The cross-cuts
Trends
The mechanisms several companies are exposed to at once.
A company page tells you what one name is doing. A trend page tells you what the same force is doing to all of them at once — the financing shape, the chokepoint, the export rule — and which names sit on which side of it.
Each pillar is built from the same record as the dossiers it links, so the claims carry through. Start from a trend if you want the mechanism; start from the registry if you already know the name.
Trends
ai-capex/
The AI Capex Supercycle — Chips fund the clouds that buy the chips that train the models that raise the money — the record shows the loop tightening every quarter since 2024.
29 names
capital-sink/
The Capital Sink — Every theory of a capital glut ends with the money coming back out — paid out, competed away, or left idle. This buildout is the first one built so that it doesn't.
8 names
china-ai-stack/
The China AI Stack — Export controls didn't stop China's AI buildout — the record shows they forked it, and Hong Kong just started pricing the fork.
5 names
semis-chokepoints/
The Chokepoint Rotation — A dollar of AI capex is a bill of materials, and the layers of the chain are fighting over its split. In four months, four of them raised prices on each other in public.
3 names
credit-wall/
The Credit Wall — Money got dearer this year and risk got cheaper. The AI buildout is being financed into that gap — and the record shows the index and the actual lenders disagreeing about what it is worth.
6 names
inference-layer/
The Inference Layer — Ramp's card data says Anthropic passed OpenAI in July. TEXXR's own coverage record says OpenAI is still ahead and pulling away. Both are true, and the layer underneath both of them is growing faster than either.
3 names
local-inference/
The Local Inference Bet — A local AI server in every house is a bet against cloud cost structure. Nine things would have to break first, and the record has already settled several of them.
0 names
memory-wall/
The Memory Wall — A third of this year's big-tech capex now goes to memory alone — the input almost nobody priced. Why HBM turned a boom-bust commodity scarce, and the listed names on the short side of it.
4 names
open-weights/
The Open Weight Trade — Open weights have held about a third of all model-release coverage for three straight years. The ratio never moved. What moved in 2026 is that both camps started asking Washington to settle it.
0 names
power-wall/
The Power Wall — The AI buildout's real limit isn't cash — it's permission to plug in. Grid queues, moratoriums, and the listed names on the scarce side of the wall.
6 names
token-ceiling/
The Token Ceiling — The internet's buildout had one curve to run — how many people signed up. This one has two, and the second is barely started. Every bubble argument is really an argument about the clock.
3 names