The daily briefing

Briefing date: 10 November 2026. Information cutoff: 06:45 GMT, Europe/London. Morning View The dominant change this morning is that the AI trade is separating into two very different earnings regimes. Onto Innovation’s record results and $1.3bn backlog show that complexity in advanced nodes, high-bandwidth memory and packaging is still translating into unusually strong equipment demand. By contrast, monday.com and Qualys both beat headline expectations but sold off as investors focused…

Briefing date: 9 November 2026. Information cutoff: 06:45 GMT, Europe/London. Morning View The weekend’s dominant change is that frontier AI companies are moving beyond purchasing compute and beginning to secure the physical inputs behind it. Anthropic’s reported $3.4bn commitment for 1.7GW of gas-fired generation is the clearest evidence yet that power availability, not accelerator supply alone, is setting the pace of capacity deployment. The transaction also makes the infrastructure economics…

Briefing date: 8 November 2026. Information cutoff: 06:45 GMT, Europe/London. Morning View The weekend’s most consequential shift is not another capital-spending announcement but a harder constraint on how quickly that capital can earn a return. Fresh evidence spans weak export-control vetting around Nvidia’s H200 program, data-center permitting pauses across Southeast Asia, a potential Texas policy obstacle for SpaceX, and widening public concern that the AI boom itself could end badly.…