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From The Archive

Recent Issues

Sep 2, 2026

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6 min read

Your next upgrade is a licence change

GLM-5.2 was MIT. GLM-5.3 isn’t. Nvidia bought the shelf. Z.ai rewrote the label.

R. Daniels

Sep 2, 2026

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9 min read

The gate moved into the licence

What the GLM licence actually does

R. Daniels

Aug 28, 2026

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11 min read

Nvidia guided margins down. It rose 8.7%.

The market stopped paying for growth this week. Here’s what it paid for instead

R. Daniels

Aug 28, 2026

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6 min read

The Memory Tax: Who Can Pass It On

A five-question test for sorting AI holdings by repricing power — and the ten names it scores. Nvidia’s second quarter contained two numbers that pointed in opposite directions, and the market only cared about one of them.

R. Daniels

Aug 21, 2026

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14 min read

Baidu's AI cloud tripled. The stock fell 13%.

Last week the market graded paperwork. This week it graded the bill.

R. Daniels

Aug 21, 2026

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10 min read

The second gate — what the market started charging for this week

Baidu's Q2 release contained two disclosures pointing in opposite directions. One said GPU cloud revenue grew 283% year over year, accelerating from 184%, a fourth consecutive triple-digit quarter, with token usage on Qianfan up more than ninefold and AI crossing half of core revenue.

R. Daniels

Aug 14, 2026

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8 min read

The disclosure premium — what a contract book is worth in 2026

Friday's issue argued that the market has started grading disclosure rather than results. This is the part an email couldn't carry: how large the effect is, how much of it survives honest scrutiny, a five-column test for telling a contract book that counts

R. Daniels

Aug 7, 2026

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7 min read

The new hurdle rate — why beating estimates stopped wo

Forty-five hardware and semiconductor companies have reported since July. Thirty-six beat. The group is down 13.4% in a month. This is the anatomy of a market that changed its grading system mid-season

R. Daniels

Jul 24, 2026

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6 min read

Who pays for the AI buildout — and who gets paid

The rotation from payers to paid is the trade — until one of three signals breaks it. Companion to Issue 20.

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