News and my thoughts from the past week (12Jan2026) China has 34 nuclear reactors under construction. The USA has no large nuclear reactors under construction. No power expansion means no AI expansion - X user Jason Smith. We can print money, but we cannot print energy. Collectively, the amount of Billionaire wealth that has left California in the last month is now in excess of $700B. That means the $2T of California wealth they expected to tax is now down to $1.3T and falling quickly. I would not be surprised if 2026 ended with less than $1T of billionaire wealth in California and decades and hundreds of lawsuits. - Chamath Palihapitiya Without being able to charge rates adequate enough to cover losses and to earn an adequate return on equity, credit card lenders will cancel cards for mil

Earnings Calendar (12Jan2026) In the upcoming week, several major companies are scheduled to report their earnings. Key players include JP Morgan, Delta Air Lines, BNY Mellon, Wells Fargo, Citibank, Bank of America, TSMC, Morgan Stanley, Goldman Sachs, and BlackRock. Let us look at Delta Airlines. Airline earnings are often called the "Canary in the Coal Mine" for the global economy. Because the industry is highly cyclical and sensitive to shifts in spending, its financial reports provide a real-time health check on everything from consumer confidence to global trade. Airline earnings act as an economic barometer. Leisure demand reflects consumer spending power, while premium bookings signal corporate confidence. Air cargo volumes track global trade