Why Nvidia Is Guaranteeing Its Own Customer’s Debt
Nvidia is in talks to guarantee up to $250 billion so OpenAI can finance a massive Ohio data center — a textbook case of vendor financing, and the risk that comes with it.
Markets
Markets
Investment Grade Upgrade: The One Credit Notch That Changed Who Can Lend to Jane Street
Fitch just upgraded Jane Street to investment grade. Here’s why one credit notch can unlock an entirely new pool of lenders.
Markets
Capital Market Sequencing: Why Congo Issued a Eurobond Before It Had a Stock Exchange
Congo sits on 70% of the world’s cobalt and still has no stock market. It built a bond market first — and that order isn’t an accident.
Markets
Uncorrelated Asset Class: Why Wall Street Just Turned Sports Stats Into an Index
When stocks, bonds, and crypto all fall together, Wall Street goes looking for something that doesn’t. This time it’s sports.
Markets
Selection Bias: Why Biotech’s +55% IPO Average Doesn’t Mean What You Think
Biotech IPOs averaged 55% this year. That number is doing a lot less work than it looks like.
Markets
Nonproliferation Gold Standard: What the US-Saudi Nuclear Deal Actually Changes
A “gold standard” nuclear deal only stays gold until someone negotiates an exception. Saudi Arabia just got one.
Markets
Unrealized Gain: Why Alphabet’s $94 Billion SpaceX Stake Can’t Buy a Single Server
Alphabet’s profit jumped 298% on paper last quarter. The cash still went the other direction.
Markets
IPO Float Scarcity: What CXMT’s 470% Debut Actually Means
CXMT’s 470% debut on Shanghai’s STAR Market looked like conviction. It was really a shortage of tradable shares — a pattern every hot IPO shares.
Markets
CXL Controller: Why Samsung Just Chose to Buy, Not Build
CXL controller sourcing decisions show why Samsung and SK Hynix are choosing to buy chip expertise from outside suppliers instead of building it themselves.
Markets
The Shipyard That Can’t Be Prime Yet Still Builds the Ship
Defense subcontracting explains how a shipyard without a prime contractor clearance still gets to build U.S. Navy ships — by partnering with a company that has one.