Paid-members only

Markets Featured

$PCVX: Vaxcyte Just Swept the Year's Biggest Vaccine Readout. Pricing the 53% Premarket Repricing

VAX-31 met every primary endpoint in its pivotal adult Phase 3 against Prevnar 20 and Capvaxive, and the stock gapped to a record. The share math, the serotype 3 fine print, the cash clock, and scenario zones for all four paths from here.

Macro Featured

The Most Expensive Open Enrollment in 20 Years Starts November 1

Employer health costs are set for their biggest jump since 2003, ACA insurers want a median 15% more, and the subsidies that cushioned the marketplace are gone. America's next inflation shock is in the benefits packet.

Members only

Markets Featured

Diesel at $6.50 Just Ended the Freight Recession

U.S. diesel set an all-time record in September. Truckers are rejecting one in seven contracted loads, small carriers are folding, and rate hikes are landing a month early. The three-year freight recession is ending — from the supply side.

Members only

Markets Featured

America's Accidental Cannabis Market Has 68 Days to Live

A 2018 farm-bill loophole built a $28 billion intoxicating-hemp market sold in gas stations nationwide. Congress closed it, the deadline is December 11 — and the fight over who inherits the shelf space is already underway.

Paid-members only

Markets Featured

Top 10 Stocks We're Watching This Week — Earnings Eve Edition

A 29,000-jobs shock, hike odds fading while the 10-year holds 5.28 percent, Anthropic's roadshow live, and the banks a week away. Ten names for the waiting-room week, all tracked on the Watchlist from Friday's closes.

Macro Featured

America Stopped Hiring. The Fed Is Still Hiking.

29,000 jobs in September. July revised to a net loss. The Fed hiked into a frozen labor market and claimed job gains were keeping pace. What the freeze means for rates, wages, and your money.

Paid-members only

SpaceX Featured

Everyone Is Fighting Over Electrons. Musk Is Leaving the Planet.

The SPCX deep dive: Starship just reached orbit, the FCC filing asks for a million orbital data centers, and every business under the ticker is a derivative of one number, the price of a kilogram. The money map, the December lockup, the Mars window, and how we would position.

Members only

Markets Featured

Superbugs Kill a Million People a Year. Curing Them Is a Failing Business.

The superbug drug pipeline has shrunk 35% in five years while resistant infections kill more than a million people annually. The science works; the business model doesn't - and one policy catalyst could reprice the entire sector.

Paid-members only

Finance Featured

The SEC Just Told Every Money Manager in America How to Hold Crypto

The SEC's new custody proposal gives America's $176.8 trillion adviser industry its first compliant path to holding crypto. The market shrugged. The custody toll-takers are the trade.

Paid-members only

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.

Paid-members only

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.

Members only

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.

Paid-members only

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.

Paid-members only

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.

Members only

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.

Paid-members only

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.

Members only

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.

Paid-members only

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.

Paid-members only

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.

Paid-members only

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.

Members only

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.