America Just Drained Its Strategic Oil Vault Faster Than Ever Before. Wall Street Is Missing the Real Story.

May 29, 2026

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12 min read

America Just Drained Its Strategic Oil Vault Faster Than Ever Before. Wall Street Is Missing the Real Story.

The SPR is near a 40-year low — but the bottleneck has migrated. Here's where the money actually moves next.

Live today: The Next AI Bottlenecks

May 28, 2026

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1 min read

Live today: The Next AI Bottlenecks

Join me for this webinar today at 2pm ET

May 28, 2026

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10 min read

The Memory Wall Fell. The Heat Wall Just Replaced It.

SK Hynix's new iHBM package buries cooling inside the memory stack itself. Wall Street sees a product launch. We see an admission — that the AI buildout's next binding constraint isn't bandwidth, isn't power, isn't even interconnects. It's the heat trapped between them.

May 27, 2026

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1 min read

The builders got famous. The suppliers got rich.

The suppliers got rich. Every time.

May 27, 2026

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2 min read

Low P/E used to mean bargain.

I'm not sure that's true anymore.

May 27, 2026

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11 min read

Did The Memory Cartel Just Lose Its Pricing Power?

Three companies have set the marginal price of memory for twenty years. Last week, a single Corsair stick with a Chinese DRAM chip inside showed where the first leak opened — not in HBM, but in the consumer DDR5 floor the entire memory trade has been resting on.

May 26, 2026

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1 min read

Three constraints. One open window.

Memory. Photonics. Space.

May 26, 2026

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10 min read

Your Portfolio Isn't Up. The Ruler Shrank.

Wall Street keeps repricing assets in a currency that no longer holds its shape — and the trades that win from here aren't the ones that benefit from inflation. They're the ones that get paid in something other than the dollar.

May 22, 2026

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1 min read

Update: The GPU trade is over.

The bottleneck has now split into three.

May 22, 2026

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11 min read

The AI Map Everyone's Reading Wrong

Silicon Valley just published the consensus blueprint for the AI economy. The fulcrums it points to are obvious. The ones it doesn't are where the money will actually be made.

May 21, 2026

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2 min read

Of the four pillars, one is doing the heavy lifting right now.

This is the most important moment for Themes I've seen in years.

May 21, 2026

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11 min read

The Software Industry Just Repriced Itself — And Wall Street Hasn’t Noticed

A $500 billion subscription model is being dismantled in public. The companies breaking it on purpose are the ones to own. The ones pretending it isn’t happening are the ones being marked down by their own customers.

May 20, 2026

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10 min read

The Watt Bottleneck

Wall Street is still pricing power semis as an industrial cyclical. They aren't

May 19, 2026

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2 min read

I just launched something

This is the trade I've been building toward for 45 years.

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