1,316 results found
Daily Market Commentary
AMD and SanDisk (SNDK) delivered earnings beats this week, yet both stocks fell. AMD posted record revenue up 50% year over year, with data center revenue more than doubling. Its CEO Lisa Su said she expects “Data Center sales to accelerate in the second half of 2026.” Guidance for the current quarter came in near […]
Daily Market Commentary
Software stocks have taken a beating this year on fears that AI will erode pricing power across the industry. While the fear may be genuine for some companies, Palantir posted earnings that told a vastly different story. To wit, its CEO Alex Karp described Q2 earnings as “otherworldly.” Palantir shares surged by nearly 30%, its […]
Daily Market Commentary
At Wednesday’s FOMC press conference, Chair Warsh made it clear that the Fed’s number one goal is returning inflation to its 2% target. The reaction in the long end of the bond market was one of disbelief. The 2-year yield fell roughly 4 basis points to 4.24%, while long bonds like the 10-year climbed by […]
Invest
“Carnage in hyperscaler bond land”, claims the Tweet below. The graph below the Tweet shows “exploding” yield spreads for hyperscalers. These hyperbolic messages and many others are generating fear in some investors that the largest hyperscalers are in financial trouble. The bearish hyperscaler narrative is not all it’s cracked up to be, as we will […]
Economics
The second-quarter earnings season is in full swing. So far, the results are landing in line or better than the upwardly revised Wall Street estimates. That's the opposite of how this usually works. Analysts normally trim their forecasts as a year wears on. In 2026, they've done the opposite.
Daily Market Commentary
Alphabet reports earnings after today’s close, and Intel follows tomorrow. Together, they provide a first clue as to whether AI-related spending and investment continue at the brisk pace of the prior quarters. Alphabet represents the demand side for AI models. Google’s Cloud backlog nearly doubled sequentially last quarter to a record $462 billion, growing 63% […]
Daily Market Commentary
The national deficit debate usually focuses on entitlement and defense spending. While they have merit, they miss the single largest driver of America’s deteriorating fiscal picture. After the pandemic-related deficits, the cost of borrowing itself, not spending, has been the biggest deficit buster. As shown in the first graph, in 2021, the government paid $482 […]
Daily Market Commentary
Coming in on Tuesday morning, investors were expecting to sift through earnings from the largest banks and the CPI data. Instead, IBM stunned investors by pre-releasing its earnings 8 days in advance. Its earnings were much weaker than expected, with revenue well below expectations and EPS declining 2% year over year. As shown below, IBM […]
Invest
A sailor who fixates on the barometer will rarely leave port. A sailor who never checks it will eventually get caught in a storm. It’s easy for most investors to fall into one of those two modes, either warning that headwinds are approaching and taking cover, or waving off every warning because AI spending is […]