The Lombard Review

Tech

Artificial intelligence, semiconductors and Big Tech spending, and what they mean for markets and the economy.

Tech

AI is coming for software companies

Agentic tools threaten seat pricing

Tech

Big Tech's AI spending passes $600bn

Capex outruns operating cash

Tech

Nvidia's $57bn quarter doesn't end the bubble debate

Beat fails to calm capex fears

Markets & Finance

AI's biggest spenders feel the credit squeeze

Supply indigestion in IG tech

Tech

Meta borrows $30bn for AI

Debt funds AI capex

Special Report

Halloween: The scariest balance sheets in AI

Circular vendor financing

Tech

The AI money loop

Vendor equity funds customer capex

World

Nvidia's China problem

Guidance ex-China

World

Nvidia pays Washington to sell to China

Government take on China sales

Tech

Tariffs haven't dented Big Tech's AI spending

AI capex insensitive to trade shock

Business

Nvidia's margins slip

Ramp costs compress gross margin

Tech

Big Tech keeps spending after DeepSeek

Jevons logic in capex guides

Business

Microsoft reopens Three Mile Island

Long-dated PPAs as capex substitutes

Tech

Nvidia beats and still falls

Whisper numbers exceed guidance

Business

Nvidia becomes the world's most valuable company

Single-stock weight in index funds

Markets & Finance

Nvidia hits $3trn, and index funds are along for the ride

Index flows amplify single names

Tech

Nvidia's boom: peak or plateau?

Hyperscaler capex as customer concentration

Business

Apple's record $110bn buyback

Record repurchase at high cost of capital

Business

Meta spends more, investors flee

Capex raise without revenue guide

Business

Big Tech is now in the power business

Power contracts enter tech balance sheets

Tech

Nvidia adds $277bn in a day

Single-stock shock as factor event

Business

Meta pays its first dividend

Payout initiation as maturity signal

Tech

OpenAI's boardroom drama and Microsoft's $13bn exposure

Nonprofit control vs investor claims

Tech

Alphabet spends more, grows less, and pays for it

Deceleration plus capex compresses multiple

Special Report

Independence Day: Washington is paying factories to come home

IRA/CHIPS lower hurdle rates

Tech

Nvidia's forecast stuns Wall Street

Guidance shock re-rates AI infrastructure

Tech

Meta's new growth story: buying back its own shares

Capital return re-rates cost-cut narrative

Business

Meta's spending spree just cost it a quarter of its value

Capex guide without revenue path crushes multiple