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Follow the evidence
between reports

Chart-led analysis and thematic essays that trace how the evidence is shifting between reports.

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Nvidia's Slow Burn Monopoly

ARTIFICIAL INTELLIGENCEAUG 20269 MIN READ

Nvidia's $5 trillion valuation no longer turns on whether AI is real. It turns on how long the company can keep the rents.

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AUG14The Yen ProblemCAPITAL MARKETS · 5 MIN READCurrency intervention moves a price. It does not replace the market mechanism. The yen is now the clearest live test of that distinction, and the outcome matters for how every government defends a currency it does not fully control.
JUL30The Saudi Nuclear Deal Tests the Value of American InfluenceCAPITAL MARKETS · 11 MIN READThe agreement could support Saudi industrial development, strengthen the U.S. nuclear sector, and prevent China or Russia from becoming Riyadh’s principal nuclear partner.
JUL27The Arsenal as PortfolioCAPITAL MARKETS · 13 MIN READPrime contractors are acquiring options on the future industrial base with a rounding error of capital, and the sequence rather than the sum is what should concern policymakers.
JUL23The AI Arms Race Is Becoming a Contest for Industrial PowerSTRATEGIC COMPETITION · 8 MIN READThe real question is which company can turn capital expenditure into a self-reinforcing system of lower computing costs, stronger models, broader distribution, higher utilization, and recurring revenue.
JUL18Status-Driven Publishing DemoSTATE CAPACITY · 1 MIN READProving that the folder no longer gates publication in status mode.

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