The AI build-out is breathtaking, but who’s really paying for it? From NVIDIA’s $5B investment in Intel to AMD’s equity-linked deal with OpenAI, my latest research uncovers a growing trend: AI vendors are financing their own buyers to sustain explosive growth. That’s not organic demand, it’s circular capital, a self-reinforcing money loop where financing feeds…
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The AI infrastructure race is accelerating, but what if part of it is running in circles? Ned Gandevani reveals how “circular financing”, where chipmakers and hyperscalers finance their customers’ hardware purchases, may be inflating both sales and valuations. NVIDIA, AMD, and others are effectively funding their own demand, creating what looks like exponential growth. But…
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The S&P 500 is on fire, but maybe for the wrong reasons.Just 10 stocks now make up nearly 40% of the entire index, a level of concentration not seen in decades. Nvidia alone represents more than 8% of the S&P 500. Add to that a record-breaking $1.9 trillion global buyback boom, fueled by Fed easing…
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That’s how much the U.S. economy loses every single day the government shuts down. For consumers, that translates into: In today’s fragile economic climate, can we really afford to throw away billions over political gridlock? I built a Shutdown Impact Calculator so you can see the numbers for yourself. Just enter the number of days…
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Think the Fed’s latest rate cut will bring hiring back to life? The data says: not so fast. Corporate America is cautious. According to the Federal Reserve Bank of Atlanta, 41% of firms report delaying hiring or investment decisions due to policy uncertainty. Tariffs have raised input costs by 10–15% in key sectors, according to…
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The Fed’s September 17 decision to cut its benchmark interest rate by 25 basis points, bringing it down to a range of 4.00–4.25%, was firmly grounded in the data, not just an educated guess. Nonfarm payrolls grew by only 22,000 jobs in the latest report, far below the 2022 monthly average of over 300,000. Unemployment…
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The numbers say it all: over the past decade, technology capital expenditures have been the power source behind S&P 500 earnings growth. When tech giants invest, whether it’s in cloud, semiconductors, or AI, index-level profits follow. Look at the swings: after a historic −32.5% earnings drop in 2020, S&P 500 earnings rebounded by 110% in…
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Today, the Federal Reserve delivered its first rate cut of the year, lowering the federal funds rate by 25 basis points to a target range of 4.00%–4.25% (AP News). Alongside this decision, the Fed signaled two more cuts are likely in 2025 and at least one additional cut in 2026. At first glance, cutting rates…
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What is CapEx and Why It Matters Capital expenditures (CapEx) represent long-term investments by companies in assets such as infrastructure, equipment, and technology. These expenditures expand productive capacity and enable firms to capture future revenue streams. In theory, CapEx supports earnings growth because investments create efficiency, scale, and innovation that translate into higher profits. However,…
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After years of research, long nights writing, and more rewrites than I care to admit, I’m thrilled to share that The Intelligent Age is officially out, available everywhere books are sold, including Amazon. We’re living through a transformation unlike anything we’ve seen in a century. This isn’t just about politics or big tech battles. It’s…
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