The Investor

Berkeley Lab data show that of all US generation capacity entering interconnection queues from 2000 to 2020, only 13% was operating by the end of 2025. A further 549 GW holds a draft or executed interconnection agreement and still is not running, and 2025's completions waited a median of more than five years. For your data center and neocloud marks, announced pipeline megawatts describe a queue position rather than delivered power. Anything on the wrong side of that gap carries implicit gas exposure for its first half-decade.

The Justice Department opened a probe into how BlackRock's TCP Capital valued its assets, after the fund cut net asset value 19% in January and a further 5% in May. Separately, KPMG warned a subsidiary of Guggenheim's $367bn asset manager over internal-control deficiencies tied to how it recognized hundreds of millions of dollars of revenue, following a whistleblower complaint, per the Financial Times. Valuation methodology has moved from an audit conversation to a discoverable legal record, and your Q3 letters ship into that.

Anthropic cut cache-read pricing 75%, which it estimates lowers typical workload cost by roughly 25% and more on agentic work. Meta's Muse Spark 1.3 scores 61 on the independent Artificial Analysis index at $1.25 and $4.25 per million tokens, against GPT-6 Astra's $10 and $50 for capability that index cannot distinguish. Yet Claude Fable 5.1's cost per task rose about 20% generation over generation anyway. Per-token price has stopped predicting portfolio gross margin.

Family spending on youth sports rose 46% between 2019 and 2024 while one in five parents limited or ended a child's participation, in a market the Aspen Institute sizes at $40B a year. KKR's Varsity Brands, the sector's flagship outcome, went from $1.5B in 2014 to $4.5B in 2024 and paid $82.5M to settle anticompetitive allegations along the way. Growth here is average revenue per family rather than volume, and Senator Chris Murphy is drafting private-equity restrictions into the same window 2020-2022 vintages need liquidity.

Netflix published its complete production LLM-judge lifecycle: rubric tuning that treats a right answer for the wrong reason as its own error class, a Meta-Judge comparing the judge's rationale to a human rater's, and drift bands calibrated against human inter-rater spread. It shipped no product. ServiceNow's AgentJudgeBench found judge alignment degrades on hard tasks, and Qwen's E-Commerce Bench showed agent profitability across 18 models does not correlate with fraud avoidance or negotiation quality. Enterprises cannot verify agent behaviour, which caps agent revenue expansion regardless of model capability.