Analysis

In-depth research and independent analysis.

Analysis

Two Chinese AI IPOs in Hong Kong, 39 times apart: Moonshot at 50 billion, Yunxi at 1.27 billion

Moonshot AI confidentially filed for listing in Hong Kong on September 3, 2026 to raise 3 billion dollars, with a private valuation of 50 billion; Yunxi Technology aims for «several hundred million» with a valuation of 1.27 billion. The Hong Kong Stock Exchange raised 328.2 billion Hong Kong dollars in seven months, but the general index has been flat since the beginning of the year: money has not returned to the market, it has gone to a few names.

4 September 2026 · 15 min

The Hong Kong Stock Exchange building lit up at night

Analysis

Del Vecchio leaves EssilorLuxottica: the 10 billion plan stopped on arithmetic, not on Milleri

Leonardo Maria Del Vecchio left the presidency of Ray-Ban and the strategic direction of EssilorLuxottica on August 25, 2026, effective from the 31st. The letter to the board speaks of a "distant" and "impersonal" management, but the core issue is financial: the 10 billion plan to increase his stake in Delfin to 37.5% has been stalled since June, and the holding company's portfolio has dropped from 55.1 to 41.6 billion while the agreed price remained fixed.

25 August 2026 · 17 min

Aerial view of the Luxottica plant in Lauriano, in the province of Turin: light-blue and white industrial buildings with the Luxottica sign on the roof, surrounded by fields and woods.

Analysis

Anthropic towards IPO: two trillion are worth 42 times today's revenues and 10 times those of 2028

Anthropic filed its confidential prospectus with the SEC on 1° giugno 2026, and investor models are working on a 2.000 billion valuation. The internal forecast of 190-200 billion in revenues by 2028, revealed by Reuters, makes that price seem like a multiple of 10 times. On today's 47 billion annualized, however, it's 42,6 times: exactly what SpaceX and Cloudflare pay. The first operating profit is 559 million; sixty times that much would be needed.

15 August 2026 · 14 min

Cover on a midnight-blue background with the headline «Two trillion dollars resting on 2028», the multiples 42.6x on today's revenue, 10.3x on expected 2028 revenue and 41-53x for the comparables, and behind them Anthropic's annualised revenue curve

Analysis

United States and Japan buy yen for the first time since 1998. The market is already reselling

On July 31, 2026, the US Treasury bought yen for the first time since 1998, joining the Japanese intervention the day before: in three sessions, the dollar/yen exchange rate fell from 163.91 to 156.68. A week later, it has already given back almost a quarter, at 158.34. CFTC data explains why the move was so violent: large speculators were short on the yen by 163,412 contracts, 61.2% of the open interest.

7 August 2026 · 18 min

Japanese yen and US dollar banknotes, symbol of currency exchange

Analysis

SpaceX beat the estimates and still fell 13.61%: the quarter that turned capex into a liability

On August 4, 2026, SpaceX published its first quarter as a listed company, beating estimates on revenue and loss per share. The next day, the stock lost 13.61%, with volumes triple the average. This is not an isolated case: starting this earnings season, the market discounts spending on artificial intelligence instead of rewarding it, and for a newcomer with an expiring lock-up, the effect is multiplied.

6 August 2026 · 14 min

A SpaceX Falcon Heavy rocket prepares for launch, with the dawn sky in the background.

Economic news

Mega IPOs put to the test: SpaceX, the lock-up, and Meta's lesson

SpaceX publishes its first results as a listed company on August 4, 2026, seven weeks after the largest IPO in history: $85.7 billion raised and a stock that has already lost 45.8% from its June 16 high. On August 6, 911.5 million employee shares are unlocked. With Anthropic and OpenAI in line for listing, eleven major past IPOs — led by Meta and Rivian — tell us what to really expect from the first year on the stock market.

4 August 2026 · 13 min

A SpaceX Starship rocket taking off from the launch pad

Analysis

Ferrari, the quarter worth more than cars sold: fewer deliveries, higher margins and guidance raised for the second time

Ferrari closed the second quarter of 2026 with revenues at 1,938 million (+8.4%) and deliveries down by 3.7%: a twelve-point gap that tells the whole business model story. 2026 guidance raised for the second time, industrial cash at 276 million, orders covered for all of 2027. Fundamental and technical analysis of the stock, which closed in Milan at 346.65 euros, the highest level since November 2025.

