Just a simple country CEO who was being tricked by that sophisticated lawyer | Image: Cath Virginia / The Verge, Getty Images About five hours into Elon Musk's testimony, I typed the following sentence into my notes: "I have never been more sympathetic to Sam Altman in my life." Musk's direct testimony was an improvement over yesterday - even if his lawyer kept asking leading questions to cue him ...
Just a simple country CEO who was being tricked by that sophisticated lawyer | Image: Cath Virginia / The Verge, Getty Images About five hours into Elon Musk's testimony, I typed the following sentence into my notes: "I have never been more sympathetic to Sam Altman in my life." Musk's direct testimony was an improvement over yesterday - even if his lawyer kept asking leading questions to cue him in how to answer. But that memory was immediately obliterated by an absolutely miserable cross-examination. For hours, Musk refused to answer yes or no questions with yes or no, occasionally "forgot" things he'd testified to in the morning, and scolded defense lawyer William Savitt. I watched a few jury members glance at each other. During one testy exchange, one woman wa … Read the full story at The Verge.
Getty Images I'll cut to the chase with a mea culpa: my skittishness on valuations in the semiconductor sector has led me to miss out on substantial gains this year. I've been focused on value plays in the software space, but the S&P 500's ( SP500 ) gains this year have been focused on hardware. For much of the past decade, technology investors have more or less shunned hardware stocks and instead...
Getty Images I'll cut to the chase with a mea culpa: my skittishness on valuations in the semiconductor sector has led me to miss out on substantial gains this year. I've been focused on value plays in the software space, but the S&P 500's ( SP500 ) gains this year have been focused on hardware. For much of the past decade, technology investors have more or less shunned hardware stocks and instead chased the newest IPOs in software and internet. During COVID, the market boomed in software plays, particularly anything that enabled remote work. A subscription business model was king before and anathema now. Fast forward to 2026, and the old rules of thumb for investing in tech have been thrown out the window yet again. While software has been among the year's biggest losers, hardware is back in vogue, particularly the chipmakers that are supplying the critical components to fund the massive data center buildout. Seagate Technology Holdings plc ( STX ), a manufacturer of hard disk drives (HDDs) that competed against Western Digital ( WDC ), has been one of the biggest beneficiaries, with its stock doubling over the past year. The core question for investors now: how long can this boom last? Data by YCharts I last wrote a Sell article on Seagate in February, when the stock was hovering in the low-$400s. I acknowledge the call was poorly timed - and yet, it’s also difficult to predict and time the market when animal spirits and momentum have taken precedence over fundamentals, as I believe to be the case in the storage chip space. If we assess Seagate from a sober perspective today, it’s difficult to say that the stock has much upside left, and I’m reiterating my Sell opinion here. In short, Seagate bulls have won the short term, but this stock is nothing more than a hot potato game. Major risks cloud the possibility of future gains There are two key risk points to drive home here before we dig into the company’s recently released fiscal Q3 (March quarter) results , whic...
Brics nations are assessing whether a digital payments framework linking their currencies could lessen the impact of Western sanctions, tariffs and US dollar volatility without destabilising the Washington-led global financial system. Under the plan proposed by India’s central bank, Brics is looking to allow cross-border transactions to be settled in local currencies. Its feasibility depends on ho...
Brics nations are assessing whether a digital payments framework linking their currencies could lessen the impact of Western sanctions, tariffs and US dollar volatility without destabilising the Washington-led global financial system. Under the plan proposed by India’s central bank, Brics is looking to allow cross-border transactions to be settled in local currencies. Its feasibility depends on how far the bloc’s members can lessen their reliance on Western-controlled payment channels without...
Meta Platforms Inc. raised its spending outlook for the year, projecting full-year capital expenditures of $125 billion to $145 billion, driven by its AI strategy and higher component pricing. Bloomberg's Sandeep Singh has the latest. (Source: Bloomberg)
Meta Platforms Inc. raised its spending outlook for the year, projecting full-year capital expenditures of $125 billion to $145 billion, driven by its AI strategy and higher component pricing. Bloomberg's Sandeep Singh has the latest. (Source: Bloomberg)
The wheat complex fell off the early session highs on Wednesday, as month end profit taking got off to a day early start. Chicago SRW futures were down fractionally to 6 ¾ cents, with deferreds up ¼ to 3 ¼ cents. KC HRW futures were up fractionally to 2 ½...
