The Wall Street Journal's markets & analysis journalism (bylined columnists — Heard on the Street plus the AI & Business newsletter) — running archive of the securities & cross-cutting views its pieces surface, with per-article breakdowns and a stock index.
Salesforce — January's "AI coding tools will replace corporate software" panic is unwinding: AI writes code well but maintains and updates it poorly, which is most of enterprise software; two strong earnings reports have a de-rating reversal under way.
Diageo — Casamigos/Guinness/Johnnie Walker owner now at a 2009-level, tobacco-like earnings multiple; the column's key contrarian-cheap spirits name — bad news priced in, with EM/India growth and a new-CEO strategy due this summer.
ServiceNow — named with Salesforce as the incumbent AI was supposed to leave in the dust; the WSJ's verdict is that it "hasn't happened, and isn't likely to," and the software recovery has room to run as investors accept a multi-year, not multi-quarter, disruption timeline.
Pernod Ricard — Jameson/Absolut owner (OTC ADR) sold down until, on expected earnings, it trades cheaper than British American Tobacco and Altria; a tobacco valuation for a global spirits leader is the opportunity if drinking isn't dying like smoking.
Shopify — the WSJ's test case for whether an all-in AI mandate pays: revenue ~$7bn (2023) to a projected $15bn+ this year while headcount fell ~11,600 → 7,600, and AI-driven traffic/orders tripled y/y in Q2; the offsets are a >15% YTD drawdown and ~57× forward earnings, with agentic commerce (catalog fed to OpenAI/Anthropic) the next bet.
Anthropic (private) — named with OpenAI as a model developer Shopify is opening its merchant product catalog to, as shoppers shift from searching to asking an agent.
Brown-Forman — Jack Daniel's owner faring better than peers at ~16× projected earnings; less distressed than Diageo/Pernod but still cheaper than Philip Morris — used to show the spread within the sector.
British American Tobacco — cited only as a valuation benchmark: Pernod Ricard now trades below BTI's price/earnings multiple, marking how far spirits have de-rated toward tobacco.
AB InBev — Budweiser brewer and owner of Cutwater Spirits, the booming RTD (canned-cocktail, +20–30%/yr) format distillers ceded to brewers on margins; named as the RTD beneficiary, not an explicit pick.
Dell Technologies — same AI-PC setup as HP: higher-priced AI-capable machines into a falling unit market, carrying the AI-data-center-driven memory cost surge; framed as a fact about the build-out, not a recommendation.
iShares U.S. Treasury Bond ETF — the benchmark MBS beat by ~1.2 pp a year over three years; Treasurys are under pressure with the Fed poised to tighten, which is why a falling-rate refinancing wave looks unlikely near term.
HP Inc. — PC units are sagging while prices rise on two AI effects at once: an on-device-AI premium (mix) and memory costs through the roof because AI data centers ate the supply (pass-through); a price/mix story, not a demand recovery.
iShares MBS ETF — agency mortgage bonds pay ~5.8% vs just under 5% on the 10-year with no credit risk (4.3%/yr over three years, ~1.2 pp ahead of Treasurys), but the prepayment option is live again as 5%+ loans pass 40% of balances: rising rates extend the bonds, falling rates (say after an AI downturn) return principal early — and FHN calls the market "very complacent" about faster speeds.
Mistral AI (private, France) — valued at more than $24bn in a new funding round; a week-in-AI datapoint on how richly the non-US model layer is being funded.
Moonshot AI (private, China) — valued at $50bn in its latest round; cited as one of several Chinese labs now challenging the most advanced U.S. model developers.
OpenAI (private) — the demand side of Shopify's agentic-commerce bet: one of the model developers being given easy access to Shopify's merchant catalog so its assistant can recommend from it.
In one line: WSJ Heard on the Street is a Journal markets column, not a money manager — this archive captures the named securities and cross-cutting views its pieces surface, tracked the same way as the commentators in the hub. Stances reflect how each name is framed in the column, not a personal price target.
Column, not advisor. Stances in this archive reflect how each name is framed in the article (and any analysts it quotes), not a personal recommendation.
Spirits de-rating (2026-jul-05, Carol Ryan). Liquor stocks now trade at tobacco-like valuations on fears of cigarette-style terminal decline — Diageo (DEO) at a 2009-level multiple and Pernod Ricard (PRNDY) cheaper on expected earnings than British American Tobacco and Altria — both framed Positive as contrarian-cheap. But booming ready-to-drink canned cocktails (+20–30%/yr, ceded by distillers to brewers like AB InBev (BUD)) and smaller-pack strength suggest part of the volume drop is squeezed budgets, not abstinence — so "bad news is priced in" and the de-rated leaders belong in a balanced mix at these prices.
AI adoption, measured (2026-sep-08, Asa Fitch). The AI & Business newsletter uses Shopify (SHOP) as the public test of whether going all-in on AI pays: an internal memo making AI a "baseline expectation", AI in performance reviews, AI-first prototyping and a hiring gate (prove the job can't be done with AI first) — against revenue ~$7bn (2023) → a projected $15bn+ and headcount ~11,600 → 7,600, with AI-driven traffic/orders tripling y/y in Q2. Offsets: the stock is down >15% YTD at ~57× forward earnings. Framed Positive on execution, not on price.
The "AI eats software" panic is unwinding (2026-sep-08). January's fear that AI coding tools would replace corporate software cheaply "hasn't happened, and isn't likely to" — AI writes code well but maintains and updates it poorly, which is most of enterprise software. Salesforce (CRM) and ServiceNow (NOW) framed Positive on a recovery with room to run. Separately, AI shows up on both sides of the PC P&L for HP (HPQ) and Dell (DELL): an on-device-AI price premium against memory costs driven through the roof by AI data centers.
Mortgage bonds — the prepayment option wakes up (2026-sep-14, Telis Demos). The pandemic lock-in is fading: per ICE, sub-3% mortgages fell from ~15M loans (end-2021) to under 12M, and 5%+ loans rose from ~10% to over 40% of unpaid balances. That revives the refinancing option inside agency MBS — iShares MBS ETF (MBB) has out-earned Treasurys (GOVT) by ~1.2 pp a year with no credit risk, but it is negatively convex: rising rates extend the bonds and hurt price, falling rates (e.g. after an AI-sector downturn) return principal early. FHN Financial calls the market "very complacent" about faster speeds (bigger balances, better credit, nonbank servicers, AI-accelerated refinancing). Both framed Neutral — yield with eyes open.
Articles
One dated page per article — each has its full stock table, talking points, and the saved text. Newest first.