A 2.48% Fix for a System Running on Borrowed Time
A 2.48% rate increase just handed UnitedHealth a 9.4% single-day rally. The math on that trade deserves more scrutiny.
The dominant narrative after t…
Carnival Borrowed Its Way to a Recovery Nobody Can Afford to Believe In
Something shifted in the cruise trade this spring — not in the balance sheets, not in the booking curves, but in the feeling. The money coming back in…
$64.6 Billion Buried in the Ground
$64.6 billion in capital expenditure — 22.9% of Microsoft’s fiscal 2025 revenue according to its annual report — is sitting in the ground as data cent…
Micron Is Priced for a World Where HBM Never Gets Crowded
Micron’s bull case rests on a belief the market formed during a shortage and hasn’t updated. The HBM scarcity narrative — supply constraints, hypersca…
Italy Ruled. Netflix Didn’t Move.
$13.3 billion in operating income according to Netflix’s latest filing, 29.5% margin, stock at $99 — a Roman court just called Netflix’s price hikes “…
What Does CVS Actually Need the PBM For?
What happens to CVS’s economics if the vertical integration stops being vertical? Regulators are pulling at that thread right now.
The 2.48% Medicare…
Morgan Stanley’s Private Credit Bet Carries a Duration Problem the Market Ignores
Morgan Stanley posted a record $70.6 billion in revenue for 2025, according to its annual filings, and Wall Street decided the story is transformation…
$115 Oil Has One Enemy Nobody’s Deployed Yet
WTI crude settled at $115.3 on April’s close — up 106% from $56.0 three months ago — and the move has been so clean, so relentless, that the market ha…
Broadcom’s Best Customer Might Be Its Biggest Threat
Broadcom is the indispensable backbone of AI infrastructure — that’s what Wall Street keeps telling itself. The stock slid from $343.50 in January to …
What Does $114 Not Yet Know?
What happens to global energy markets when the price of oil is right but the cost of moving it is being quietly weaponized?
Brent sits at $114, WTI a…