Alibaba Is Up 70% on AI. Investors Still Don't Own What They Think They Own.
Alibaba has staged one of the great comebacks of the AI era. Its stock is up roughly 70% from its 2024 lows, its cloud business is re-accelerating at nearly 40% a year, its Qwen models have become one…
How UnitedHealth Went From Wall Street's Safest Bet to Its Most Feared Stock
For most of two decades, UnitedHealth Group was the closest thing the stock market had to a sure thing — a $500 billion colossus that compounded through recessions, pandemics, and every political thre…
Amazon Is Spending $200 Billion on AI. Its Free Cash Flow Just Fell 95%.
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Signal From Space
A company in Texas has done something genuinely miraculous: it has beamed a broadband signal from a satellite in orbit directly to an ordinary, unmodified smartphone — no dish, no special hardware, ju…
The Decay
Here is a magic trick the financial industry performs in plain sight. It takes a stock that rose 48% in a year, wraps it in a product that promises twice the daily move, sells it to retail investors b…
The Pin
A company raised two hundred and thirty million dollars to build a small square of aluminum that clipped to your shirt and promised to replace your phone. It shipped fewer than ten thousand of them, w…
The Rake
The pitch for owning a crypto exchange is that you are buying the casino, and the casino always wins — it does not care whether the gambler wins or loses, only that he keeps playing, and it takes its …
The Other Chip
There is a company whose stock doubled in a year on the strength of a single story: that it is finally about to catch the most valuable company on Earth. The story has been told, in one form or anothe…
Cash to Burn
Two American electric-vehicle companies have now spent more than a decade and tens of billions of dollars building cars that almost nobody buys, and the market still calls them the future. One loses r…
The Algorithm
They told you TikTok was sold. Read the cap table again. The Chinese company that built the most valuable recommendation engine on Earth still owns a fifth of the American version — and licenses it th…
The Data Mine
A generation of internet users spent two decades writing — for free, for fun, for strangers — millions of arguments, reviews, confessions, and jokes on a sprawling network of forums. They were told it…
The Hands
The most valuable startups in the world are no longer just building software minds; they are building bodies. A company whose robots are still in early pilot deployments, with revenue a rounding error…
Zero Days
The single fastest-growing product in all of finance is a lottery ticket that expires the same day you buy it. Options on the S&P 500 that are purchased in the morning and turn to dust by the closing …
The Supercycle
For thirty years it has been the most reliably cyclical business in all of technology: memory chips boom, the makers pour their profits into new factories, two years later the new supply floods the ma…
Half-Life
The artificial-intelligence boom's bottomless hunger for electricity has revived nuclear power after a generation of dormancy, and the market has responded by bidding a company with no revenue, no ope…
Loosening the Bolts
America's six biggest banks have added six hundred billion dollars of market value in a single year, vaulting their combined worth past two-and-a-third trillion dollars, and the engine of the rally is…
Search and Destroy
For twenty-five years it ran the greatest business ever built — the toll bridge that every question on the internet had to cross, monetized with the highest-margin advertising in history, a monopoly s…
The Lock-In
The same cheap money that fueled the pandemic housing boom built the cage the market is now trapped in. Roughly four out of five American homeowners hold a mortgage rate of 6% or less — many locked in…
The Final Cut
Two of the empires that built twentieth-century culture — the studio that gave us Hollywood's golden age, the company behind Batman and Bugs Bunny and CNN and HBO — are being lashed together into a si…
Whatever It Takes
The man who controls the votes has decided that artificial superintelligence is imminent, that whoever builds the infrastructure first wins everything, and that his company will therefore spend whatev…
Creative Destruction
It was one of the great software franchises ever built — the company that owns the verbs of digital creation, whose products became the words we use for the acts themselves: to photoshop, to edit, to …
Twenty Miles Wide
The security of the entire global economy passes, every single day, through a strip of water about twenty miles across at its narrowest — a strait between Iran and Oman through which roughly a fifth o…
The Other Side of the Needle
Two years ago it was the most valuable company in Europe, the original champion of the miracle weight-loss drugs that were reshaping medicine and minting one of the great growth stories of the decade.…
The Outage Premium
On a single morning in July 2024, a cybersecurity company pushed a flawed software update and crashed eight and a half million computers, grounding airlines, freezing hospitals, and shutting down bank…