thetrading.tools23 letters
Market signals, breadth, volatility and leverage: what the tape is doing and what followed the last time it did this.
Substack
Every letter from the three publications, newest first.
The publications
The Capex Report2 letters
The AI build-out read from the filings: who is spending, how it is financed and what the public data says about the demand behind it.
The Filings Report1 letter
Company financials from every 10-K and 10-Q: earnings surprises, small caps and value, with the numbers behind each one.
The Capex Report
The AI Build Is Speeding Up Where It Is Hardest to Reverse
Data-center construction hit a record $96.5 billion annual rate in September while the rest of commercial building shrank. Why I think that sets next year's spending.
The Capex Report
The Last Hyperscaler Paying Cash Just Borrowed $25 Billion
Microsoft covered its spending from operations with $18.6 billion to spare, then sold its first new bonds since 2017. My read on what it is funding.