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Aug 28, 2026

Nvidia guided margins down. It rose 8.7%.

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

By R. Daniels

Aug 28, 2026

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.

By R. Daniels

Aug 21, 2026

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

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

By R. Daniels

Aug 21, 2026

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.

By R. Daniels

Aug 14, 2026

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

By R. Daniels

Aug 7, 2026

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

By R. Daniels