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Artificial Intelligence Featured

Everyone Can Count the Trillions. Nobody Can Tell You Who Gets Paid Back.

Forbes toured the trillions. We answer what the scale tours never do: the $4.2 trillion revenue hole, the circular money problem, the five layers of the buildout ranked by who gets paid first, what breaks first, and the trade, with our tracked positions as receipts.

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Markets Featured

Wall Street Already Voted in Brazil's Election

Brazilians vote Sunday in a dead-heat race between Lula and Flávio Bolsonaro — and bullish options bets on Brazilian stocks just hit a 19-year high. Here's what's priced in, and what breaks if the market's favored scenario loses.

Infrastructure Featured

Congress Finally Has a Deal to Unclog the Grid. Data Centers Get the Bill.

Four senators from opposite ends of the spectrum just introduced the permitting overhaul Washington has chased for a decade — durable permits, federal transmission authority, and a rule making data centers pay for their own grid upgrades.

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Finance Featured

The Slow-Motion Run on Private Credit

Blackstone's flagship retail credit fund has gated withdrawals two quarters running, Blue Owl is liquidating a fund outright, and the public market is pricing identical loans anywhere from par to 72 cents. The dispersion is the trade.

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Markets Featured

$MAT: A $20 Whisper for a $12 Stock. Pricing the Authentic Brands Approach to Mattel

Mattel jumped 19% on a reported $20-per-share takeover approach from Authentic Brands, one day after losing its CEO. The share math, the buyer's financing problem, and scenario-by-scenario price zones.

Markets Featured

By Tuesday, One Company Will Own Batman, Harry Potter, and SpongeBob

A federal judge just cleared the ~$110 billion Paramount-Warner Bros. Discovery merger to close October 6 — here is what the new Hollywood giant promised the states, who runs it, and the $79 billion debt question investors should watch.

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Markets Featured

Why the Plane That Flew Itself Across America Couldn't Lift Its Own Stock

Joby just flew an aircraft 3,199 miles with no human touching the controls, put its air taxi into DFW's airspace, and entered the final stage of FAA certification. The stock made a 52-week low anyway. What the market is pricing — and what it may be missing.

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Markets Featured

Inflation Is Rising. There's a War On. Gold Is Down 21%.

CPI at 3.7% and climbing, oil above $100, a shooting war in the Gulf — and gold sits a fifth below its January peak. The playbook didn't fail. The highest real yield since 2008 overrode it.

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Markets Featured

$LQDA: Two Patent Claims Cut Liquidia in Half. The Remedy Ruling Lands Within a Week

Liquidia fell 57% after a Delaware court found YUTREPIA infringes two United Therapeutics patent claims covering PH-ILD, a patent that runs to 2042. Remedy proposals are due within a week. The revenue math, the damages overhang, the appeal precedent, and the scenario zones.

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Space Economy Featured

The Drug Factory in Orbit Just Became a Unicorn. The Pentagon Pays the Rent.

Varda Space raised $250 million at a $1.6 billion valuation to make drugs in microgravity. For now, Pentagon hypersonics pay the bills — and the public-market map of this trade is stranger than the pitch deck.

Markets Featured

America's Largest-Ever Steel Plant Comes From a Company That Went Bankrupt Building Its Last One

Essar-backed Mesabi Metallics just won a White House stage for an $18 billion mine-to-mill steel plan. The last time this group made a promise on this Minnesota ore body, it ended in bankruptcy court.

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Defence Featured

The Pentagon Just Ordered Seven Years of Missiles. The Market Sold the Stock.

Raytheon just signed the largest AMRAAM contract on record — up to $20.7 billion over seven years — and RTX fell anyway. When committed Pentagon money and market sentiment diverge this hard, one of them is wrong.

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Markets Featured

$CAPR: The FDA's Advisers Voted 9-3 Against Capricor's Duchenne Therapy. The Agency Kept Reviewing Anyway. 53 Days to the Answer

Capricor lost 80% of its value in five sessions after a 9-3 advisory vote against deramiocel. Then the FDA accepted a refined upper-limb indication and set a November 22 decision date. The trial math, the $4 cash floor, the $180 million voucher nobody prices, and the scenario zones.

