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Milan––:––. Regular trading hours, with each exchange’s holidays: Borsa Italiana’s for Milan, the NYSE’s for New York.

New York––:––. Regular trading hours, with each exchange’s holidays: Borsa Italiana’s for Milan, the NYSE’s for New York.

Articles

Long reads on companies and sectors, and notes on our method. Some are free in full; the others open with Vort+.

  1. The price of intelligenceIn 2026 the industry is investing $725bn against $105bn of revenue at the labs. But the right question is not whether AI is a bubble: it is where pricing power has moved along the chain.22 min readFree$725bn of capex against $105bn of revenue at the labs
  2. The order book is an optionDemand for AI electricity is real, documented and global. But 56 of the 100 GW the market capitalises as revenue is a reservation the customer can walk away from — and what would make them walk away is not compute demand. It is the discount rate.11 min readVort+56 of 100 GW of the order book can be cancelled by the customer