Notifications
Get notified
One push a day, no spam — the Daily Pulse on weekdays, the Weekly Signal on Sunday, and a short portfolio note on Saturday. Turn on browser notifications below, or follow on WhatsApp or Substack Notes. Off again in one tap, any time.
Browser notifications
Off. One push a day — the Daily Pulse on weekdays, the Weekly Signal on Sunday, a short portfolio note on Saturday. Nothing else, no spam. Turn it off here any time.
WhatsApp: 1–3 broadcasts a day · editorial only. Substack Notes: 3× a day live notebook. Unfollow anytime.
Recent
- Pulse 2026-11-06Usage Software — Cloudflare Jumps 19%Five software companies that charge by use reported this week and all five beat estimates on earnings and revenue. Cloudflare and JFrog, which reported after Thursday's sell-off with outlooks far abov
- Pulse 2026-11-05AI Fade — Health and IT Services LeadThe Rubin 100, our index of AI hardware makers, closed on Wednesday 33.9% under its 22 June high. Over the same period our two other indices split in two. AI Users closed at a record 1,034.79, up 19.1
- Pulse 2026-11-04Midterms — Slower Data Centres, Softer TariffsDemocrats won the House and the Senate. Nasdaq-100 futures fell as much as 2.4% overnight and by midday stood 0.4% above Tuesday's close, while Dow futures rose 1.6% and the Russell 2000 of smaller co
- Pulse 2026-11-03AI Trade — Builders Sink, Users RiseIn one month the AI trade split three ways. The Rubin 100, our index of the companies that build AI hardware, fell 22.2% and on Monday closed at 1,686.83, below the 1,703.80 line we set on 28 October,
- Pulse 2026-11-02Memory — Korea Rises, Kioxia FallsKorea's memory makers were bought back this morning: SK Hynix rose 3.8% to 1,472,000 won and Samsung Electronics 1.8% to 229,000, after US memory and storage stocks fell between 5.3% (Micron) and 13.5
- Weekly Signal 2026-11-01Calendar — The Funds’ New Year and the Midterms: a Fresh Start?
- Pulse 2026-10-31Derivatives — Puts Closed Before Friday's FallThe only fills this week were in the derivatives book. On Thursday it bought back three short puts and a short call and sold a long call. Option prices in the log are its recorded quotes, usually the
- Pulse 2026-10-30AI Trade — The Rocky Period May Have BegunThe AI trade may have entered a rocky stretch. Microsoft cut its fiscal-2027 capex forecast to $170 billion from $175 billion as outside GPU capacity slipped into the first half of 2027, Alphabet held
- Pulse 2026-10-29Alphabet — Sold on the Cash LineAlphabet grew revenue 25%, Google Cloud 103% and operating income 30% in the third quarter, and the shares still fell about 10% after hours, from a Wednesday close of 324.89 to a last trade of 292.50.
- Pulse 2026-10-28Rubin — A Tradable Bottom May Be in PlaceTwo of the hardest-hit corners of the AI build-out have drawn the same shape on the chart. HBM Memory and High-Speed Interconnects both bottomed on 29 July, rallied, sold off by about a third into Oct
- Pulse 2026-10-27Hyperscalers — Cash Flow Is the Rear-View MirrorHyperscaler free cash flow is collapsing — Alphabet just printed its first negative quarter since its 2004 IPO, Meta's quarterly figure fell to $784 million, Amazon's trailing twelve months are $7.6 b
- Pulse 2026-10-26AI Credit — Musk Calls a Neocloud Die-OffOn Sunday Elon Musk announced that SpaceX closed $40 billion of debt financing for GPUs — and in the same thread predicted that most of the 200-plus neocloud companies, the specialised landlords that
- Weekly Signal 2026-10-25Long Bond — A Second Gap Higher, and Both Still Open
- Report 2026-10-25AI Users — Builders Up 66%, the Companies Using AI Flat
- Pulse 2026-10-24Portfolios — No Trades; Software Up, Engines DownNone of the five books bought or sold anything this week, and nothing paid a dividend either: every share count at Friday's close matches last Friday's. The only fills in the log are still last Friday