Blog
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AMD Crossed $1 Trillion. Its Own Price Target Says $565.
Key Takeaways AMD shares jumped 9.6% on Monday, Sept 21, 2026, to a record $613.31 — market cap above $1 trillion for the first time. That close sits about 8.5% above AMD’s own average analyst price target of $565.13 (Sept…
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The Token Cost Nobody Shows You: Official GPT, Claude, and Gemini Prices Compared
Key Takeaways Official per-token prices (Sep 2026): Claude Sonnet 5 $2 / $10 per million tokens (input/output), Claude Opus 5 $5 / $25, Gemini 2.5 Flash $0.30 / $2.50, GPT-5.6 Sol $4 / $20, GPT-5.6 Terra $2 / $12, and…
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AI Agent or AI Copilot? The Line We Actually Draw at 2mind
Key Takeaways Copilot and agent are not marketing labels here — they are two different approval boundaries. We run 7 named responsible AIs inside one company (2mind), each with a defined mission and a defined list of actions that require…
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GPU-Backed Loans Went Investment-Grade. The Chips Still Depreciate
Key Takeaways CoreWeave closed the first investment-grade GPU-backed loan — $8.5B, rated A3 — in March 2026. GMI Cloud is now seeking its second such loan this year: $300M, for a Thailand site tied to Tencent. The collateral is the…
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Meta’s AI Data Center Debt Is A+ Rated. Its Cushion Is 8.5%
Key Takeaways Blue Owl owns 80% of Meta’s Hyperion campus; Meta owns 20%. A separate SPV raised $27B in A+ debt plus $2.5B equity — the largest private-credit deal on record. PIMCO holds $18B of the debt; BlackRock funds hold…
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Oracle’s Backlog Hit $664 Billion. Free Cash Flow Is Still -$5 Billion
Key Takeaways Oracle’s revenue backlog (RPO) hit $664 billion on Sept 10, 2026, up $209 billion from a year earlier. The same quarter, Oracle spent $28.5 billion on capex — more than half of last fiscal year’s $55.7 billion —…
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Big Tech’s $1.09 Trillion in Data-Center Leases Sits Off the Balance Sheet
Key Takeaways Five hyperscalers have signed ~$1.09 trillion in data-center leases not yet started. That is ~4x the $285 billion of lease debt already on their books. A lease is not booked as debt until the building is ready to…
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AI Chip Depreciation: Amazon Cut Its Estimate, Meta Raised Its Own
Key Takeaways Hyperscalers depreciate AI servers over 5 to 6 years; critics say the real life is 2 to 3. Effective 2025, Amazon cut its server-life estimate to five years; Meta raised its own to 5.5. Michael Burry estimates the…
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Why AI Agents Cost More Than Chatbots: 4x the Tokens
Key Takeaways A single AI agent uses about 4x the tokens of a chatbot reply; a multi-agent system about 15x (Anthropic). Nearly all of the cost is input tokens, re-sent on every step. The same task can vary up to…
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AI Data Center Curtailment: Who Gets Cut First When the Grid Runs Short
Key Takeaways A new PJM site drawing 50 MW or more can be cut first during a shortage from June 1, 2027. Staying exempt means buying capacity: about $6.0 million a year for 50 MW, our calculation. Texas can directly…