Offshore
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Fiscal.ai
Google operates in every layer of the AI value chain.
✅ Hardware Layer: Design their own TPUs.
✅ Infrastructure Layer: Google Cloud for compute.
✅ Data Layer: Consume training data from Search, YouTube, etc.
✅ Foundational Layer: Leading model in Gemini 3.
✅ Application Layer: Deploy AI capabilities to Search, Gmail, Maps, etc.
Can any company replicate this?
$GOOGL
tweet
Google operates in every layer of the AI value chain.
✅ Hardware Layer: Design their own TPUs.
✅ Infrastructure Layer: Google Cloud for compute.
✅ Data Layer: Consume training data from Search, YouTube, etc.
✅ Foundational Layer: Leading model in Gemini 3.
✅ Application Layer: Deploy AI capabilities to Search, Gmail, Maps, etc.
Can any company replicate this?
$GOOGL
tweet
Offshore
Video
Fiscal.ai
RT @BradoCapital: The newly improved price chart feature is LIVE.
📆 No more clunky date slider. Replaced with a date picker to make it easy to understand performance during exact time periods.
📊 We used that extra space to show more information on the metric you've selected whether it is price, drawdowns, total return, market cap etc.
📈 There is also much better data frequency during smaller time periods now.
tweet
RT @BradoCapital: The newly improved price chart feature is LIVE.
📆 No more clunky date slider. Replaced with a date picker to make it easy to understand performance during exact time periods.
📊 We used that extra space to show more information on the metric you've selected whether it is price, drawdowns, total return, market cap etc.
📈 There is also much better data frequency during smaller time periods now.
OK big updates...
⚡️ We just pushed backend improvements to the "Financials" tab. Everything looks and works the exact same, but you will notice everything is very snappy and quickly moves to other Companies.
🌎 The same speed of earnings updates, data history and audibility to the filing that we have for US companies will be live for Canada and ADRs too. Launches Wednesday.
📈 The price chart on Overview got a facelift. You will be able to select specific dates to review, get more data intraday, realtime updates, better exporting options and more. In final QA right now and can probably go live on Monday.
Have a great weekend. tweet
WealthyReadings
Another day with the market closed. And they say Americans are the hardest-working people who never take holidays. More days off than French.
The European I am is asking for one thing only: open the market. The weak can rest.
Anywhoo. Happy Thanksgiving, I guess.
Whatever.
tweet
Another day with the market closed. And they say Americans are the hardest-working people who never take holidays. More days off than French.
The European I am is asking for one thing only: open the market. The weak can rest.
Anywhoo. Happy Thanksgiving, I guess.
Whatever.
tweet
WealthyReadings
Seriously considering YouTube again, with a very different format this time.
Curiosity question first: when do you feel the most excitement while learning?
- Getting the answer
- The learning process
I’d love a large sample; please vote and share! 🙏
- I just want the answer
- The process
tweet
Seriously considering YouTube again, with a very different format this time.
Curiosity question first: when do you feel the most excitement while learning?
- Getting the answer
- The learning process
I’d love a large sample; please vote and share! 🙏
- I just want the answer
- The process
tweet
Offshore
Video
App Economy Insights
RT @EconomyApp: 🔥 Holy sh*t Black Friday is here!
📊 How They Make Money Premium.
👀 50% off — $199 → $99/year today.
Unlock thousands of visuals.
Weekly breakdowns and deep dives. https://t.co/hPl4bDyAoo
tweet
RT @EconomyApp: 🔥 Holy sh*t Black Friday is here!
📊 How They Make Money Premium.
👀 50% off — $199 → $99/year today.
Unlock thousands of visuals.
Weekly breakdowns and deep dives. https://t.co/hPl4bDyAoo
tweet
Offshore
Video
Fiscal.ai
We just launched new and improved Performance Charts! 🚀
🗓️ New Date Selector - Set your start and end date with a simple date picker.
📈 Intraday Prices - Shorter term charts now reflect intraday price movements.
📊 Improved UI - Removed extra space for cleaner exporting. https://t.co/VNTtTvP10P
tweet
We just launched new and improved Performance Charts! 🚀
🗓️ New Date Selector - Set your start and end date with a simple date picker.
📈 Intraday Prices - Shorter term charts now reflect intraday price movements.
