Market Sentiment
Market Sentiment is focused on one question: when AI makes intelligence cheap, which companies stand to benefit? Subscribe to get company and thematic deep dives, earnings updates, and our model portfolio (+54% YTD).
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- 100+ paid
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- Recommends
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other newsletters
What they write about
Deep research into the bottlenecks of the artificial-intelligence build-out. Recurring subjects include open-source versus closed model economics, data centre capital expenditure and unit economics, custom silicon and ASICs, and autonomous vehicles. Also publishes monthly portfolio updates.
- artificial intelligence
- data centres
- semiconductors
- autonomous vehicles
- capital expenditure
Recent examples: MS Portfolio Update | Nov’26 · MS Portfolio
Written from Market Sentiment’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Growth history
Subscribers (thousands, nightly)
45K on Sep 10, 2026 → 45K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #68 today · #73 a week ago · #54 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 62 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 13%
- Best rank seen
- #53
- Rank, 7 days
- +5 places
- Rank, 30 days
- −14 places
- Followers added
- +3.6K
- Posts
- 3
- Reactions per post
- 48
- Reactions tracked
- 921
- Tickers covered
- 3
of 525 ranked finance newsletters
on Oct 23, 2026
since tracking began
last 30 days
average, recent posts
across 19 posts
in tracked posts
Most-reacted post we have seen: The next great AI trade is everything that isn’t AI — 129 reactions on Sep 17, 2026.
Recent posts
- MS Portfolio Update | Nov’26
October was another tough month for the AI trade. The SOX index fell for eight consecutive sessions, its longest losing streak since 2008. At one point, the index was down 16% MTD. An exceptionally strong quarter from SK Hynix and Anthropic’s IPO filing sparked a brief rebound, but the gains didn’t last. Disappointing results from Intel and Amazon sent chips lower again, and the iShares Semiconductor ETF closed the month down 17%. The simple truth is that the AI trade has pushed volatility to levels we haven’t seen since COVID. Take Meta, one of the world’s largest companies: its stock has…
- MS Portfolio
MS Portfolio is where we invest in our highest-conviction trends. We strive for absolute transparency, and we will be meticulous in sharing our portfolio performance at the beginning of every month, providing a detailed view of our transactions, current allocation, and returns for each position. FYI — Live tracker is only available to paid subscribers and can be accessed at the end of this report. First things first. Judging by DMs we received last week, a lot of you are running portfolios wildly outside your risk tolerance. While we cannot recommend custom portfolio strategies, a simple…
- What happens if you buy last year's best stock every year?
No paywall for this report! Last week, I came across a viral tweet in which the author claimed that by starting with just $100 in 2012 and then rotating it into the previous year's best-performing S&P 500 stock, your portfolio would now be worth $176K. For context, the same $100 left in the S&P 500 or Berkshire Hathaway would be worth about $800. Source: Gurgavin on X So is that all there is to investing? Can you really compound at 66% a year just by betting on last year’s winner? As the saying goes, there are lies, damned lies, and statistics. A quick note about AI backtests Generally, I am…
- Deep Dive: Shopify ($SHOP)
A Stranger Things hoodie from Netflix. A Barbie or a Hot Wheels set from Mattel. A box-logo tee from Supreme. A bodysuit from SKIMS. Every one of these stores runs on Shopify. None of these brands lacks the resources to build its own. Supreme ran a custom-built site for years before moving to Shopify in 2023. And they are far from alone. Millions of merchants in 175+ countries now use Shopify, reaching roughly 900M shoppers. It started as a side project. In 2004, Tobi Lütke wanted to sell snowboards online under his own brand. He tried Yahoo! Stores, Miva, and osCommerce, but none were good…
- MS Portfolio Update | Oct 2026
September was all about macro. Oil touched $100 again, the Fed raised rates for the first time since 2023, and the yen carry trade once again raised concerns about a broader market sell-off. Despite the headlines, the Nasdaq gained 3%, driven by semis, with the SOXX index up 18% as it recovered from the July drawdown. Meta’s Muse launch helped the semis rally by renewing expectations for AI-driven semiconductor demand. But beneath all the noise, one thing started to change decisively: interest rates . After a long time, bond yields started to take center stage for all investors, as yields…
