Technology

Data Centers: Too Much of a Good Thing?

Oct 8, 2025 5 min read

The lure of riches and tight capacity today has money flooding into the construction of artificial intelligence (AI) data centers. Data center construction—just the cost of building the building—has increased to an annual rate of $43.0 billion, up 30% y/y and 322% higher than $10.2 billion four years ago (chart). Add in the costs of chips and servers, and you’re talking about real money.

Jackie Doherty
Ed Yardeni

Another Day Of AI Fun In The Sun For Semis

Oct 6, 2025 3 min read paid

Semiconductor stocks have certainly benefited from the AI boom. All those data centers being built will be filled with chips (chart). All those autonomous-driving vehicles will also be stuffed with chips, and so will humanoid robots. And they will all generate more data that will need to be processed. Today's AI winner was AMD. Shares of the chipmaker soared after the company announced a multibillion-dollar deal with OpenAI,

Ed Yardeni

A Bubble In Bubble Fears?

Oct 5, 2025 3 min read

We are raising our year-end S&P 500 target back to 7000. We started the year there, but lowered it earlier this year in response to Trump's Tariff Turmoil. We began raising our forecast again during the spring, when we concluded that the tariff issue would no longer impact the stock market by the end of the summer. We bet the resilience of the economy would boost

Ed Yardeni

MARKET CALL: The Oracle Of Austin

Sep 14, 2025 3 min read paid

Last Wednesday, Larry Ellison, the executive chairman and chief technology officer of Oracle, saw his net worth jump by $101 billion—the biggest one-day increase ever recorded on the Bloomberg Billionaires Index—to $382 billion. That happened after the company announced at its quarterly earnings conference that Google's Gemini AI models would become available on Oracle's cloud infrastructure. That sent the company's stock soaring

Ed Yardeni

The US Economy Is In The Cloud

Jul 30, 2025 3 min read

The Treasury's Quarterly Refunding Statement, released this morning, was a non-event. No unexpected policy shifts or drastic changes in issuance sizes were noted, so the announcement was largely as anticipated. The FOMC's decision in the afternoon to leave the federal funds rate (FFR) unchanged was widely expected, too. So was the fact that two Fed governors dissented from that decision for the first time since 1993.

Ed Yardeni

Washington Creates Buzz 24x7

Jul 22, 2025 3 min read paid

Can't we get a day without news coming out of the White House? Yesterday, US Treasury Secretary Scott Bessent called for an "exhaustive internal review" of the Fed's "non-monetary policy operations." He accused the central bank of "significant mission creep." He did so on CNBC in the morning. In a lengthy post on X, Bessent sought to clarify his remarks

Ed Yardeni

Semiconductors Leading The Stock Market Higher

Jun 25, 2025 3 min read paid

Since the start of the current bull market during October 2022, we recommended overweighting the S&P 500 Information Technology sector and have been especially positive on the S&P 500 Semiconductor industry. We stuck with that recommendation during the correction in the S&P 500 from February 19 through April 8. In recent days, the industry's stock price index rose to new record highs

Ed Yardeni

Nvidia Isn't Cisco

May 28, 2025 3 min read paid

As Nvidia's stock price soared during 2024, the naysayers compared its ascent to Cisco's roundtrip performance during the Tech Bubble of the late 1990s, which was followed by the Tech Wreck of 2000 and 2001 (chart). Cisco was the tech darling of the dawning Internet Age. Nvidia is leading the way in the AI Age. Cisco crashed when the Dot.Com Bubble burst. When DeepSeek was

Ed Yardeni

POTUS: From Tariff Man To Global Salesman

May 14, 2025 2 min read paid

Stock investors are much happier now that President Donald Trump seems to be pivoting from pushing prohibitive tariffs to pushing American semiconductors and Boeing jets in the Middle East. President Donald Trump used a state visit to Qatar today to announce a large purchase by Qatar Airways of Boeing jets. Trump said the order was for 160 airplanes and claimed it was the largest order in Boeing's history.

Ed Yardeni

The Digital Revolution Marches On As Nvidia Beats

Feb 26, 2025 3 min read paid

Artificial intelligence, and all the capital spending that comes along with it, is here to stay. Nvidia reported today that its sales last quarter rose 78% y/y to $39.3 billion, and management’s revenue guidance of $43.0 billion (+/- 2%) for the current quarter was above the consensus estimate of $41.8 billion. Moreover, the company laid out plans to get its new Blackwell chips to market

Ed Yardeni
Eric Wallerstein

MARKET CALL: Will DeepSeek Sink The Unsinkable Mag-7?

Jan 26, 2025 3 min read paid

The Q4-2024 earnings reporting season is going well so far. It started out two weeks ago with better-than-expected big bank earnings. As a result, industry analysts increased their consensus expected Q4 earnings growth rate for the S&P 500 companies collectively from 8.2% y/y to 9.1% y/y (chart). We raised our expected earnings growth rate from 10.0% to 12.0%. The next round of

Ed Yardeni
Eric Wallerstein

To Infinity & Beyond: Artificial Intelligence, Semiconductors & Nvidia

Nov 20, 2024 3 min read paid

In recent decades, the Digital Revolution has eclipsed the Industrial Revolution. Today, AI is a technology that has evolved from this relatively new revolution. AI simply represents another leap forward in data processing. During the 1950s through the 1970s, IBM mainframe computers processed data. The baton was passed to minicomputers sold by Digital Equipment in the 1970s. During the 1990s, desktop PCs manufactured by Compaq and Dell proliferated. Amazon Web

Ed Yardeni
Eric Wallerstein

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