The Modern Investor

For years, the AI trade has rewarded anyone willing to stay in it. Last week was a reminder of what happens when a crowded trade starts moving the other way. This week on Market Open, Reda and Russ look at the sell-off across tech, the pressure building around AI infrastructure, and whether the market is starting to price in something more serious than a temporary wobble. They also get into the power constraints behind the data-centre boom, Anthropic’s IPO plans, and why higher rates ar...

Midterms have historically been good news for stocks. This time, Reda and Russ think the setup looks a little less straightforward. In this week’s Market Open, they look at what the US election could mean for markets, why AI data centres are becoming a political issue, and whether the usual post-midterm rally can hold up against high valuations and a shaky tech sector. They also discuss Big Tech’s latest earnings, the huge sums still being raised to fund AI, and the fallout from Binance...

Anthropic’s S-1 offered investors a much clearer look at the business - and a few reasons to be uneasy. In this week’s Market Open, Reda Farran and Russell Burns unpack the filing, from Anthropic’s growing reliance on Big Tech to some striking disclosures about how its models behave. They also look at SpaceX’s growing advantage in the AI infrastructure race, the squeeze on smaller data-center players, and what this week’s earnings and rate decisions could mean for markets. Try Finimize ...

The AI trade had a rough week. And this time, the warning signs weren’t limited to stocks. In this week’s Market Open, Reda Farran and Russell Burns look at stress in the credit market, the pressure on CoreWeave, and whether the huge sums being spent on AI can ultimately be justified. They also unpack why Treasuries are starting to look interesting again, and what the broader market is telling us beneath the headline index numbers. Try Finimize Pro

Rational investors are supposed to price assets correctly. But investors are people, and people are irrational – which is exactly why bubbles form, herds stampede, and markets overreact to information that doesn’t deserve it. Alex Edmans is Professor of Finance at London Business School. He started on the trading floor at Morgan Stanley before completing a PhD at MIT as a Fulbright Scholar, and has since become one of finance’s most prominent public communicators through bestselling books, f...