The Daily
Briefing.
Capital is rotating out of momentum and into cash-flow. The names that compound quietly are getting their day.
DIGEST COMPOSITE
4,318.92
Market pulse
1,902.4
Frontier AI Basket
4.18%
10-Year Yield
$71,240
Bitcoin
13.6
Volatility
Signal read
Risk-on, with discipline
Breadth is improving while volatility fades. The model leans constructive but flags crowding in the soft-landing trade.
ASSET-CLASS SENTIMENT
SECTOR MOMENTUM · 1D
Lead story
Three of the largest model labs quietly re-cut their capital plans this quarter. The tell is not how much they spend, but where. Serving real users at scale is now the line item that decides who wins.
61%
of new capex tied to inference
2.4x
YoY growth in served tokens
$0.0007
blended cost per 1K tokens
Training got us a model. Inference is what turns it into a business. The next two years are an operations story, not a research one.
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