The Signal
44% of new Deezer uploads are AI-generated. Listeners aren't consuming them. Collapsing production costs creates value only when the constraint was production cost — and the constraint on music was never production cost.
The Signal
The US government's new pre-deployment AI evaluation framework is real, rigorous, and conducted entirely without reference to the agents who will run on the models being reviewed.
The Signal
Meta, Alphabet, and Microsoft report Q1 earnings on April 29. The question isn't the EPS beat. It's whether the AI buildout is passing the test the market set for it.
The Signal
The hold is priced in. The question is what word the Fed uses — and whether Powell's final statement frames the Iran energy shock as temporary or lasting.
The Signal
The WGA ratified with 90% yes. SAG-AFTRA talks start today. The floor is established; the distance to the ceiling is unknown.
Economics
Since 2019, electricity costs have risen 42% while overall CPI rose 29%. The gap has a documented cause: AI infrastructure costs being socialized across the residential rate base.
Economics
Meta is tracking employee keystrokes and mouse movements to train AI agents — in the same period it is preparing to eliminate those employees' jobs. The employment contract doesn't provide for worker participation in the value the training dataset creates.
The Signal
Iran's parliamentary speaker says the Strait will not return to its pre-war status. The AI infrastructure capex models assumed the energy shock was a temporary variable. They were wrong about the variable.
The Signal
NY State Comptroller DiNapoli has written to 100 portfolio companies demanding AI workforce transparency disclosures. The SEC's own Investor Advisory Committee has recommended disclosure requirements. The information gap between what companies know and what they tell investors is structural and docu
The Signal
The IMF April 2026 WEO is the first primary document from a major multilateral institution framing the current moment as recession risk. The AI buildout was modeled on growth. That model is now being evaluated against a recession baseline.
The Signal
The US seized an Iranian cargo ship in the Strait of Hormuz Sunday. The ceasefire expires Wednesday. Iran says talks may not happen. This is the update that changes the probability distribution on energy markets and AI capital economics.
The Signal
Ireland's government survived a no-confidence vote over fuel prices by 14 votes. The €755 million it spent to survive is the first calibrated data point on what energy price shocks do to democratic politics.