Markets

Deep Dive

Memory chip profits are exploding, so why are stocks below their highs?

Memory makers are now among the biggest beneficiaries of the SI boom... yet the stocks are still down roughly 30% to 66% from their highs. How do we make sense of this?

By Chamath Palihapitiya

Oct 27, 2026

Deep Dive

Deep Dive: Is the AI Buildout Creating a Private Credit Bubble?

How private credit works, how it grew, and what the AI buildout changes.

By Chamath Palihapitiya

Oct 9, 2026

Deep Dive

Deep Dive: The Next Trillion-Dollar Futures Market

AI capex hit $765B in 2026, passing oil and gas for the first time. The resource powering AI is getting its first futures contract. Here is what has to be true for it to work...

By Chamath Palihapitiya

Aug 14, 2026

Deep Dive

The New Private Asset

Privacy tokens were delisted from exchanges 73 times in 2025, yet they became crypto's best-performing sector. Here's why.

By Chamath Palihapitiya

Jul 9, 2026

Deep Dive

Why Gold, Silver, Platinum, and Palladium All Spiked at Once

Four metals spiked at once, for four completely different reasons. Here's what each one is signaling.

By Chamath Palihapitiya

Jul 2, 2026

Deep Dive

Deep Dive: The Federal Reserve Explained

For two decades, investors built portfolios around a Fed that telegraphed its next move. Kevin Warsh has a different vision. Here is how the Fed works and what Warsh wants to change...

By Chamath Palihapitiya

Jun 18, 2026

Markets

2025 Annual Letter

2025 was, in some ways, a historic year for Social Capital. Numerically, we did well. Our portfolio took an important inflection upwards when NVIDIA licensed Groq for $20B. However it felt...

By Chamath Palihapitiya

Apr 22, 2026

Trending

Deep Dive: Why Are Billions Going Into Critical Minerals?

We are still completely underestimating how short we are in terms of the global demand and supply dynamics of a handful of critical minerals that we need...

By Chamath Palihapitiya

Apr 15, 2026

Deep Dive

Deep Dive: Why Housing Costs Keep Rising

To understand why affordability looks the way it does today, you have to understand how housing became a financial instrument in the first place. And the questions only get more difficult from here...

By Chamath Palihapitiya

Apr 3, 2026

Deep Dive

Deep Dive: Prediction Markets

Prediction markets have grown to over $6 billion in weekly trading volume: more than 100x in just over 24 months. But with that growth comes a new set of questions...

By Chamath Palihapitiya

Mar 19, 2026

Deep Dive

Deep Dive: How Equity Tokenization Is Breaking TradFi Barriers

Since the start of 2025, the market capitalization of equity tokens has risen nearly 3.5x. But with this new level of access comes a new kind of complexity...

By Chamath Palihapitiya

Mar 5, 2026

Deep Dive

Deep Dive: How Machines Are Becoming Better Investors Than Humans

Today, public and private information are instantly priced in. As such, strategies that depend on reacting to news, reading filings, or “having an opinion” compete in a game where the half-life...

By Chamath Palihapitiya

Feb 19, 2026

Deep Dive

Why Is Solar Attracting $500B Every Year

In 2025, the energy landscape hit a historic inflection point. Solar now attracts ~$500B in investments each year, more capital than all other electricity sources combined. What happened?

By Chamath Palihapitiya

Feb 4, 2026

Deep Dive

A Primer on Microsoft

Microsoft has spent fifty years building platforms that sit underneath the modern economy. BASIC made early computers usable. MS DOS and Windows standardized personal computing. Office and Azure be...

By Chamath Palihapitiya

Nov 19, 2025

Deep Dive

Deep Dive: A Primer on Mag7 - Amazon

In 2016, when Amazon was a $300B company, I called it a multi-trillion-dollar monopoly hiding in plain sight.

By Chamath Palihapitiya

Oct 15, 2025

Deep Dive

Deep Dive: A Primer on Mag7 (Part 4)

What drives the Mag7's revenues and bottom lines? How do they allocate capital, and are they positioned for continued outsized returns? How should we understand them in relation to the market overall?

By Chamath Palihapitiya

Jun 19, 2025

Markets

2024 Annual Letter

2024 was the year we transitioned from a hard landing to a period where a new wave of momentum began to build...

By Chamath Palihapitiya

Jun 3, 2025

Deep Dive

Deep Dive: A Primer on Stablecoins

What are the use cases for stablecoins, and how have they achieved product-market fit? What are the implications for U.S. markets? How will U.S. regulatory clarity impact the stablecoin ecosystem?

By Chamath Palihapitiya

Apr 28, 2025

Deep Dive

Short Dive: The Trump Administration's Fiscal Strategy

What are the structural problems that the Trump administration is focused on solving? What is this administration’s vision for America? What are the implications for entrepreneurs and investors?

By Chamath Palihapitiya

Mar 24, 2025

Deep Dive

Deep Dive: A Primer on Cryptocurrencies

What are cryptocurrencies and how do they work? What are some notable cryptocurrencies in the ecosystem today? Which aspects of the crypto ecosystem create value?

By Chamath Palihapitiya

Dec 5, 2024

Deep Dive

Deep Dive: Understanding Federal Agencies

How do federal agencies work in practice? How have federal agencies contributed to government expansion, and what reforms could streamline their operations in the future?

By Chamath Palihapitiya

Oct 30, 2024

Markets

2023 Annual Letter

This is the sixth of our annual letters where we share our reflections, key observations, and learnings over the past year, including how the economic and technological trends of the year have shaped our thinking and our investment portfolio.

By Chamath Palihapitiya

May 14, 2024