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The Information Finance

By Ken Brown

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Recent Editions

Liao Pan/CNS/VCG via Getty Images.
The Information Finance

Get Ready for a New Year and Brace for a Very Different One

By Ken Brown · Dec 31, 2025 8:20am PST
For an eventful year, 2025 is ending the same way it started. A year ago, Nvidia, OpenAI and others made it clear they would do everything necessary to win the race for artificial intelligence.The year ended with the same companies doing the same thing. Nvidia capped off a year of dealmaking—mostly to cement its lead in AI chips by agreeing to... For an eventful year, 2025 is ending the same way it started. A year ago, Nvidia, OpenAI and...
Adam Gray/Bloomberg via Getty Images.
The Information Finance

Predicting Prediction Markets Is a Tough Call

By Ken Brown · Dec 24, 2025 8:00am PST
The best prediction for 2025 would have been predicting the soaring growth of prediction markets. My prediction for 2026 is it will be a tough year for prediction markets.My colleagues Sara Germano and Yueqi Yang chronicled the stunning rise of these markets last weekend. They focused on the dramatic growth in sports betting and the tumult this... The best prediction for 2025 would have been predicting the soaring growth of prediction markets....
Photo by Joe Burbank/Getty Images
The Information Finance

Private Tech Giants Could Lose Scarcity Premium in IPOs

By Ken Brown · Dec 17, 2025 8:00am PST · 4 comments
Scarcity creates value in everything from precious metals to giant private tech companies. That accounts for some portion of the stunning prices investors are paying to get into SpaceX, OpenAI and other companies while they are still private. An army of wealth managers, fund executives and other go-betweens have made a lucrative living... Scarcity creates value in everything from precious metals to giant private tech companies. That...
A SpaceX Falcon 9 rocket lifts off in September. Manuel Mazzanti/Getty Images.
SpaceX's Retail Moment
By Cory Weinberg · Dec 10, 2025 8:00am PST · 1 comment
A SpaceX Falcon 9 rocket lifts off in September. Manuel Mazzanti/Getty Images.
The Information Finance

SpaceX's Retail Moment

By Cory Weinberg · Dec 10, 2025 8:00am PST · 1 comment
It’s Elon Musk. It’s space. It’s Elon Musk trying to put data centers in space and go to Mars. If Musk’s SpaceX does indeed list its shares in a blockbuster initial public offering next year, expect retail traders to hit the “buy” button furiously in their Robinhood app. Institutional investors, and later index funds, will face pressure to buy,... It’s Elon Musk. It’s space. It’s Elon Musk trying to put data centers in space and go to Mars. If...
S&P Takes on AI Debt Deals and Crypto Giants
The Information Finance

S&P Takes on AI Debt Deals and Crypto Giants

By Ken Brown · Dec 3, 2025 8:00am PST
More than a few years ago, I met with ratings agency analysts covering giant telecom equipment companies like Lucent Technologies. The telecom bust had already begun, but the analysts remained optimistic about the companies’ future. They were wildly wrong.Roughly a decade later, the dominant ratings agencies, Moody’s and Standard & Poor’s,... More than a few years ago, I met with ratings agency analysts covering giant telecom equipment...
The Information Finance Newsletter
Context and explanation for the biggest investments in the industry, with a particular focus on the funding of artificial intelligence.
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Art by Clark Miller
The Information Finance

Crypto Winter Will Be Different This Time

By Ken Brown · Nov 26, 2025 8:00am PST · 5 comments
Winter is coming, not just in the seasons but in the crypto market. If the current downturn turns into another crypto winter, it will have a bigger impact on the mainstream financial system than it has in the past. Bitcoin has fallen 30% in less than two months and is down for the year, while other cryptocurrencies have crashed by much... Winter is coming, not just in the seasons but in the crypto market. If the current downturn turns...
Art by Clark Miller
The Information Finance

It’s too Soon to Call an End to the AI Boom

By Ken Brown · Nov 19, 2025 8:00am PST · 3 comments
I’m the senior finance editor here at The Information. I’ll be writing this new column on money, dealmaking and bubbles of all sorts every Wednesday.  If you have any feedback or suggestions on topics I should explore, feel free to reply directly with your feedback.We’re launching this newsletter to cover the increasing role finance is... I’m the senior finance editor here at The Information. I’ll be writing this new column on money,...