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Truth
of the Tape

Reading the tape on markets, macro and money. Short, sharp notes and videos by Sunil Garg.

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The Morning Podcast

The Truth of the Tape morning podcast: the market-moving stories of the day, in a few minutes, out by 5AM.

Today's briefing

25 Oct 20267:33

Morning Podcast: Countdown to war in the Gulf, a midterm map tilting left, and the AI trade turns into a rotation

Brent holds at $117 as a third US carrier group heads for the Gulf, Democrats widen the midterm map with Trump's approval at 36%, and money rotates from chips into cybersecurity as just 10 companies drive two thirds of S&P 500 profit growth. Plus France's protests and bond spread, Audi's first US plant and Moderna's cautionary tale.

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Flashcards: Macro · Geopolitics · Markets · Companies · Stock picks. Every story with its source links.

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MacroMacro: the war premium meets a hawkish Fed weektap to flip

MacroFed leads a G7 trio into a hawkish pausetap to flip

Previous briefings

Previous briefing

24 Oct 20265:25

Morning Podcast: Brent tops $117, the AI unwind turns into a credit story, and a Russian gas scoop in Alaska

Iran tensions push Brent to $117 as the US sends a third carrier group, AI-related debt suffers its biggest drop since 2022 after Meta's funding plan, and the FT uncovers secret Novatek control of a $25 billion Alaska LNG venture. Plus Amex layoffs, Instacart, Volvo Cars and Anthropic's IPO race.

Previous briefing

23 Oct 20264:35

Morning Podcast: Meta's AI funding shock, the biggest bond rally in two years, and $113 oil

Meta says it needs hundreds of billions to fund AI and drags the chip index down 7%, the 10-year Treasury yield plunges 19 basis points, and Brent hits $113 as Gulf attacks escalate. Plus OpenAI's valuation trim, Japan's inflation, Moderna and Southwest.

Previous briefing

22 Oct 20266:16

Morning Podcast: Musk backs a SpaceX–Tesla merger, Gulf tensions and a bond sell-off

Musk throws his weight behind combining SpaceX and Tesla, Saudi Arabia faces Houthi drone attacks while Iran's stored oil runs dry, and bond yields jump in France, the UK and the US. Plus earnings from Meta, Texas Instruments and IBM, and the latest analyst calls.

Previous briefing

21 Oct 20265:27

Morning Podcast: SpaceX's first profit, AI chip fear vs. hope, and a frozen US housing market

SpaceX posts its first profit as a public company and confirms merger committees with Tesla, Super Micro lifts its guidance as AI debt worries grow, and US pending home sales hit a record low. Plus Netflix's miss, Salesforce buying Braze, and a coin-toss Fed decision.