Been seeing some terrible $nvda takes so let me clarify point by point how I see it, and why you need to actually do the work: 1. “Circular financing destroyed Cisco and Nortel” True, only because they were literally financing customers’ purchases. •Cisco/Nortel extended

GS: Major Announcements on AI Capex and Infrastructure Spend

The Trump Administration Now Owns: 1. 10% equity stake in Intel, $INTC 2. 15% equity stake in MP Materials, $MP 3. 10% equity stake in Lithium Americas, $LAC 4. 10% equity stake in Trilogy Metals, $TMC 5. A “golden share” in US Steel Corporation 6. Floated idea of equity

The rally off the April lows has left Quality stocks behind. The S&P 500 Quality Index has lagged the market by 10.4 percentage points over the last 6 months, akin to observations from 1999.

Bernstein: Sam Altman has the power to either crash the global economy for the next decade or lead us all to the promised land. In my view… as of now, it seems we’re heading toward the crash.

Why It’s Not a Bubble Yet (Goldman Sachs) ⸻ 1. Criteria for Identifying a Bubble and the Current Situation • Historically, bubbles are characterized by excessive valuations, sharp price increases, over-leverage, and speculative participation. • While today’s market

BofA: Global data center capital expenditures are expected to expand at an impressive compound annual growth rate (CAGR) of 23% from 2024 to 2028, ultimately forming a massive market exceeding $900 billion by 2028. $NVDA $AVGO $AMD $TSM

BofA: Why is global capital pouring into the data center industry? 1. Initial Investment: Building a 1-megawatt (MW) data center requires approximately $2 million for land acquisition and power connection. The cost of the “powered shell” — including construction,

The $1 Trillion Mega Deal: Where Does OpenAI’s Money Come From? “Circular Revenue” and “Equity-for-Purchase”: The Financial Engineering Behind a Trillion-Dollar Order OpenAI’s financial magic is realized through two distinct yet logically connected models—those with AMD and

GS: Dominant companies today are not as expensive as those in previous ‘bubble’ periods in history

“There was a version of this we could have done where it was a better user experience, but terrible for the partners.” Thinking about OAI’s approach to being the consumer access point, this is incredibly interesting and important and will be fascinating to see if they hold to it

What just happened? At 10:57 AM ET, President Trump canceled his meeting with China and said "massive" tariff increases are coming. 40 minutes later, the S&P 500 erased -$1.2 TRILLION of market cap. Is this dip a BUYING opportunity? Let us explain. (a thread)

We've spent the last 10 months analyzing EVERY single tariff development: Here's the EXACT playbook for investors. 1. Trump puts out cryptic post on tariffs coming for a specific country or sector, markets drift lower 2. Trump announces large tariff rate (50%+) and markets

Absolute insanity: Gold has now officially added +$10 TRILLION of market cap in 12 months, up a massive +55%. Over the last 72 hours, gold has rallied on EVERY headline, even as the S&P 500 erased -$2.5 trillion in 5 hours. What's next? Let us explain. (a thread)

The trillion dollar question: How will we generate enough energy to power all of these AI deals? The US Department of Energy says US data centers will use 325,000–580,000 GWh of power per year by 2028. That’s equivalent to the power used by ~40 million homes, all on JUST data

Dan Wang (Dan Wang) is one of the sharpest thinkers on China and its relationship with the US. Dan spent six years living in China studying its manufacturing and technology ecosystem, and his new book Breakneck is the best framework I’ve seen for understanding US-China

Hedge fund equity sales are accelerating: Investors sold -$3.0 billion of US equities last week, marking the 4th consecutive weekly sale. Hedge funds dumped -$2.1 billion, posting their 4th consecutive weekly outflow. This brought their 4-week average to -$2.1 billion, the

Re: $FLUT “Likely acceleration of the OSB vs. legal outcome” was 🔑 The prevailing thesis that prediction markets (Polymarket, Kalshi) will entirely disrupt legal sports & event betting feels too simplistic. From a consumer lens it makes sense: better UX, broader event

Coatue October 2025 State of the Markets Update 60 Pages on Public Markets every investor should read Get the Full Deck below ⬇️ 1) AI continues to drive markets higher while... 2) In addition, new names are winning the AI Race 3) The market is very expensive, but... .... 6)

Although it is common knowledge that space is cold, anyone that has taken physics 101 knows that the thermal conductivity of space is effectively zero since it is an vacuum. The only way to cool GPUs in space is with extremely massive radiators which is impractical. The