Probably *not* super bullish for application software:

“We also introduced today a powerful new capability called Q Apps, which lets employees describe, in natural language, what apps they want to build on top of this internal data, and Q Apps will quickly generate that app.

Great thread on bubbles.

Reminded me of the quote “If you owe the bank $1 million, the banks owns you. If you owe the bank $1 billion, you own the bank.”

Variously attributed to Caesar, Keynes and Getty.

The point of the thread is that in some way, bubbles often “own” the bank

The resilience of housing as measured by mortgage applications in April despite a fairly significant increase in rates is the most interesting recent macro development to me.

Obviously inflation has also been resilient/resurgent.

Curious to see April Pending Home Sales.

I think AI exposure is *most* overvalued in Industrials by a wide margin.

Especially when considering the implied multiples on their “AI” revenue and profit.

Ironically, AI exposure is cheapest within Tech. Not saying it is cheap, just cheapest looking across the market.

Super interesting.

Every time I get a new iPhone, iPad or Pixel, I am unreasonably happy about how much faster it is, the camera, the battery, etc.

This lasts for at most 3 days and then I take it for granted.

Adaptive preference.

The best way for adversaries to interfere in the American election is through the price of oil.

Just a thought given recent developments both geopolitically and price-wise.

Beginning to think that latency is just as important as quality for LLMs.

I consistently gravitate to the lowest latency experience.

“God created Arrakis to train the faithful.”

Public market investing is the Arrakis - and sometimes the Salusa Secundus - of investing.

And I love it so much.

ARM gets roughly 0.15% of Nvidia’s total gross profit $ per GB200 NVL72 rack using reasonable per core royalty assumptions. Intel gets 1.5%ish of Nvidia’s total gross profit $ per comparable x86 rack.

Wild success for the GB200 NVL72 and a 35/65 share split in favor of Intel

It is difficult at scale to sell servers without *also* selling storage given bundling.

Finally watched “Dune: Part 2” after rewatching Part: 1.

Epically awesome.

Just wish they had more thoroughly explained *why* Paul changed his mind about becoming a religious figure in the context of the movie’s narrative.