https://deepstack.ltd/ DeepStack is an independent publication on the AI economy: the capital, the chips, the power and the people betting on all three. Sharp analysis, sourced numbers, a clear verdict. en-us © 2026 DeepStack Thu, 08 Oct 2026 15:51:16 GMT https://deepstack.ltd/assets/avatar.pnghttps://deepstack.ltd/ https://deepstack.ltd/weekly/2026-10-07/ https://deepstack.ltd/weekly/2026-10-07/ Wed, 07 Oct 2026 12:00:00 GMT The Weekly 5 of 5 notes under pressure. 10-year Treasury at 5.29%. The Bubble Is in the Denominator. https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/ https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/ Wed, 07 Oct 2026 12:00:00 GMT Markets AI spending made the market look cheaper. The harder test is whether those profits survive depreciation, weak productivity and a bond market financing the buildout. https://deepstack.ltd/stories/habit-was-the-moat/ https://deepstack.ltd/stories/habit-was-the-moat/ Sat, 03 Oct 2026 12:00:00 GMT Agents Meta’s Muse is testing whether AI shopping agents can reroute spending, squeeze weak subscriptions and expose which moats still hold. https://deepstack.ltd/stories/the-scarcity-is-the-collateral/ https://deepstack.ltd/stories/the-scarcity-is-the-collateral/ Tue, 29 Sep 2026 12:00:00 GMT Infrastructure Finance AI capacity is scarce, but lenders are financing the supply that could erase that scarcity before hyperscaler cash flow catches up. https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/ https://deepstack.ltd/stories/the-fed-hiked-the-long-end-kept-climbing/ Sun, 27 Sep 2026 12:00:00 GMT Rates The Fed raised short rates, but long yields climbed. AI financing now sits inside a bond market priced by growth, deficits and a thinner buyer base. https://deepstack.ltd/stories/power-doesnt-depreciate/ https://deepstack.ltd/stories/power-doesnt-depreciate/ Sat, 19 Sep 2026 12:00:00 GMT Power AI’s scarcity rent is shifting from chips to permitted, delivered power—but execution, politics and demand can still break the trade. https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/ https://deepstack.ltd/stories/anthropic-grew-142-percent-openai/ Fri, 11 Sep 2026 12:00:00 GMT AI Labs OpenAI is losing pricing power while Anthropic still monetizes enterprise coding, exposing the risk of treating two very different labs as one AI bet. https://deepstack.ltd/stories/the-market-stops-paying-for-faith/ https://deepstack.ltd/stories/the-market-stops-paying-for-faith/ Fri, 04 Sep 2026 12:00:00 GMT Capex AI’s buildout is entering its first financing test: spending outruns cash flow, investors have separated the winners from the believers, and the next budget will expose who is right. https://deepstack.ltd/stories/the-debt-behind-the-machines/ https://deepstack.ltd/stories/the-debt-behind-the-machines/ Sat, 15 Aug 2026 12:00:00 GMT Credit AI demand is holding up, but vendor guarantees, short-term premiums and widening credit concessions expose a fragile financing chain. https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/ https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/ Thu, 13 Aug 2026 12:00:00 GMT Capital Markets SpaceX’s IPO funds a credible AI buildout, but the stock is pricing future capacity before deployment, revenue quality and Starlink coverage are proven. https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/ https://deepstack.ltd/stories/nvidias-demand-insatiable-or-manufactured/ Mon, 10 Aug 2026 12:00:00 GMT Chips Nvidia’s demand looks real today, but private credit, slow-to-build working compute and fast obsolescence make the revenue recurrence less secure than the backlog suggests.