Unhedged

John Foley, head of the FT's Lex column and corporate-deal analyst. He breaks down GameStop's audacious bid for eBay and whether a smaller acquirer can plausibly buy a much larger company. They dissect the offer structure, leverage and governance risks. Conversation also pivots to Cerebras challenging Nvidia in AI chips and trading ideas on Hyrox and inflation.

Strong US corporate earnings are driving market highs and puzzling analysts. Tech and industrials benefit from AI demand and capacity constraints. Banks profit from volatility and a positive yield curve. Debate over cutting quarterly reporting to semiannual raises investor concerns. A quirky long/short segment contrasts open bars with muntjac deer in the UK.

Robin Wigglesworth, FT Alphaville editor and financial history specialist, discusses historical parallels between 19th-century railway booms and today’s AI-driven market. He compares past tech frenzies with modern AI capex, debates which AI investments may endure, and explains why studying financial history can illuminate current market patterns.

A lively primer on how money’s story repeats through history. They explore ancient debt cancellations, ruined loan records, and the echoes of past financial manias. Short scenes show why old patterns reappear and how they shape modern markets. Tune in for a history-driven tour of finance’s recurring surprises.

They discuss Jay Powell’s surprising decision to stay on the Fed board after his final remarks. They explore how that move reshapes appointment dynamics and succession prospects. They analyze recent US growth and sticky inflation data and contrast central bank dilemmas in Europe and the UK. They end with light long/short picks including longevity and retirement quirks.

They unpack why stocks rally despite geopolitical turmoil and what that means for energy prices. They map oil risk scenarios and the impact of the UAE leaving OPEC. They weigh investors fleeing to US assets as global ties fray and preview central bank moves around Jay Powell’s finale. They also debate AI’s role in rate policy, mock fitness smartwatch hype, and celebrate a snooker upset from Iran.

Joe Leahy, Beijing bureau chief for the Financial Times, gives on-the-ground reporting on China’s economic and geopolitical shifts. He discusses China’s move from cheap manufacturing to high-tech industries like EVs and solar. He outlines targeted industrial policies, subsidies and party oversight. He also covers the geopolitical and regional impacts of China’s green-tech dominance.

Report from a major commodities summit on energy market disruption and extreme volatility. Traders trade war stories about delivery premia, mislocated ships and regional price spikes. Discussion of how shortages could ripple into diesel and fertilizer-driven food strains through 2030. A contrarian take pushing long volatility and a cheeky aside about a tech-military manifesto.

Markets roar back as the S&P 500 hits fresh highs amid geopolitical jitters. A tiny shoe maker’s shock pivot to AI sparks a wild, speculative stock surge. Conversation contrasts AI hype with real value questions and whether models will be proprietary or commoditized. Lighthearted market riffs include kebabs, a Treasury slip-up and a cheeky maritime rename.

Richard Waters, FT west coast editor and veteran Silicon Valley reporter, walks through what SpaceX has become and why its IPO is unlike any other. He traces SpaceX’s shift from rockets to Starlink and new business lines. Conversations hit Musk’s blend of engineering and narrative, the huge fundraising needs, and how market mechanics could shape a massive listing.