The wheat complex fell off the early session highs on Wednesday, as month end profit taking got off to a day early start. Chicago SRW futures were down fractionally to 6 ¾ cents, with deferreds up ¼ to 3 ¼ cents. KC HRW futures were up fractionally to 2 ½...
Cotton futures saw bulls take some money off the table a day ahead of month end, with contracts down 8 to 65 points on Wednesday. The US dollar index was up $0.359 at $98.835. Crude oil was extending higher, up another $8.56 to $108.49. The Seam showed just 139 bales...
Cotton futures saw bulls take some money off the table a day ahead of month end, with contracts down 8 to 65 points on Wednesday. The US dollar index was up $0.359 at $98.835. Crude oil was extending higher, up another $8.56 to $108.49. The Seam showed just 139 bales...
Soybeans rounded out the Wednesday trade with most contracts up 2 ¼ to 9 ¼ cents, led by the old crop contracts. Some back months were fractionally to 2 cents lower. The cmdtyView national average Cash Bean price was up 10 cents at $11.25. Soymeal futures were down 40 cents...
Soybeans rounded out the Wednesday trade with most contracts up 2 ¼ to 9 ¼ cents, led by the old crop contracts. Some back months were fractionally to 2 cents lower. The cmdtyView national average Cash Bean price was up 10 cents at $11.25. Soymeal futures were down 40 cents...
Corn futures held on to gains on Wednesday, despite pulling off early highs. Most nearby contracts were fractionally to 2 ½ cents higher, with a few deferreds steady to fractionally lower. The CmdtyView national average Cash Corn price was up 1 1/4 cents at $4.33 1/2. EIA’s weekly report showed...
Corn futures held on to gains on Wednesday, despite pulling off early highs. Most nearby contracts were fractionally to 2 ½ cents higher, with a few deferreds steady to fractionally lower. The CmdtyView national average Cash Corn price was up 1 1/4 cents at $4.33 1/2. EIA’s weekly report showed...
Stratechery创始人Ben Thompson同时采访了OpenAI CEO Sam Altman和AWS CEO Matt Garman。当时外界还不知道，仅仅三天后，微软和OpenAI就会宣布修改长达数年的独家协议，Azure不再是OpenAI模型的唯一云服务商。但这场合作的逻辑矛盾已经摆在了台面上——两家公司的掌舵人为什么会坐到一起？ 背后的逻辑并不复杂。当初微软用“Azure独占Op...
Stratechery创始人Ben Thompson同时采访了OpenAI CEO Sam Altman和AWS CEO Matt Garman。当时外界还不知道，仅仅三天后，微软和OpenAI就会宣布修改长达数年的独家协议，Azure不再是OpenAI模型的唯一云服务商。但这场合作的逻辑矛盾已经摆在了台面上——两家公司的掌舵人为什么会坐到一起？ 背后的逻辑并不复杂。当初微软用“Azure独占OpenAI模型”锁定了巨大的竞争优势，但也绑住了OpenAI的手脚——大量企业数据已经躺在AWS上，客户不想为换模型而搬家。而Anthropic今年增长迅猛，正是吃到了“客户在哪云就想要哪的模型”的红利。对微软来说，继续卡独家权反而在损害自己对OpenAI这笔最重要的投资。松绑是痛苦的——Azure失去了一个核心差异化武器——但不松绑更亏：如果OpenAI的增长被独家协议限制，微软作为大股东的损失远大于Azure的得利。 于是有了这次联合发布： Bedrock Managed Agents ，由OpenAI驱动。可以把它理解为“AWS版的Codex”——一个运行在云端、带有完整身份、权限、日志、治理和部署能力的智能体运行环境。客户数据留在AWS内部，OpenAI不接触原始数据。目标是让那些数据已经在AWS上的企业，不用迁移就能直接用上最前沿的AI能力。 下文本次采访对话的核心内容提炼，原文链接：https://stratechery.com/2026/an-interview-with-openai-ceo-sam-altman-and-aws-ceo-matt-garman-about-bedrock-managed-agents/ 1 AI的“AWS时刻”：让智能体从能跑变成能用 Sam Altman： 每次我看到用户用我们的模型，我既高兴他们觉得这是魔法，又崩溃于他们经历了多少不必要的折磨。用户需要把东西从一个地方复制粘贴到另一个地方，搞一串复杂提示词，反复试错——这些痛苦我看在眼里。 Matt Garman： 在这套联合产品出来之前，客户想用AI智能体，得自己拼凑所有环节——模型调用、身份管理、数据库认证、与内部系统的集成、对自己数据的理解。每一个客户都重新干一遍。所有这些集成工作全都留给了客户自己处理。 Matt Garman： AWS过去20年为全球银行、医疗机构...
