FEATURED ANALYSIS
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A Record for the Nasdaq, a Data Problem for the Fed
Investors cheered a weak jobs report. For a Fed that had just raised rates, the revisions are harder to shrug off. On Friday, Wall Street got the jobs report it had been hoping for: a bad one. The US economy added just 29,000 jobs in September, according to the Bureau…
LATEST ANALYSIS
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AMD’s $8.2 Billion Bet on AI’s Physical Future
Fei-Fei Li’s decision to sell World Labs is a sign that the next AI race will not be won by better models alone. At first glance, AMD’s deal for World…
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When AI Models Get Cheap, Where Does Competition Move Next?
Meta’s Muse did not reach the top of the App Store with the world’s best model. It did so with a product that could act, a network that could distribute…
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AI’s Biggest Rivals Want to Slow Down. Their Spending Says Otherwise
For once, the leaders of the world’s most competitive AI companies agree: frontier development is moving too fast. But their investment plans, compute contracts and product road maps tell a…
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The $3,199 iPhone Is Really an AI Story
Apple’s most expensive iPhone yet is not simply an exercise in premium pricing. It is the consumer-facing consequence of an AI-driven struggle for the world’s memory-chip capacity. Apple’s unusually expensive…
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SpaceX Is Back at $2 Trillion. But Has the Market Really Priced It Yet?
On 8 September, SpaceX shares closed at $153.47, up 3.73%, taking the company’s market capitalisation back above $2 trillion. The stock had gained 7.9% over the previous five sessions. It…
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DeepSeek’s Real Bet Isn’t the Model—It’s the Agent Runtime
In August 2026, DeepSeek released the source code for a project called DeepSeek Harness, or DSH. Within two days, the repository was closing in on 100,000 GitHub stars. The codebase…
ABOUT
Hi, I’m Xiangzhi Kong—X. Kong for short.
I write about technology, business and investment, taking a long-term view of how innovation, corporate strategy and capital markets shape one another.