Briefing

Tesla today sits atop a valuation mountain that is breathtaking to behold but troubling to rationalize. At roughly $346 a share and a market capitalization that dwarfs not just automakers but even diversified industrial giants, the company trades at multiples so stretched that they border on fantasy. Bulls celebrate Tesla’s vision of autonomy, robo-taxis, energy storage, and … [Read more...] about Tesla’s Inflated Value and the Mirage of Future Revenues

The U.S. government’s decision to take a 9.9% equity stake in Intel is being hailed as a victory from both extremes of the political spectrum. Bernie Sanders calls it a long-overdue assertion of government power over corporate America. Donald Trump touts it as a triumph of economic nationalism and proof of his industrial strategy. But when the furthest reaches of the left and … [Read more...] about When Sanders and Trump Agree, the Intel Deal Is Rotten

The announcement that the U.S. government has converted nearly $9 billion in CHIPS Act and Secure Enclave grants into a 9.9% equity stake in Intel is being marketed as a “historic agreement” to accelerate American technology leadership. In truth, it is neither historic nor visionary—it is a bailout in disguise, designed to stabilize a weakened national champion while offering … [Read more...] about The Intel–Trump Deal: A Subsidy Disguised as Ownership

When President Trump announced steep tariffs on India in the summer of 2025, the move was framed as a show of strength meant to force New Delhi into economic concessions and curtail its purchases of discounted Russian oil. Instead, the decision proved to be one of the most counterproductive episodes in recent U.S.–India relations, pushing the world’s largest democracy closer … [Read more...] about How Trump’s Tariffs Pushed India Toward Russia’s Camp

Donald Trump’s renewed promises to restore American manufacturing sound grand on the campaign trail, but they rest on hollow ground. The rhetoric of tariffs, subsidies, and "America First" plays well politically, yet it collides with the hard realities of economics, corporate strategy, and global supply chains. Manufacturing is not simply a matter of patriotic willpower or … [Read more...] about Why Trump’s Posturing Won’t Bring Manufacturing Back to America