EU's Second China Shock
Sunday, August 9, 2026
From toys, textiles and steel to wind turbines and cars : China’s competitive challenge is moving rapidly up the value chain.
The Credit Wrapper and Situational Unawareness
Monday, August 3, 2026
No product, billions raised. No credit rating, billions guaranteed. No leverage limit, one fund nearly wiped out. The AI boom isn't running on cash flow. It's running on credit borrowed from somewhere else.
Alphabet's cash flow, and IBM's $67 billion week
Monday, July 27, 2026
Free cash flow (FCF) is the number the market trusts most right now — not revenue, not guidance, not even strong results.
China's chips, and one missing Dutch machine
Monday, July 20, 2026
China closes the chip design gap faster than the manufacturing one - and Washington suspects a Dutch lithography machine already slipped through