The blog
All posts
Weekly recaps, earnings notes, and explainers, in the order they were published. Also available in French.
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Tool · Interactive map
The AI supply chain map: who depends on whom
An interactive map of the companies behind AI, from the machines of ASML to the clouds, with the memory, servers and power in between. Click a company to see who it buys from and who it sells to.
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Tool · Data
Trends: the watchlist, in charts
One year of price history for every stock on the watchlist, plus what the big AI models charge per token. Dated snapshots with the source named on the page, updated weekly.
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Explainers · AI basics
Tokens, explained: what AI actually costs
Every AI answer runs on tokens. What a token is, why input and output are priced per million, why the price keeps falling, and why it matters for the chip stocks.
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Week 1 · Introduction
Why I'm doing this, and how I watch the markets
Where this came from, the CXMT scare that taught the group the difference between sentiment and a business, and the rules I publish by. Start here if you're new.