The Transcript
At The Transcript, we read dozens of earnings call transcripts each week and take note of interesting and important quotes from management about the economy and industry trends. The best and most important quotes are compiled in The Transcript, our weekly
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Growth history
Subscribers (thousands, nightly)
33K on Sep 10, 2026 → 33K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #110 today · #113 a week ago · #104 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 21%
- Best rank seen
- #92
- Rank, 7 days
- +3 places
- Rank, 30 days
- −6 places
- Followers added
- +1.2K
- Posts
- 7
- Reactions per post
- 26
- Reactions tracked
- 709
of 525 ranked finance newsletters
on Sep 24, 2026
since tracking began
last 30 days
average, recent posts
across 27 posts
Most-reacted post we have seen: Memory Wars — 54 reactions on Aug 19, 2026.
Recent posts
- Catalyst Watch
- Looking out the Window
- Catalyst Watch
- Tighter Capital
- Catalyst Watch
- Shortage of Capital
- The Transcript 3Q26 Letter
- Catalyst Watch
Welcome to Catalyst Watch at The Transcript, a report for paid subscribers that highlights investment themes from this week’s newsletter . Share The Transcript 1. Memory Pricing Is Moderating Micron reported last week that its revenue grew an astounding 3.5x in FY 2026. It’s well known at this point that memory is in extreme short supply. Micron said that it has no line of sight as to when that will change. “With robust demand trends including new upside requests from customers, we do not have line of sight to when supply and demand will return to balance...it just takes a long time for these…
- High Rates?
Summary: Interest rates are rising. Consumer spending is strong. Memory and energy are bottlenecks to AI. Editor’s Note: We have reserved the sections after Macro for our premium subscribers. If you’re not already a premium subscriber, please consider subscribing. Share The Transcript Macro FOMC members see broadening inflation “Currently, I anticipate that productivity gains will provide modest disinflation within the next few years. However, I do not expect those effects to arrive in time to offset the broadening inflationary pressure later this year.” - Federal Reserve Governor Lisa Cook…
- Catalyst Watch
Welcome to Catalyst Watch at The Transcript, a report for paid subscribers that highlights investment themes from this week’s newsletter . Share The Transcript 1. Meta Scores A Point With Muse Meta launched Muse last week to great fanfare. It’s tough to differentiate between the capabilities of the top AI apps at this point, but Muse is tilted in a more agentic and mass consumer direction. Its simplicity on that front may allow it to gain some market share and, more importantly to capital markets, justify Meta’s AI spending. Zuckerberg seemed pleasantly surprised by the uptake: “You never…
- Powering Forward
Summary: The US economy is powering forward thanks to the consumer and AI buildout. Meta launched Muse last week to great fanfare. Inflation is persistent, as are rising rates. Editor’s Note: We have made this week’s newsletter available to all subscribers. If you’re not already a premium subscriber, please consider subscribing. Share The Transcript Macro The economy is powering forward “As long as the U.S. consumer keeps spending and the AI build-out keeps happening, things continue to motor along. And while the tail risks keep growing- geopolitical instability, domestic political questions…
- Catalyst Watch
Welcome to Catalyst Watch at The Transcript, a report for paid subscribers that highlights investment themes from this week’s newsletter . Share The Transcript 1. Supply and Demand for Capital Will Set Interest Rates The Fed raised short-term interest rates last week, and Warsh implied that he sees policy as relatively accommodative at the moment. But under the Warsh Fed, short-term rates may be less relevant than they have been in the recent past. Warsh appears happy to let market forces move long-term rates rather than control the yield curve via the rate-setting mechanism. In this way, it…
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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: The Transcript. 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.