Andy Kessler

IPOs are coming! When I started on Wall Street, a grizzled veteran pulled me aside: “Tech stocks are just like Vancouver gold mining stocks. You buy them when the price-to-earnings multiple is high, even infinite, and sell them when the P/E is low.” Huh?

Yup. Saw that coming.

The Guardian writes that Trump “has lost his Iran war.” Who does this remind you of? Oh yeah, “Baghdad Bob,” Iraq’s lying former information minister: “Today, the tide has turned, we are destroying them.” Now the media appears to be taking on his role.

wsj.com/opinion/side-q… @ylecun @mustafasuleyman @elonmusk @sama @openai @GoogleDeepMind @AnthropicAI @Meta @ajassy @nvidia @geoffreyhinton @demishassabis @gdb @ESYudkowsky @ericschmidt @AndrewYNg @drfeifei @finkd @ajassy @emollick @miramurati @thinkymachines

At a recent all-hands meeting, soon-to-be-public OpenAI’s head of applications, Fidji Simo, urged, “We cannot miss this moment because we are distracted by side quests.” Huge mistake...

Yes, @GretaThunberg wants oil for Cuba. May I suggest instead a free tank of gasoline for every Cuban who shows up outside Guantánamo? And a Big Mac? And maybe an RPG launcher? Florida should annex Cuba.

With oil prices flying, you can surely hear someone screaming, “$120 to fill my Ford F-150 pickup? Who’s to blame?” ($200 in California.) The answer is government, but that won’t stop the affordability screechers from turning the volume up to 11.

War ain’t beanbag. AI won’t only run battle simulations, but war simulations. MAD, Mutually Assured Destruction stopped nuclear wars. With gigawatts of AI simulations, adversaries can simulate their own demise —SAD, Strongly Assured Destruction—and negotiate peace instead. 3-D checkmate.

@ylecun @mustafasuleyman @elonmusk @sama @openai @GoogleDeepMind @AnthropicAI @Meta @ajassy @nvidia @geoffreyhinton @demishassabis @gdb @ESYudkowsky @ericschmidt @AndrewYNg @drfeifei @finkd @ajassy @emollick @miramurati @thinkymachines wsj.com/opinion/ai-fre…

Is artificial intelligence coming for your job? More likely your title. Org charts are over. The latest lingo bingo words are AI agents, context and business ontology. Consultant's Full Employment Act. But what do they mean? wsj.com/opinion/ai-fre…

In 1812 Luddites took hammers to knitting machines for fear of jobs. Substack and podcasts, equally misinformed about AI and jobs, are the new word hammers. Bang bang! wsj.com/opinion/ignore… @ylecun @mustafasuleyman @elonmusk @sama @openai @GoogleDeepMind @AnthropicAI @Meta @ajassy @nvidia @geoffreyhinton @demishassabis @gdb @ESYudkowsky @ericschmidt @AndrewYNg @drfeifei @finkd @ajassy @emollick @miramurati @thinkymachines

The Supreme Court agrees: wsj.com/opinion/tariff…

This stands up from January 2025: "The International Emergency Economic Powers Act 1977 allows presidents to regulate trade during national emergencies. Congress sure loves giving its power away. No wonder Mr. Trump has a crush on the word “tariff.” Notice how everything is now either a national-security concern or an emergency. Tariffs on Canadian bacon for national defense? A national emergency? Hardly. wsj.com/opinion/trump-…

“Markets trade to inflict the maximum amount of pain” will always be my favorite Wall Street adage. Investors in software companies learned that lesson the hard way. wsj.com/opinion/how-to…