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Today · Wednesday 27 May

The Monday setup: five things

Earnings, central banks, two elections, and a quietly important PMI print. The week the tape decides what it actually thinks.

markets · The Desk · 4 min
chips

Nvidia prints again, but the tape cracked

A blowout quarter met a market that had already priced perfection. The post-earnings selloff says more about positioning than fundamentals.

energy

The oil trade is becoming an options trade

Brent in a $78–86 range, spec longs flushed, and refiners hedging vol. The convexity is finally interesting again.

macro

Rates are not the story. Term premium is.

The 10Y yield is flat YTD. The shape of the curve is not. Here is what the bond market is actually telling you.

ai

Hyperscaler capex: the 30% rule

Combined Microsoft, Google, Meta, and Amazon capex will cross 30% of revenue in 2026. That has never happened before.

markets
Markets
Cross-asset moves and the macro context.
ai
AI
Frontier models, compute economics, hyperscaler capex.
energy
Energy
Oil, gas, power, grid, and the transition trade.
chips
Chips
Semis, fabs, lithography, and supply-chain choke points.
macro
Macro
Rates, FX, central banks, and global flows.
The Sunday Brief · 09:00 GMT

Five stories the markets are pricing into Monday.

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