⁨Markets⁩

Every piece where ⁨Markets⁩ is the variable that does the work.

Variables to Watch

Watch this variable: the dollar's shrinking share of reserves

The dollar holds about 57% of reported reserves, down from over 70% at the century's start; central banks bought over 1,000 tonnes of gold for three straight years, and gold crossed $4,000 in 2025. Nothing here says collapse. Everything says erosion, and the pace is the variable.

Sep 20, 2026 · 8 min read

World
Currencies, Markets & Geopolitics

A corridor of server racks inside a data centre.

Variables to Watch

Watch this variable: AI's $725 billion bill against its revenue

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

World & Americas
AI, Investment & Markets