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The AI news that moves capital. Each weekday morning: what the day's breakthroughs, deals and policy fights mean for your portfolio, your company and your career.

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ISSUE #1MON, NOV 9, 2026

The Signal

The build-out has a new bottleneck, and it's political

Two days after the midterms, the Nasdaq Composite fell 5.52%, its worst day since April 2025, as voters passed 38 local limits on data centers.

So what for your capital: owners of permitted, powered capacity just became scarcer.

−5.52%Nasdaq, Nov 5
$1.25TOpenAI valuation
$28.8BShield AI mark
Read the full issue →

Inside every issue

The whole day in 47 seconds at the top. Six sections below when you want more.

01

The Signal

The day's most consequential story: what happened, why it matters, and what it means for your capital.

02

Capital Flows

Funding rounds, valuations, M&A, IPO filings and compute deals, each with one line on what it signals.

03

Disruption Watch

One industry or job AI is reshaping right now, with the number that proves it.

04

Policy and Power

Regulation, energy, chips and geopolitics: the constraints that set the speed limit.

05

The Singularity Tracker

Every Monday: where the rocket stands, and the six scores that tell you whether the singularity has arrived.

06

One Contrarian Thought

The strongest bear case of the day, so you never hold a view you haven't stress-tested.

The Singularity Tracker

Six numbers that tell you whether the singularity has arrived.

Six indicators from the Last Investment whitepaper, each scored from 0 (its historical normal) to 100 (its own singularity reading). The tracker is their average.

30.3 / 100

Up from 22.8 a year earlier. The swoosh fills as the score rises; at 100 it is complete.

The tracker by year

050100Singularity2010: 10.620102011: 8.72012: 7.02013: 7.420132014: 8.22015: 8.22016: 8.620162017: 8.92018: 9.42019: 9.720192020: 10.42021: 11.72022: 9.320222023: 11.42024: 20.82025: 22.820252026: 30.3202630.3

How close each indicator is now

US labor productivity growthNow 2.6%
6.9
Labor share of US business outputNow 52.8%
32.1
30-year real interest rateNow 3.20%
27.0
Pace of AI researchNow 1.9×
27.9
Price of AI performanceNow 40× a year
51.2
Share of stocks held by top 10%Now 88.1%
36.6
0–24 Not yet25–49 Moving toward it50–100 Strong
See every score and how it has changed →

Written for people who allocate capital.

Investors

See which exposures AI strengthens and which it quietly erodes, before it shows up in earnings.

Founders and operators

Know where your margins, your moat and your hiring plan stand as AI capabilities compound.

Acquirers

Search funds, PE and family offices: judge which businesses are durable in an AI-first decade.

Our rules

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