📊 Improved UI - Removed extra space for cleaner exporting. https://t.co/VNTtTvP10P
tweet
Offshore
GIF
AkhenOsiris
Should be worth another $1B for valuation no? Oh wait, that was pre-bubble
tweet
Should be worth another $1B for valuation no? Oh wait, that was pre-bubble
Moving Averages now on Perplexity Finance! https://t.co/nyv9TLvlPg tweet
Offshore
Photo
EndGame Macro
Why Global Bond Sales Are Exploding And What It Actually Means
Underneath this simple visual is a deeper shift in how governments, corporations, and the entire financial system are responding to a world that’s slowing down, aging, and carrying too much debt.
The $6 trillion YTD number isn’t just a record, it’s a symptom.
A World That Needs Cash Now
The biggest driver is straightforward: governments everywhere are running huge deficits, and they have no choice but to plug those holes with debt. When growth is soft, tax revenue slows, social spending rises, and bond issuance becomes the default policy tool. This is all happening at the same time major economies are dealing with expensive demographics (aging populations) and expensive politics (national security, industrial policy, reshoring).
That mix forces governments to tap global markets hard.
And because the U.S. dollar has weakened, foreign buyers suddenly see U.S. bonds as on sale, which only fuels more issuance.
Companies Are Grabbing Money While They Still Can
Corporate issuers are doing the same thing for a different reason. When financing conditions ease even a little, narrower credit spreads, improving liquidity, stabilizing inflation expectations, corporates rush to lock in funding. Part of it is refinancing old debt; part of it is investing in the new AI and automation cycle. But the timing is key: companies issue more because they sense that this window of relatively calm conditions may not last forever.
Bond issuance always jumps when borrowers feel the future might get more expensive.
Investors Are Desperate for Yield
On the other side of the trade, investors want something that actually pays them. After years of chasing equities, alternatives, or complex structured products, plain vanilla bonds suddenly look attractive again.
Inflation is cooling. Central banks are preparing to cut. Real yields are still positive. That’s basically a neon sign that says buy duration.
So you get huge inflows into high grade credit, sovereign bonds, and even corporate paper. And the more willing investors are to buy, the more issuers pump out supply.
What This Mix Is Really Signaling
Put it together and the message gets clearer: The global economy is not as healthy as the headline numbers suggest.
Governments are issuing because they must. Corporations are issuing because they don’t trust the future. Investors are buying because they can’t find yield anywhere else. And the entire system is leaning heavily on bond markets to finance everything from deficits to AI build outs to economic soft landing narratives.
In a stable, high confidence economy, issuance grows with GDP. In a stressed, late cycle economy, issuance explodes past GDP. That’s what the chart is showing.
This isn’t a sign of strength.
It’s a sign of dependence.
Bond markets have become the life support system for a world stuck between slow growth, high debt, and a monetary system that can’t hike without breaking things and can’t ease without reigniting inflation.
The bars are bigger because the cracks underneath are, too.
tweet
Why Global Bond Sales Are Exploding And What It Actually Means
Underneath this simple visual is a deeper shift in how governments, corporations, and the entire financial system are responding to a world that’s slowing down, aging, and carrying too much debt.
The $6 trillion YTD number isn’t just a record, it’s a symptom.
A World That Needs Cash Now
The biggest driver is straightforward: governments everywhere are running huge deficits, and they have no choice but to plug those holes with debt. When growth is soft, tax revenue slows, social spending rises, and bond issuance becomes the default policy tool. This is all happening at the same time major economies are dealing with expensive demographics (aging populations) and expensive politics (national security, industrial policy, reshoring).
That mix forces governments to tap global markets hard.
And because the U.S. dollar has weakened, foreign buyers suddenly see U.S. bonds as on sale, which only fuels more issuance.
Companies Are Grabbing Money While They Still Can
Corporate issuers are doing the same thing for a different reason. When financing conditions ease even a little, narrower credit spreads, improving liquidity, stabilizing inflation expectations, corporates rush to lock in funding. Part of it is refinancing old debt; part of it is investing in the new AI and automation cycle. But the timing is key: companies issue more because they sense that this window of relatively calm conditions may not last forever.
Bond issuance always jumps when borrowers feel the future might get more expensive.
Investors Are Desperate for Yield
On the other side of the trade, investors want something that actually pays them. After years of chasing equities, alternatives, or complex structured products, plain vanilla bonds suddenly look attractive again.
Inflation is cooling. Central banks are preparing to cut. Real yields are still positive. That’s basically a neon sign that says buy duration.
So you get huge inflows into high grade credit, sovereign bonds, and even corporate paper. And the more willing investors are to buy, the more issuers pump out supply.