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Finance Featured

Why America Is Buying Yen

The US Treasury intervened to strengthen the yen for the first time since 1998, the BOJ just hiked to a 31-year high, and Japan's entire bond curve trades at mid-1990s levels. The world's largest creditor is repricing — here's what it means for Treasuries, the carry trade, and your positioning.

Macro Featured

The Hottest Job in the AI Economy Doesn't Require a Degree

Meta got 35,000 applications in a week for 1,000 spots at a trades academy. The AI buildout's real bottleneck isn't chips — it's electricians, and America is short 349,000 construction workers this year alone.

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Geopolitics Featured

America Leaves Iraq on Wednesday. Iran Stayed.

After 23 years, the last US troops leave Iraq by September 30 — in the middle of a US-Iran war. OPEC's second-largest producer now exports crude at Tehran's discretion. Here's the math, and what it means for oil.

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Markets Featured

$SMMT: AstraZeneca Just Paid a 19% Premium for a Piece of Summit. The FDA Decides What It's Worth in 46 Days

A $2 billion AstraZeneca check at $18.36 erased Summit's going-concern doubt overnight. Now ivonescimab faces a November 14 FDA decision built on a trial that hit progression-free survival and missed overall survival. The deal mechanics, the data ledger, and the scenario zones.

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Infrastructure Featured

Why Washington Wants Out of the Flood Insurance Business

The federal flood insurer is $22.5 billion in debt and running on its 36th short-term patch. Washington's own review council now wants policies moved to private insurers — and the listed companies set to inherit the book are already trading on it.

Macro Featured

Americans Feel Worse Than They Did in 2008. They Haven't Stopped Spending.

Consumer sentiment just printed the second-lowest reading in its 74-year history while retail sales grow 6% a year and the Fed hikes into the gloom. One of these signals is wrong — and which one breaks decides Q4.

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Markets Featured

Top 10 Stocks We're Watching This Week — Jobs Week Edition

Crude fell 9 percent Friday on a Hormuz peace offer that Trump rejected Saturday, so Monday opens on a stale oil price. Nike Monday, PCE Wednesday, Tesla deliveries and the jobs report Friday. Ten fresh names for the week, all tracked on the Watchlist from these prices.

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Markets Featured

Turkey Quarantined an $18 Billion Fund Collapse. The Scandal Escaped Anyway.

Eleven days took Turkey's fund blowup from a missed payment to the ruling party's leadership: 131 funds in liquidation, five financiers arrested, and a deputy chair gone. Whether the $18.3 billion quarantine holds is now the only question that matters for the Turkey trade.

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Energy Featured

The House Voted 417-3 to Send Big Tech the Power Bill. One Senator Said No.

The most lopsided vote of the year met a one-man roadblock — and the fight over who pays for AI's electricity is now the sharpest repricing risk in the power trade.

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Markets Featured

The Coffee Shortage Is Over. The $9 Pound Isn't.

Arabica futures are down a third from their peak as Brazil delivers a record crop and the first global surplus in five years — yet grocery coffee sits 4% off its all-time high. The spread belongs to the roasters.

Infrastructure Featured

Air Traffic Control Just Got an AI Brain. The Wires Are Still From the 1960s.

The FAA switched on its AI airspace planner the same day one cut cable grounded five airports. Inside the $12.5 billion modernization with no master schedule — and the $30 billion ask behind it.

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Markets Featured

$KOD: Kodiak's Left-for-Dead Eye Drug Just Passed Its Pivotal Trial, and the Stock Gapped 70% Before the Open

Kodiak's DAYBREAK Phase 3 hit on both drugs, with six-month dosing under the strictest retreatment rules yet used in wet AMD. Behind the 70% gap: a $126M cash pile, a near-certain raise, and the number the topline release left out.