Opinion

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Finance

The $660 Billion Question Nobody Wants to Answer

Passive investing is funneling a trillion dollars a year into the most concentrated market since the dot-com era, where customer risk hides inside the companies everyone assumes are invincible. The math underneath is more fragile than the index level suggests.

By Ray Vega · 5 min read

Finance

$680 Billion and a Prayer: The AI Capex Bomb Nobody Wants to Defuse

Big Tech is spending $680 billion on AI capex in 2026 while 95% of enterprise AI investments deliver zero return. The equity risk premium has collapsed to near zero, and market concentration hasn't been this extreme in half a century. The catalyst for a correction is closer than the consensus thinks.

By Ray Vega · 5 min read