What This Mix Is Really Signaling
Put it together and the message gets clearer: The global economy is not as healthy as the headline numbers suggest.
Governments are issuing because they must. Corporations are issuing because they don’t trust the future. Investors are buying because they can’t find yield anywhere else. And the entire system is leaning heavily on bond markets to finance everything from deficits to AI build outs to economic soft landing narratives.
In a stable, high confidence economy, issuance grows with GDP. In a stressed, late cycle economy, issuance explodes past GDP. That’s what the chart is showing.
This isn’t a sign of strength.
It’s a sign of dependence.
Bond markets have become the life support system for a world stuck between slow growth, high debt, and a monetary system that can’t hike without breaking things and can’t ease without reigniting inflation.
The bars are bigger because the cracks underneath are, too.
World bond corporate issuances have reached unprecedented levels:
Global bond sales hit a record $5.95 trillion in the first 10 months of 2025.
This has already surpassed the previous all-time high of $5.93 trillion set in 2024.
Issuances have risen +$2.5 trillion since 2014.
This surge has been fueled by exceptionally low credit risk, with global spreads hovering near the lowest levels since 2007.
As a result, investor demand continues to significantly outpace net bond supply.
The global debt rush is accelerating. tweet
Offshore
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EndGame Macro
Don’t Worry, Everything’s Fine… Except the Layoffs, Bankruptcies, and Delinquencies
If you strip the noise out, all of these series are saying the same thing: the labor market is finally cracking in a way that’s consistent with everything else we’ve been seeing under the surface.
MacroEdge has total job cuts jumping to around 155k in October, the highest in at least two years. Challenger’s layoff announcements are back above 150k, the worst October in more than two decades. WARN notice data from Revelio shows over 40k workers formally told they’re about to be laid off, and the broader tally for 2025 is already more than 1.1 million announced job cuts with roughly 650 large corporate bankruptcies. That’s not a quirky outlier. That’s a cluster.
You can think of it as the moment when the spreadsheet version of the economy (earnings, margins, delinquencies) finally shows up in the human version (jobs, paychecks, anxiety).
Why It’s Happening Now
For a while, the story was things feel bad, but the labor market is still strong. That was true on the surface and false underneath.
Households and companies were living off buffers: pandemic savings, cheap mortgages, ultra low interest costs, and nominal revenues goosed by inflation. That bought time. It let consumers keep spending even as real wages lagged, and it let companies tolerate weaker volumes because pricing power and low funding costs kept margins afloat.
Those cushions are now mostly gone.
On the household side, you’re seeing it in the delinquency mix. Serious auto delinquencies at the highest since 2010. Credit card 90 day delinquencies pushing up toward GFC territory. Student loan delinquencies ripping higher now that payments are back. Commercial office delinquencies at record levels. That’s what it looks like when people are out of slack and start choosing which bills not to pay.
On the corporate side, higher rates and slower demand are colliding. Interest expense has reset upward, refinancing windows are tighter, and investors are no longer paying up for growth at any cost. Revenues are flattening while costs stay sticky. Something has to give, and what gives first is usually payroll. That’s exactly what these charts show: management teams moving from hiring freezes and quiet performance cuts to visible, headline layoffs.
You can also see the structural layer. Tech and white collar jobs are being restructured around AI and automation; retailers and warehouses are cutting as goods demand cools; government and quasi public entities are reacting to budget pressure. It’s not just one sector blowing up. It’s a broad shift from we might need this capacity to we can’t afford this capacity.
The Feedback Loop This Sets Up
Layoffs aren’t just an outcome; they become an input to the next phase of the cycle.
When over a million people are told their jobs are gone or at risk, they stop behaving like confident consumers. They cut discretionary spending, delay big purchases, run down savings faster, and lean harder on credit cards and BNPL to bridge the gap. That pushes delinquencies even higher, which tightens lending standards further, which forces more companies to cut costs, which means more layoffs.
Rising job cuts, rising delinquencies, and rising bankruptcies together are the classic late cycle signal. It’s the transition from a world where excess liquidity can paper over problems to a world where cash is scarce, credit is rationed, and everyone starts playing defense at the same time.
We are clearly past the soft landing without consequences fantasy. The labor market is finally lining up with what the credit markets and delinquency data have been whispering for a year: the buffers are gone, the cost of money is biting, and the adjustment is now happening in people’s paychecks, not just in spreadsheets.
Alternative data shows US layoffs are surging:
Job cuts tracked by MacroEdge jumped +70,609 MoM in October, to 154,559, the highest in at least 2 year[...]
