Here are some of the best posts and notes from the past week:
If the currently private AI-ish darlings—SpaceX, OpenAI, Anthropic, and Databricks—were to go public at current valuations, and were added to the index, they'd instantly be a material chunk of the S&P 500. At 4.6%, the four combined would be larger than the energy sector, for example.
One of the points I often make in meetings is that the tech industry is mature and becoming structurally capital intensive, which deserves its re-rerating. That has been steadily happening, and it has accelerated recently. Check this Bloomberg graph of the decadal decline in the the gap between the Mag 7's forward price-earnings multiple and that of the S&P 500. https://www.bloomberg.com/news/articles/2026-03-06/big-tech-stocks-were-expensive-then-the-market-turned-on-ai
My weekly update of what I call tthe "Hateful Eight"—the former Mag 7 tech stocks, plus Oracle—and how the group is doing with respect to pulling markets lower with high capex and shrinking free cashflows. They continue to underfprm impressiely.
To follow on from something I wrote earlier on the non-role of AI in the current US productivity boomlet, here is the data, and explanation for the implict double-counting, given outsided AI capex.
Rev share / rake by content platform, from Substack, to Spotify, to YouTube. I got thinking about this in scanning a BBC filing mentioning its unease with putting more content on YouTube, given that its poor revenue sharing.
https://www.bbc.co.uk/aboutthebbc/documents/bbc-response-to-government-charter-review-green-paper.pdf
The current 12%+ decline in the South Kirean indices is best thought of as an AI risk-off action, given that over a third of the index, by market cap, is Samsung and SK Hynix, helping drive the indice's prodigous advance over the last year.
Here is what it looked like at the end of 2025:
The effect of the first decade of smartphone use on math, reading, and science skills has been startling. I'm betting a decade of LLM use's consequences will be even more dramatic.
I heard a discussion about HALO this week in NYC, which was a new acronym to me. I love that old atomy-y stuff that doesn't change much—heavy asset, low obsolesence—is newly in vogue as AI turns everything else into Shein-ified commodities.
Forget YOLO or even FOMO. It’s All About HALO Now https://www.bloomberg.com/news/newsletters/2026-02-28/forget-yolo-or-even-fomo-it-s-all-about-halo-now-merryn-talks-money
