Insights

AI chips need more than powerful processors. They also need memory fast enough to keep those processors busy. That is why HBM memory, or high-bandwidth memory, has become one of the most important parts of the AI semiconductor supply chain. Samsung recently said HBM could consume nearly 30% of global DRAM wafer capacity next year,…

Most attention in AI has focused on training bigger models. But the next major infrastructure opportunity may be AI inference. Inference is what happens after a model has been trained. Every time a user asks a chatbot a question, generates an image or runs an AI agent, the model must perform inference to produce the…

Rapid revenue growth can make a company look strong. But investors should always ask: Who is actually paying that revenue? Anthropic recently disclosed that nearly one-quarter of its revenue comes from just two customers. That means impressive growth can still carry an important weakness: customer concentration risk. This is an evergreen lesson for AI companies,…

AI companies can generate enormous revenue while still losing enormous amounts of money. That creates a difficult question for investors: How do you value an AI IPO before mature profits exist? Anthropic provides a striking example. Its IPO prospectus shows revenue rising roughly twelvefold to almost $4.6 billion in 2025, while the company recorded a…

A stock index can hit a record high even when many stocks underneath it are struggling. That is why stock market breadth matters. On September 22, the Nasdaq closed at a record 27,244, helped by gains in large AI-related stocks. But underneath the headline, the Nasdaq recorded only 48 new 52-week highs versus 110 new…

Cash is no longer automatically a low-return asset. When Treasury yields and short-term interest rates are high, investors can earn meaningful income without taking the volatility of the stock market. That makes money market funds an important competitor for stocks. Recent U.S. fund-flow data show how actively investors are moving between asset classes. U.S. equity…

Fast-growing AI companies need enormous amounts of capital. But issuing ordinary debt can be expensive, while selling too much equity can dilute existing shareholders. That is where convertible bonds come in. AI-cloud company Nscale recently agreed to sell about $3.1 billion of convertible bonds, including $1 billion to Nvidia, as it prepares for a U.S.…

A strong U.S. economy can push the dollar higher. But a stronger dollar is not always good news for U.S. stocks. The reason is simple: many large American companies earn a significant share of their revenue overseas. When the dollar rises, those foreign earnings become worth less when converted back into dollars. That creates an…

Small companies can react much more strongly to interest-rate changes than America’s biggest corporations. That is why small cap stocks often attract attention when investors expect borrowing costs to fall. Recently, U.S. small-cap funds attracted about $568 million of inflows even as large-cap funds suffered roughly $28.7 billion of withdrawals. The shift came during renewed…