Investment
Editor's Notes: * The link across this week's earnings is who absorbs the cost. Domino's grew operating income and lifted supply chain margin while its US franchisees got squeezed enough that domestic openings were cut. TSMC held gross margin at home while telling customers that
Investment
Editor's Notes: * The AI trade is now being repriced through credit, not earnings. CoreWeave's unsecured bonds yielding 15% means the marginal buyer of GPUs has a cost of capital above what rented compute earns. That is why the sell-off hit the suppliers to neoclouds, Super
Investment
Editor's Notes: * Money moved from the AI hardware layer to the software layer in one session, and the two moves are linked. ServiceNow (NOW), Atlassian (TEAM) and Intuit (INTU) rallied on agent adoption while Vertiv (VRT), Dell (DELL), Lenovo (00992.HK) and the memory makers fell. Memory prices
Investment
Editor's Notes: * The hot CPI print and the AI infrastructure sell-off are the same story. With headline inflation at 3.7% and another hike now a coin flip, the cost of capital for the buildout went up again, and the market sorted names by how they are
Investment
Editor's Notes: * One thing explains most of last night. Goldman's prime brokerage flagged "long global semiconductors" as one of the most crowded trades, and the CXMT DDR5 headline gave that crowd a reason to leave at once. That is why the selling was so
Investment
Editor's Notes: * Sandisk (SNDK), Micron (MU) and Seagate (STX) fell on NAND peak warnings, SK Hynix (000660.KS) dropped as the sell side rotated from Korea to Taiwan, and GigaDevice (603986.SS) slid on fears the YMTC IPO will pull liquidity, which also means more Chinese memory capex
Investment
Editor's Notes: * PepsiCo's guide-down was about timing rather than demand. Its old low-cost commodity hedges are rolling off and replacement costs are hitting margins now. Add Lamb Weston closing a European plant on a poor potato crop and Kewpie absorbing startup depreciation on new
Investment
Editor's Notes: * Three items that look unrelated line up today. OpenAI's run-rate came in at $50bn against a $70bn expectation, yet Lumentum (LITE) says optical capacity is sold out through 2029 and Nvidia put $2bn of equity into it to secure supply, while HP (HPQ)
Investment
Editor's Notes: * Fast Retailing (9983.T) posted record FY2026 earnings but guided to double-digit revenue growth with almost flat operating profit next year. Labor, raw material, and currency costs are rising faster than Uniqlo can price. If the best-run apparel operator in Asia cannot hold margins,
Investment
Editor's Notes: * Samsung reported a nine-fold rise in Q3 operating profit to 107.4tn KRW, and foreign investors still sold, taking KOSPI down nearly 2% even with record buybacks. Disco (6146.T) falling 6% the same day on HBM spec questions matters more than the headline: the
Investment
Editor's Notes: * Hyperscalers buying direct nuclear power ($CEG,$VST) bypass grid interconnection queues, but pulling existing baseload off regional markets creates a major regulatory backlash. As grid operators and utility commissions impose network upgrade tariffs and capacity cost-allocation fees to protect residential rate bases, the high margins
Investment
Editor's Notes: * While markets remain focused on memory shortages, the real execution risk for next-gen AI clusters is scaling co-packaged optics (CPO) switches from 15,000 to 100,000 units. If optical interconnect manufacturing lags behind GPU production, internal network latency will cap cluster performance regardless