Brief: 172,000 Jobs, $1 Trillion Gone

Brief: An Apache and a Yen

Iran shot down a US Apache helicopter over the Strait of Hormuz, ending a one-day-old ceasefire and sending the Nasdaq down 2.2% in its worst session since Friday's jobs-driven selloff. The entire S&P 500 rally since February has come from AI stocks alone, and tomorrow Oracle reports the number that

Super Brief: Thirteen Counts for Finding Bad News — Super Brief

Thirteen Counts for Finding Bad News. A federal jury found Citron's Andrew Left guilty on 13 counts for doing what every activist short shop does: research a company, publish the thesis, and trade around the reaction. Strip away the specifics and the structural point is uncomfortable. Every other participant in public markets is paid to

Brief: Apple Pays Google to Think

Apple is expected to announce at today's WWDC keynote that it will pay Google roughly $1 billion per year to power the rebuilt Siri, an admission that the most valuable company on earth cannot build its own foundation model. Armenia's ruling party claimed victory in Sunday's parliamentary election,

Super Brief: Apple Pays Google to Think — Super Brief

Apple Pays Google to Think. Apple builds its own chips, operating systems, displays, and cellular modems. For AI, it chose to buy. Today's WWDC keynote is expected to reveal a roughly $1 billion annual deal for Google's custom Gemini model to power the rebuilt Siri. The decision reveals the implied cost of a competitive founda

Brief: Iran Fired on Its Neighbors

Iran launched seven ballistic missiles at Kuwait and Bahrain Saturday, expanding the conflict from a bilateral confrontation with the United States to an attack on sovereign Gulf nations, while US markets remain closed after Friday's worst tech selloff in fourteen months erased more than $1 trillion