3 August 2026 · 16 min

A red Ferrari on the track, shot from above as it drives along the straight in the pit lane

Analysis

Fed holds rates, but Wall Street writes the real news of the day

The Federal Reserve decided on Wednesday, July 29, 2026, to keep interest rates unchanged, settling in the 3.50% to 3.75% range. The decision, while expected, revealed significant divisions within the board, with three members voting in favor of an increase to counter inflation exceeding the 2% target.

29 July 2026 · 6 min

The Federal Reserve headquarters in Washington D.C. at sunset

Analysis

Easing US-Iran tensions: a sigh of relief across global markets

On Monday 27 July 2026 global markets breathed a sigh of relief after the pause in clashes between the United States and Iran: Brent lost almost 6% (towards $91, from around $100 touched during the conflict) and Wall Street futures rose, with the Nasdaq 100 up 1.2%. Attention now turns to the Federal Reserve and big tech earnings.

27 July 2026 · 4 min

An oil platform at sunset with a stock chart overlaid, symbolising the link between geopolitics and markets

Analysis

SpaceX after the IPO: behind the myth of rockets, the value is Starlink (but the picture is more complicated)

A record IPO in June 2026 (ticker SPCX) and a valuation above $2 trillion: what SpaceX's numbers really say, between Starlink, loss-making launches and the AI bet.

17 July 2026 · 6 min

Analysis

Advanced packaging: the real bottleneck (and business opportunity) for AI chips

For years, the challenge for chips was shrinking the transistor. In 2026, the artificial intelligence constraint is downstream: advanced packaging. The market was worth 46 billion dollars in 2024 and will be worth 79.4 billion in 2030 according to Yole; TSMC raised 2026 investments to 60-64 billion, allocating up to a fifth to advanced packaging, testing, and masks; Amkor and ASE closed the second quarter of 2026 at record levels.

13 July 2026 · 10 min

Analysis

Artificial intelligence: why 2026 is the year of reckoning for the tech sector

In July 2026, the artificial intelligence cycle passed the demand test and opened the financial sustainability one: chip sales up +104.1% year-on-year, capex of large cloud operators heading towards $682 billion, 570 billion in AI-related debt issuance, and memory prices passing the bill onto PCs and smartphones. Analysis with source-verified data and reference dates.

26 June 2026 · 10 min

Artificial intelligence and technology markets

Analysis

Energy transition 2026: the race for green capital and the retreat of oil giants

The IEA report of 28 May 2026 estimates 3.400 billion dollars in energy investments: 2.200 billion in clean energy, 1.200 billion in fossil fuels. But gas spending rises by over 10% and coal reaches its highest since 2012, while BP devalues for 4-5 billion in the fourth quarter of 2025 and Shell buys ARC Resources for 16.4 billion. Anatomy of a two-speed transition within the biggest energy security crisis ever faced.

20 June 2026 · 9 min

Analysis

In-depth research and independent analysis.

Analysis

Two Chinese AI IPOs in Hong Kong, 39 times apart: Moonshot at 50 billion, Yunxi at 1.27 billion

4 September 2026 15 min read

Analysis

Del Vecchio leaves EssilorLuxottica: the 10 billion plan stopped on arithmetic, not on Milleri

25 August 2026 17 min read

Analysis

Anthropic towards IPO: two trillion are worth 42 times today's revenues and 10 times those of 2028

15 August 2026 14 min read

Analysis

United States and Japan buy yen for the first time since 1998. The market is already reselling

7 August 2026 18 min read

Analysis

SpaceX beat the estimates and still fell 13.61%: the quarter that turned capex into a liability

6 August 2026 14 min read

Economic news

Mega IPOs put to the test: SpaceX, the lock-up, and Meta's lesson

4 August 2026 13 min read

Analysis

Ferrari, the quarter worth more than cars sold: fewer deliveries, higher margins and guidance raised for the second time

3 August 2026 16 min read

Analysis

Fed holds rates, but Wall Street writes the real news of the day

29 July 2026 6 min read

Analysis

Easing US-Iran tensions: a sigh of relief across global markets

27 July 2026 4 min read

Analysis

SpaceX after the IPO: behind the myth of rockets, the value is Starlink (but the picture is more complicated)

A record IPO in June 2026 (ticker SPCX) and a valuation above $2 trillion: what SpaceX's numbers really say, between Starlink, loss-making launches and the AI bet.

17 July 2026 6 min read

Analysis

Advanced packaging: the real bottleneck (and business opportunity) for AI chips

13 July 2026 10 min read

Analysis

Artificial intelligence: why 2026 is the year of reckoning for the tech sector

26 June 2026 10 min read

Analysis

Energy transition 2026: the race for green capital and the retreat of oil giants

20 June 2026 9 min read