Don’t Worry, Everything’s Fine… Except the Layoffs, Bankruptcies, and Delinquencies
If you strip the noise out, all of these series are saying the same thing: the labor market is finally cracking in a way that’s consistent with everything else we’ve been seeing under the surface.
MacroEdge has total job cuts jumping to around 155k in October, the highest in at least two years. Challenger’s layoff announcements are back above 150k, the worst October in more than two decades. WARN notice data from Revelio shows over 40k workers formally told they’re about to be laid off, and the broader tally for 2025 is already more than 1.1 million announced job cuts with roughly 650 large corporate bankruptcies. That’s not a quirky outlier. That’s a cluster.
You can think of it as the moment when the spreadsheet version of the economy (earnings, margins, delinquencies) finally shows up in the human version (jobs, paychecks, anxiety).
Why It’s Happening Now
For a while, the story was things feel bad, but the labor market is still strong. That was true on the surface and false underneath.
Households and companies were living off buffers: pandemic savings, cheap mortgages, ultra low interest costs, and nominal revenues goosed by inflation. That bought time. It let consumers keep spending even as real wages lagged, and it let companies tolerate weaker volumes because pricing power and low funding costs kept margins afloat.
Those cushions are now mostly gone.
On the household side, you’re seeing it in the delinquency mix. Serious auto delinquencies at the highest since 2010. Credit card 90 day delinquencies pushing up toward GFC territory. Student loan delinquencies ripping higher now that payments are back. Commercial office delinquencies at record levels. That’s what it looks like when people are out of slack and start choosing which bills not to pay.
On the corporate side, higher rates and slower demand are colliding. Interest expense has reset upward, refinancing windows are tighter, and investors are no longer paying up for growth at any cost. Revenues are flattening while costs stay sticky. Something has to give, and what gives first is usually payroll. That’s exactly what these charts show: management teams moving from hiring freezes and quiet performance cuts to visible, headline layoffs.
You can also see the structural layer. Tech and white collar jobs are being restructured around AI and automation; retailers and warehouses are cutting as goods demand cools; government and quasi public entities are reacting to budget pressure. It’s not just one sector blowing up. It’s a broad shift from we might need this capacity to we can’t afford this capacity.
The Feedback Loop This Sets Up
Layoffs aren’t just an outcome; they become an input to the next phase of the cycle.
When over a million people are told their jobs are gone or at risk, they stop behaving like confident consumers. They cut discretionary spending, delay big purchases, run down savings faster, and lean harder on credit cards and BNPL to bridge the gap. That pushes delinquencies even higher, which tightens lending standards further, which forces more companies to cut costs, which means more layoffs.
Rising job cuts, rising delinquencies, and rising bankruptcies together are the classic late cycle signal. It’s the transition from a world where excess liquidity can paper over problems to a world where cash is scarce, credit is rationed, and everyone starts playing defense at the same time.
We are clearly past the soft landing without consequences fantasy. The labor market is finally lining up with what the credit markets and delinquency data have been whispering for a year: the buffers are gone, the cost of money is biting, and the adjustment is now happening in people’s paychecks, not just in spreadsheets.
Alternative data shows US layoffs are surging:
Job cuts tracked by MacroEdge jumped +70,609 MoM in October, to 154,559, the highest in at least 2 year[...]
Offshore
EndGame Macro Don’t Worry, Everything’s Fine… Except the Layoffs, Bankruptcies, and Delinquencies If you strip the noise out, all of these series are saying the same thing: the labor market is finally cracking in a way that’s consistent with everything else…
s.
Monthly job cuts have now exceeded 100,000 for the 5th time this year.
At the same time, layoff announcements compiled by Challenger Gray spiked +99,010, to 153,074, the highest since March.
This also marks the highest monthly number for any October in 22 years.
All while employees notified of mass layoffs via WARN notices tracked by Revelio rose +11,912 last month to 43,626, the 2nd-highest in at least 2 years.
US layoffs are accelerating. - The Kobeissi Letter tweet
Monthly job cuts have now exceeded 100,000 for the 5th time this year.
At the same time, layoff announcements compiled by Challenger Gray spiked +99,010, to 153,074, the highest since March.
This also marks the highest monthly number for any October in 22 years.
All while employees notified of mass layoffs via WARN notices tracked by Revelio rose +11,912 last month to 43,626, the 2nd-highest in at least 2 years.
US layoffs are accelerating. - The Kobeissi Letter tweet