracts and buildings. That's where the analyst coverage goes too, because that's where the … [Read more...] about Small Infrastructure Primitives Run the $700 Billion AI Buildout, and Open Source Is How They Get Adopted

Atlas Energy Solutions rose 13.5% on Friday to $12.47, and at one point it was up about 19%. It had just announced two equipment purchase agreements backed by cost reimbursement agreements with an unnamed "leading frontier AI lab." The first agreement, worth $340.5 million, goes through Wyoming Machinery, a Caterpillar dealer. It covers balance-of-plant equipment for generator … [Read more...] about An AI Lab Is Paying Up Front for Atlas Energy’s (AESI) Generators as Agentic AI Multiplies Token Demand

Oracle has sent a force majeure notice to the Blue Owl-owned developer of Project Jupiter, the 2.45GW data center campus in Doña Ana County, New Mexico. The notice keeps Oracle in place as anchor tenant. It reserves the right to defer payments if the campus fails to come online in 2028. Oracle still wants the capacity. It no longer wants to pay on a timetable that a water … [Read more...] about Oracle’s Force Majeure Notice on Project Jupiter Shows Where AI Data Center Risk Is Landing

The AI buildout still has buyers. What changed this week is the price they charge. A data center tied to CoreWeave raised $1.1 billion in high-yield bonds at 98.5 cents on the dollar, for a yield of 9.25%. That is roughly 2.7 percentage points above debt with the same rating. Same week, SoftBank finished a junk bond sale of about $11 billion, which puts it among the largest … [Read more...] about AI Infrastructure Credit Costs Rise as CoreWeave-Tied Bonds Price at 9.25% and China Chipmaker Profits Jump 620%

OpenAI and Anthropic both cut the price of frontier intelligence on the same day. GPT-6 Sol lists at $2 per million input tokens and $10 per million output; GPT-6 Luna at $0.10 and $0.50. Both sit roughly 50% below GPT-5.6. Anthropic's Claude Opus 5.5 lists at $4 and $20, costs about 40% less to run than Opus 5, and matches Fable 5.1 on most tasks by the company's own account. … [Read more...] about OpenAI and Anthropic Cut AI Model Prices as $1.75B in Funding Flows to Data, Security and Infrastructure

Global semiconductor revenue passed $425 billion in the second quarter of 2026, up 31.4% from the first, according to Omdia. That's the fastest sequential growth the firm has recorded since it started tracking the market in 2002. The previous record, 29.2%, was set one quarter earlier. First-half revenue came to $752 billion, more than any full year in the industry's history … [Read more...] about Semiconductor Revenue Hits Record $425B in Q2 2026, but Omdia’s $500B Q3 Forecast Implies Growth Halves

Start with my conflict. I hold semiconductor and AI infrastructure positions, which means a calm story about AI is worth money to me and a frightening one isn't. Take that into account for everything below. I'll concede something else too, because it's true: the people warning about this aren't frauds. Several of them held these views years before there was a payroll attached, … [Read more...] about AI Extinction Warnings Went Global in Six Days. Nothing in the Technology Changed.