Toby Nangle
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Articles by Toby Nangle
Did Anthropic value itself at $1.2tn in August?
On Monday, whilst merrily blogging our way through Anthropic’s S–1, Alphaville thought we’d found the kind of story worthy of a...
FTAV’s Friday charts quiz
Well done for getting through a big week. Elections in Brazil, Serbia, and Israel. Rate decisions from the ECB and the Fed.
If you think Triple-C bonds are having a rough time . . .
Credit spreads for quality junk bonds are not especially wide right now.
FTAV’s further reading
Elsewhere on Friday . . .
FTAV’s further reading
Elsewhere on Thursday . . .
We read Liz Truss’s book so you don’t have to
Brandolini’s Law states that “the amount of energy needed to refute bullshit is an order of magnitude bigger than that needed to produce...
FTAV’s further reading
Elsewhere on Wednesday . . .
We don’t understand the gold price
Gold is a beguiling asset. With only a few industrial uses, its value is largely anchored only by our collective perceptions of its worth.
FTAV’s further reading
Elsewhere on Tuesday . . .
FTAV’s further reading
Elsewhere on Monday . . .
How nervous are bond markets about France?
It’s never good news to see bond markets making headlines, and French government bonds have been having making more of them than usual.
A bond is like a party balloon
Bonds are sometimes lambasted as complicated. But mostly they just do what they say on the tin.
Sizing CoreWeave’s ‘unlimited’ insurance capital
Using the same lede for two different posts is wildly unimaginative.
CoreWeave’s bonds scream financial distress
In Wednesday’s MainFT, the AI-financing quote to end all AI-financing quotes: [Insurers’ capital] is unlimited.
Maybe R-star never even existed?
Alphaville used to wang on endlessly about the R-star wars.
How governments spend money
“Taxes”, the Supreme Court justice Oliver Wendell Holmes observed a century ago, “are what we pay for civilised society.” So can we tease...
Goldman goes long stocks — and bonds*
Government bonds have been getting it in the neck recently. And as bond prices fall, so promised yields to maturity mechanically rise.
And the FTAV charts quiz winner is . . .
We asked you to identify three charts: This was a chart showing every model with more than one per cent share of total token spend by...
FTAV’s Friday charts quiz
Next week Alphaville gathers in person for the Art of the Chart — an exhibition of graphs and maps we love, including some we’ve made.
FTAV’s further reading
Elsewhere on Friday . . .
FTAV’s further reading
Elsewhere on Thursday . . .
How US mortgage bonds can trigger a ‘vicious loop’ for Treasury yields
Bond markets don’t fall out of bed every day. It just feels a little like it right now.
FTAV’s further reading
Elsewhere on Wednesday . . . — How Fast Do Tariffs Pass Through into Consumer Prices?
What are financial markets telling us?
Event format and who can attend Panel sessions bring together several renowned speakers with different perspectives on an issue, offering the audience a thought-provoking discussion that thoroughly analyses a topic from many angles. They are held in our Joseph Gaggero Hall and on the record. Members and guests get priority access, with places available to those who register their interest.
FTAV’s further reading
Elsewhere on Tuesday . . .
FTAV’s further reading
Elsewhere on Monday . . .
The Ellison credit complex gets a bit more complex
We’ve joked before that Warner takeovers are the harbingers of financial apocalypse.
Is circular financing in AI a problem?
There are lots of ways in which circular financing among AI companies can be organised.
Bond investors 💔 OATs
Ruptures in US bond markets have, understandably, been taking up quite a lot of headspace lately.
Self-fulfilling bank runs just aren’t really a thing
A few weeks ago we presented you with what we thought was an amazing animated history of global bank runs, backed with over 17,000 words...
The Bank of England’s balance sheet has already stopped shrinking
We’re still buzzing that the Bank of England sort-of-maybe ended its programme of selling gilts into the market, even though it was...
Oracle feels the force
Oracle Corp, to be clear, has not cancelled anything.
Are Big Tech bonds crowding out the US Treasury?
Increasingly, it seems like at least some of the blame for rising US Treasury yields is being laid at the door of the hyperscalers.
Can Warsh tighten financial conditions without engineering a stock market fall?
Kevin Warsh, in his role as Fed chair at least, is a fan neither of words nor market guidance.
Pick a stock, just not any stock
Sometimes a chart just makes you stop what you’re doing and gawp.
Joining the dots between big AI
Financial connections between tech firms are substantial.
Bank of England follows FTAV advice
FT Alphaville has been banging on and on and on and on about the merits (or otherwise) of the Bank of England’s active quantitative...
How much should lenders charge hyperscalers?
If AI doesn’t wipe out humanity, it could make a lot of people rich. Buyers of hyperscaler stocks hope these people will include them.
And the FTAV charts quiz winner isn’t…
Each week Alphaville asks you to identify charts that seem near impossible to guess.
FTAV’s Friday charts quiz
Friday is charts quiz day. Today is Friday. Here’s the quiz.
FTAV’s further reading
Elsewhere on Friday . . .
How big is the open-model threat to AI hyperscalers?
In a speech earlier this year, Vivian Balakrishnan, Singapore’s Foreign Minister, outlined how he increasingly uses AI to organise his life.
How big is the open-model threat to AI hyperscalers?
Apple Watch 20 hours ago Apple Watch Ultra 4 and Series 12 have surprise upgrade that wasn’t announced 9to5Mac - Ryan Christoffel • 20h Apple launched two new Watch models yesterday: Apple Watch Series 12 (pre-order) and Apple Watch Ultra 4 (pre-order). And new findings reveal that they each have a surprise upgrade not mentioned by Apple: double the RAM of their predecessors.
FTAV’s further reading
Elsewhere on Thursday . . .
FTAV’s further reading
Elsewhere on Wednesday . . . — Has the Chinese yuan’s rise in global usage hit a wall?
FTAV’s further reading
Elsewhere on Tuesday . . .
FTAV’s further reading
Elsewhere on Monday . . .
Could the DMO take the BoE’s long gilts off their hands?
Survivors of our monster post fantasising over how Alphaville would run the UK Debt Management Office will recall that September may mark...
Are credit rating agencies getting fed up with hyperscalers?
S&P Global Ratings credit outlook reports tend to be full of measured and nuanced credit geekery.
Why does it even matter if SoftBank’s an investment holding company?
SoftBank Group Corp is readying itself to launch a ton of US dollar bonds. Bloomberg reckons it could amount to as much as $20bn.
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