Japan’s factory output fell as the war in Iran clouded prospects for global demand while also threatening manufacturers’ margins by way of higher energy costs. Industrial production dropped 0.5% in March from the previous month, the Industry Ministry reported Thursday. Economists had expected a 1.1% increase. Output gained 2.3% from a year earlier, compared with expectations of a 2.2% gain. Thursd...
Japan’s factory output fell as the war in Iran clouded prospects for global demand while also threatening manufacturers’ margins by way of higher energy costs. Industrial production dropped 0.5% in March from the previous month, the Industry Ministry reported Thursday. Economists had expected a 1.1% increase. Output gained 2.3% from a year earlier, compared with expectations of a 2.2% gain. Thursday’s report reflects a period in flux, with business prospects for manufacturers starting to dim as the impact of the Middle East conflict rippled through the world’s economy. Earlier this month, the International Monetary Fund said the global outlook “has abruptly darkened following the outbreak of war in the Middle East.” The Fund trimmed its 2026 global growth forecast to 3.1%. Read more: IMF Warns of Global Economic Downturn If War in Iran Lasts Output of general-purpose and industrial machinery fell, along with production in the petroleum and coal products industry. It was the second straight month in which overall output declined, although the quarterly figure registered an increase after a strong result in January. “In the first quarter, production managed to rise slightly, but obviously the Middle East situation weighed on parts of the March figures,” said Taro Saito , head of economic research at NLI Research Institute. “While the outlook is currently quite optimistic, I believe there is a significant risk of a downside deviation.” The ministry said manufacturers expect output to gain in April and May. Saito said the contrasting dynamics of surging demand for semiconductors related to AI and an increasingly difficult environment for industries relying on oil could keep the figures fluctuating over the near term. “I think AI-related sectors will continue to provide support, and I expect this to be a tug-of-war with the decline in production of oil-related commodities,” he said. Prime Minister Sanae Takaichi ’s government has said it can secure crude oil for this yea...
SlavkoSereda/iStock via Getty Images Crude oil futures rose sharply Wednesday to settle at multiweek highs, with front-month Brent gaining for an eighth straight session and testing a four-year intraday high, on prospects of a prolonged standoff in the Middle East with the U.S. and Iran maintaining their respective blockades of the Strait of Hormuz. President Trump told Axios that he rejected Iran...
SlavkoSereda/iStock via Getty Images Crude oil futures rose sharply Wednesday to settle at multiweek highs, with front-month Brent gaining for an eighth straight session and testing a four-year intraday high, on prospects of a prolonged standoff in the Middle East with the U.S. and Iran maintaining their respective blockades of the Strait of Hormuz. President Trump told Axios that he rejected Iran's proposal to lift the naval blockade in the strait, insisting that discussions about the country's nuclear program must come first, and The Wall Street Journal reported that the president has instructed aides to prepare for an extended blockade to squeeze Iran's economy and oil exports. "The market is no longer pricing the disruption as a short-lived front-month squeeze," Saxo Bank's Ole Hansen said in a note, pointing to sharp moves higher by longer-dated contracts, with the 2027 contract up 25% to $78/bbl and 2028 up 16% to $74/bbl. "This points to growing expectations of a prolonged supply shock driven by damaged Middle East infrastructure, lower production capacity, and the eventual need to rebuild depleted commercial and strategic reserves," Hansen wrote. Adding to oil's gains, the Energy Information Administration reported across-the-board drawdowns of crude oil, gasoline, and distillate inventories in the week ended April 24, and U.S. crude exports rose to an all-time high amid the ongoing Mideast supply crisis. Commercial crude oil stocks excluding the Strategic Petroleum Reserve fell by a much larger-than-expected 6.2M barrels to 459.5M barrels, gasoline inventories fell for an 11th consecutive week and were down by 6.1M barrels at 222.3M barrels, and distillate fuel stocks fell by 4.5M barrels to 103.6M barrels. Meanwhile, U.S. crude oil production was unchanged at ~13.6M bbl/day, and crude oil exports rose by 1.6M bbl/day to a record 6.4M bbl/day, the EIA reported. "While this strong pace may be difficult to maintain amid loading and logistical issues, we feel ...