A weekend debate over “recursive self-improvement,” the risk that AI could accelerate its own development to the point where humans struggle to stay meaningfully in control, prompted some in the industry to call for a more cautious pace of development. We think the correction in AI stocks on Monday was overdone. Investors may be conflating two separate questions: how fast frontier AI capability should advance, and how fast the world adopts the AI that already exists. The first is genuinely more uncertain. The second isn’t, and it’s the second that drives datacentre capex cycle.

The latest inflation data reinforce market expectations of a Fed rate hike in September

Ox Alpha, an anonymous model nobody has claimed, has just taken the 1st place on the world’s busiest LLM marketplace. The story is not about China. It is about pricing power and about who ultimately earns a return on a trillion dollars of AI infrastructure.

Flash note

Flash note

Market, earnings and macro participation are widening at the same time.

Flash note

How the most celebrated fund in artificial intelligence sold its entire listed book to a competitor, and what the wreckage says about the rest of us.

AI investment is now the consensus explanation for a resilient 2026 US economy, and the scale remains striking.

Flash note following the FOMC meeting 29 July 2026