Every piece where Investment is the variable that does the work.
Four companies plan roughly $725 billion of AI infrastructure spending in 2026, up 77% in a year. The largest pure AI vendor books tens of billions and loses money doing it. The ratio between those numbers is the most consequential open variable in markets, and this page will track it.
Sep 20, 2026 · 8 min read
Vietnam set records on both sides of its ledger in 2025: the largest surplus any country but China runs with America, and record imports from China of $186 billion. A 20% tariff, a 40% transshipment clause, and one Korean company worth 13% of GDP later, the balancing act is the economy.
Aug 15, 2026 · 7 min read
Three years in: $30.7 billion awarded, nearly $450 billion of private projects announced, 4-nanometre production running in Arizona, and the law's biggest single bet converted into a 9.9% government stake in Intel. An audit of what the CHIPS Act has actually built, and what has slipped.
Aug 15, 2026 · 8 min read
The country with the world's largest phosphate reserves now earns more from vehicles than from the mineral its economy was named for. A production record, a port that leads the Mediterranean, and a battery factory that brings the phosphate back in a different form.
Aug 15, 2026 · 9 min read
A GPT-3-class answer cost $60 per million tokens in 2021 and six cents by late 2024. Meanwhile the price of training a frontier model grows 2.4x a year, toward billion-dollar runs. One industry, two curves, running in opposite directions, and every business model in AI lives in the gap.
Aug 15, 2026 · 8 min read