Analysis: Must Read

Ali Khamenei's funeral, a show of force for Iran

Iran wants to present itself as the winner of the conflict with the United States.

This Week's Best Reads: Trips to Syria, Corsica, the US, the Rhineland, and space

Why AI could push interest rates lower, why small caps are back, why Europe is asleep at the switch as China advances… Here is our weekly selection of the most thought-provoking articles, financial...

Does the suspension of KNDS's IPO conceal a more serious problem?

In European financial markets, today's jolt is KNDS's surprise decision to suspend its initial public offering.

The Fed Is Taking Away the Market's Map

The June payroll surprise has revived the rates debate. But Kevin Warsh's larger shift is not about one data point: it is about asking investors to price more of the terrain themselves, and that...

The S&P 500 wraps up a historic quarter

Between tensions in the Middle East, questions about the profitability of massive AI investment, and fears of sustainably higher rates, the U.S. market had plenty of reasons to stall. Instead, it did...

The biggest structural macro shock expected in the coming years

Forget the Fed or geopolitics. The biggest macroeconomic shock likely to durably reshape the global economy and financial markets over the next few years could come from China.

Semiconductors on fire, oil has priced out the war, gold has fallen out of favor: a second quarter for the history books

The past three months have been intense for investors : the news cycle was packed and market moves were violent.

The Fed is Not Just Another Agency

The Supreme Court handed Donald Trump a victory yesterday. The American president will be able to fire the heads of independent agencies at his discretion. With one notable exception: the Fed.

Commodities: Silver loses its luster

Every week, our commodity market wrap-up provides an overview of the latest news to help you better understand price fluctuations in energy, metals, and agricultural raw materials.

The Price of High Margins

At the end of the day, someone has to pay for them.

Artificial intelligence enters the industrial age

Until now, the debate was often dominated by what AI could do: summarize, translate, code, generate images, answer questions, automate certain white-collar tasks. Now the question is becoming more...

What energy exposure should you own if Hormuz reopens?

Last week the United States and Iran announced a framework deal to reopen the Strait of Hormuz, the vital shipping chokepoint handling 20% of global seaborne oil.

Market Mid-Year Review: Winners and Losers

The market remains bullish in this first half of the year, but jitters are never far away. Here is our assessment of the hits and misses from the first six months of 2026.

AI's picks and shovels: the investment case moves down the value chain

After the first wave of enthusiasm for model builders, investors are increasingly trying to isolate the segments of the AI supply chain where scarcity, pricing power and free cash flow may ultimately...

The Week's Best Reads: Trump's Dwindling Allies and the Great Air Conditioning Debate

France's heatwave has triggered a fierce debate over air conditioning, leaving many Americans wondering what there is to debate. However, air conditioning is not the only issue where Europeans and...

A Brief Respite for U.S. Inflation

The resolution of the Middle East conflict has sidelined the most dire inflationary scenarios. However, the debate over interest rate hikes remains far from over.

A Quantum Leap: The Technology Trying to Reinvent the Computer

For decades, computers have kept getting more powerful. Yet some problems remain out of reach, even for the most advanced supercomputers. This is where quantum computing comes in: a technology that is...

What does a $1 trillion valuation actually mean for OpenAI and Anthropic?

Is AI really a productivity revolution? Can companies building it turn its vast usage into vast free cash flow? Artificial intelligence is being sold as a productivity engine for the global...

The ABCs of Financial Analysis: Calculating Real Profit

The orthodoxy of financial theory, and sound logic, dictates that the value of an asset stems primarily from the free cash flow it will generate for its owner over its useful life.

Amrize Still Has to Prove Its Worth

Born from the spin-off of Holcim's operations, Amrize has inherited the Swiss cement giant's American exposure. The group benefits from a buoyant market, genuine pricing power, and growth potential...

SpaceX, Reflection AI and the Compute Boom: When AI Starts Looking Like Heavy Industry

The latest signal from the artificial-intelligence boom is not a new chatbot, a consumer application or a software feature, but a multibillion-dollar compute agreement that underlines how physical the...

The War is Over, but Rate Hikes are Still on the Table

Energy prices have plummeted over the last month, sidelining the most dire inflationary scenarios. However, investors are now bracing for a more hawkish Federal Reserve.