Technology

Thanks For The Memories

Oct 1, 2026 4 min read paid

I. Micron and the AI Trade Memory has become one of the biggest beneficiaries of the AI spending boom. Micron’s stock, for example, is up 273.2% ytd, second only to SanDisk among the semiconductor companies. We have been bullish on memory, and Micron’s fiscal Q4-2026 results reinforced our view. Revenue surged 379% y/y to a record $54.2 billion, above the $50.8 billion consensus.

Ed Yardeni
Toby Hearst
Elias Griepentrog

Mindboggling: Quantum Computing + AI + Resilient Economy

May 21, 2026 4 min read

The Department of Commerce signed letters of intent to invest $2 billion in federal incentives under the CHIPS and Science Act across nine quantum computing and hardware companies. Rather than issuing traditional research grants, the Trump administration is taking minority equity stakes in these companies in exchange for the capital, continuing a broader policy shift toward direct government ownership in strategically critical sectors (similar to previous moves with Intel and

Ed Yardeni
Elias Griepentrog

AI Is Both Blessing & Curse … And: Is Bitcoin Biting The Dust?

Feb 5, 2026 3 min read paid

Our December 11, 2025, QT was titled "AI CALL: The TIME Curse & The Game of Thrones." The TIME Cover Curse hit AI in mid-December when the magazine featured "The Architects of AI" as the 2025 TIME Person of the Year. We wrote: The AI trade is turning into a Game of Thrones. In the past, the Magnificent-7 had their own kingdoms surrounded by

Ed Yardeni

Despite Confusing Stuff, S&P 500 Remains Near Record High

Dec 3, 2025 3 min read

There are lots of confusing recent developments for stock investors to consider. The economic indicators are mixed, with some justifying a December 10 rate cut by the Fed, others not. President Donald Trump said he will announce his pick for the next Fed chair in January. It's not clear whether the Fed will be more or less independent as a result. The Supreme Court is likely to rule

Ed Yardeni

DEEP DIVE: The Debate About the Quality of AI Earnings

Nov 17, 2025 3 min read

This is an excerpt from the November 17, 2025 Morning Briefing of Yardeni Research. Michael Burry, the man behind the “Big Short” during the Great Financial Crisis, is shorting the AI trade because he notes that hyperscalers have been depreciating their GPU chip investments over more than 3 years. He thinks that they should be doing it for under three years. That is a reasonable concern given that the forward

Ed Yardeni

MARKET CALL: The Federal Open Mouth Committee

Nov 15, 2025 4 min read

We are surprised that the financial markets were surprised by the hawkish tone of remarks from Fed officials this past week. Collectively, a few participants on the Federal Open Mouth Committee pushed back against market expectations for an imminent rate cut, stressing that inflation is not yet under control and that monetary policy must remain restrictive. In prepared comments during his October 29 presser, Fed Chair Jerome Powell stated, "

Ed Yardeni

DEEP DIVE: Quantum Leaps For Quantum Computing?

Nov 13, 2025 3 min read

While most of the market’s focus is on artificial intelligence, many companies continue to work on quantum computing in the hopes of creating a computing system that’s far more powerful than traditional computers. Among the largest players, IBM, Microsoft, and Google are working to make the technology feasible by the end of the decade. The government has also recognized the national importance of quantum computing. It’s considering

Jackie Doherty
Ed Yardeni

More Thoughts On The Latest 'Big Short' & Other Matters

Nov 5, 2025 3 min read paid

On Tuesday, investors sold AI-related stocks on news that Michael Burry had shorted Palantir and Nvidia. Today, investors realized that his most prominent short position by far is in Palantir, which currently has a forward P/E of 212.9. Nvidia has a forward P/E of 32.7 (chart). Except for Tesla, the other Magnificent-7 have lower forward P/Es than Nvidia. Burry is famous for his

Ed Yardeni

The 'Big Short' Is Shorting AI

Nov 4, 2025 3 min read paid

Hedge fund manager Michael Burry was portrayed in the film The Big Short. He bet big against the housing market before the 2008 crash and made a fortune. Now, he is taking another "big short" position against Nvidia and Palantir, two widely held AI stocks (chart). A regulatory filing showed that his hedge fund, Scion Asset Management, has bought put options on the two high flyers. Investors are

Ed Yardeni

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

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

Ed Yardeni

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