Heather Cox Richardson says the Republican Party as it was no longer exists, comparing the moment to the 1850s realignment against elite enslavers.
Ad spending on the midterms has topped $11.2bn, the most expensive political advertising cycle on record, and Scott Galloway argues the return on that money will fall sharply.
Anthropic's S-1 shows $16.3bn in first-half revenue and more than $800bn in future compute commitments, and Steve Eisman says the company appears to have no moats.
Anthropic Files for Record IPO at Up to $2 Trillion
Funding and deals
Anthropic. The AI company filed its S-1 for an IPO at up to $2tn, the largest ever, after $16.3bn in first-half revenue.
Guest interviews
Steve Eisman, hedge fund manager known for The Big Short. Says investors should not buy into Anthropic. He sees no moats around the business and calls a company reliant on price competition with $800bn in spending commitments dangerous. A 50% price cut would only confirm the lack of moats.
Heather Cox Richardson, historian and author of Letters from an American. Argues the Republican Party as it was no longer exists, pointing to a former South Carolina Republican governor endorsing Darlene Graham's opponent. She compares the moment to the 1850s coalition against elite enslavers. She also sees the fight against data centers as a rejection of government serving a few powerful people.
Aziz Sunderji, author of the Home Economics newsletter. Calls housing both a speculative asset and a place to live, with locked-out young people delaying marriage and economic progress. He says income inequality drives the crisis as high earners compete with teachers for land. A 1856 New York Times article on high rents shows the problem is old, so policymakers should stay humble.
News
Anthropic's compute commitments top $800bn. The S-1 shows the operating loss narrowing to about $700m, but the largest deals are $161bn with Broadcom and $115bn with Google. Ed Elson predicts losses will explode as commitments and capex rise.
Midterm ad spending hits record $11.2bn. Per The New York Times, 2026 midterm ads outspend the entire 2024 presidential race, with about $850m on one Texas Senate race. Scott Galloway predicts returns on political money will fall sharply.
Young buyers are locked out of housing. Scott Galloway calls it a supply problem, blaming homeowners who block permits and subsidies like the mortgage interest deduction that add demand. He wants federal funds cut for places that resist building.
Tap a name to go there · tap a line to see why they are linked