- Deep Dive: ServiceNow Inc ($NOW)
Most software companies are built to solve problems for business heads and CXOs. That makes them systems of record, i.e., a single source of truth for one function or a dashboard for the people running it. Salesforce and HubSpot are the systems of record for customer and sales data, Workday for employee data, and SAP for finance. Automations built in them work within their own departments, like sales emails in Salesforce or payroll in Workday. Companies’ workflows, however, span across departments. Take, for instance, a new employee joining a large corporation. First, HR enters the employee…
- Notes on Muse
The funniest things happen in the AI world. While OpenAI and Anthropic were busy fear-mongering about AI destroying humanity , Meta just dropped Muse, an always-on personal AI assistant for everyday tasks. muse.ai . ","username":"alexandr_wang","name":"Alexandr Wang","profile_image_url":"https://pbs.substack.com/profile_images/1631421210205749248/uohbT_40_normal.jpg","date":"2026-09-08T19:11:01.000Z","photos":[{"img_url":"https://substackcdn.com/image/fetch/$s_!QXXn!,w_1028,c_limit,f_auto,q_auto:best,fl_progressive:steep/l_play_button_usfui2,w_88,e_colorize:0/https%3A%2F%2Fsubstack-post-media…
- The next great AI trade is everything that isn’t AI
Grab a cup of coffee for this one. It’s one of our most in-depth reports (and it’s free!). Successful investing comes down to finding a trend early and knowing when the thesis has become consensus. It’s the second part that trips up so many investors. While riding the trend up, it’s easy to think that it’s going to run forever. All the data and analyst projections point that way. But that’s rarely the case. Right now, that is the AI infrastructure trade. Capital has crowded into a handful of winners, with valuations increasingly pricing in years of uninterrupted growth. While this has…
- Notes on Open Source
No paywall on this one. Share with a friend :) Markets have sold off twice on the same story. Both times, the trigger was a low-cost open-source model matching frontier models on benchmarks. The first was DeepSeek R1 in January 2025. NVIDIA fell roughly 17% in a single day. The second was Kimi K3 in July. The SOX index dropped about 2% on the news, then slid 10% over the week as leverage and profit-taking compounded the move. The reasoning behind both selloffs was the same. Cheaper open-source models mean AI labs can’t earn enough to cover compute costs. We think that reasoning is too simple…
- MS Portfolio Update | Sep 2026
NASDAQ gained ~4% in August, driven by MAG7 up ~7% and software ( IGV ) up ~16%, while semis ( SOXX ) were flat after recovering from a leverage unwind in July that caused a ~21% drop in semis. The semis leverage unwind ended with Korean regulators tightening leveraged-ETF rules and forced sellers like Situational Awareness (4x leverage) getting cleared out. Korean Finance Minister Koo Yun-cheol apologized in parliament for launching the products without thinking through how they would trade, as the regulatory body plans to increase restrictions on leveraged ETFs and stocks. August also saw a…
- On Uber: The Market Has Robotaxis Backwards
Uber is a remarkable company. They spent more than $30B over 10 years before turning an operating profit in 2023. But once it did, the company became a free cash flow machine: Just as the company was finally hitting its stride, it now faces an existential threat with Autonomous Vehicles. The assumed risk is simple — a company like Waymo can create its own app, sidestepping Uber, and provide the service at a lower cost than Uber can with its human drivers. But in our view, this is simplistic thinking that doesn't account for why Uber lost all that money during the building phase — r…
- Is the capex sustainable?
No paywall on this one. Share it with a friend :) The elephant in the room in every AI discussion is whether hyperscaler capex is sustainable. The bulls are happy as the numbers keep getting revised higher every quarter. On the other end, bears look at the $1T number and call it unsustainable. What surprised us is that we couldn’t find anyone who actually worked through the numbers to figure out who’s right. While certainty is impossible in investing, just like building a DCF model , working through the numbers gives us a plausible estimate of what conditions are needed to sustain the current…
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Data: Substack public leaderboards and publication archives, refreshed nightly, plus public beehiiv sitemaps and recommendation pages, refreshed weekly. Source for this page: Market Sentiment. Subscriber counts are Substack’s own rounded public figures, so week-on-week changes move in steps. beehiiv audience sizes are self-reported by the publisher and are not verified. Last snapshot: Nov 10, 2026.