On Hyperscalers’ Growth & China’s Persistent Deflation

The bigger the Big Four AI hyperscalers get, the harder it will be for them to keep up the same pace of revenue growth they’re enjoying today. But is AI such a disruptive game-changer that Amazon, Google, Meta, and Microsoft actually can keep growing and growing apace? Today, Melissa weighs the arguments on both sides of that question. The bullish case is solid, but there are risks to the bullish scenario. … Also: President Xi says China has defeated deflation, but May data tell a different story. William explains the festering problems causing prices to drop and why vanquishing deflation won’t be easy.