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 20, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #115 today · #108 a week ago · #104 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 41 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 22%
- Best rank seen
- #92
- Rank, 7 days
- −7 places
- Rank, 30 days
- −11 places
- Followers added
- +845
- Posts
- 8
- Reactions per post
- 29
- Reactions tracked
- 644
of 525 ranked finance newsletters
on Sep 24, 2026
since tracking began
last 30 days
average, recent posts
across 22 posts
Most-reacted post we have seen: Memory Wars — 54 reactions on Aug 19, 2026.
Recent posts
- 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…
- Keep Moving Fast
Summary: The Fed raised rates last week. Warsh implied that he sees policy as relatively accommodative. In AI, safety has taken center stage. Safety programs will require even more compute. 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 The Fed raised rates “Job gains have kept pace with the workforce and the unemployment rate has changed little. But inflation remains elevated. Today’s policy action will support a timelier return to the committee’s 2…
- 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. Inflation Expectations are Broadening Earlier this year, rising oil prices were viewed as a relatively transient driver of inflation. However, the longer the conflict with Iran has dragged on, the more that higher oil prices are coming to be viewed as a new normal. This, along with AI spending, appears to be starting to rebase inflation expectations. We’ve noted sentiment along these lines in past issues of Catalyst Watch . This…
- Slow Down
Summary: Not much changed in the economic story last week. The economy remains strong. The AI supply chain is bottlenecked and could remain so through 2030. 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 Consumer spending remains strong “The overall macro environment remains very supportive of both consumer spend and business spend. I continue to be impressed by how resilient consumers are. I mean, in the U.S., that resilience like continues to shine through…
- 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. AI is Moving The Needle On Macroeconomic Indicators AI has dominated the capital markets narrative for several years already. In recent months, the spending has been impacting the real economy more and more. This week, several quotes stood out in this respect. Expeditors International’s management team highlighted a few numbers that captured the scale of the mobilization: “And in terms of economic impact, the economic impact is…
- AI Bottlenecks
Summary: The US economy is very strong. Consumers are resilient, and AI spending is having a measurable impact on GDP. 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 Some consumers are strained, but the economy is very strong “So, you can see there’s still, still strong demand, but I think you do feel the customer, there’s a consumer that is still clearly feeling the pain and struggling and having to stretch a lot further to, with that, with that dollar…
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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: Oct 20, 2026.