Basically every tariff-related podcast over past few days: Host: “we have with us X, an economist who is far from sanguine about prior US trade trajectory and has been especially concerned re China What do you think of the Liberation day tariffs?” X: “wow, unfathomably stupid”

Who did this?

Just to remind everyone: It is absolutely nuts that a single person is wreaking total havoc on the global economy, and doing it by exercising powers that the Constitution explicitly (and for good reason) reserves for Congress. This is not OK, and we shouldn't pretend it is.

Alright, I think people knew of the tariff pause and traded it beforehand. You can see before Trump posted "buy" on Truth Social, traders opened $QQQ $TQQQ and $SPY calls RIGHT BEFORE THE NEWS, someone opened $SPY 509 calls, expiring TODAY!!!!!!!!!!!!!!!!!!!! Those calls are

$IESC on demand from data center construction clients: "Certain customers have accelerated project schedules, resulting in additional revenue in the quarter, and new bookings remained robust."

This is absolutely insane: There are now $40 BILLION worth of US data centers under construction, up +400% since 2022. For the first time in history, the value of US data centers under construction will soon EXCEED office buildings. This is a historic shift. (a thread)

Nice to see Trump making big investments in California and Oregon $INTC

Goldman: US power demand is up 2.9% year-over-year year-to-date and growing more quickly than US GDP, in large part because data center capacity is growing at a breakneck pace (Exhibit 1). We estimate data centers now account for 8% of total US power demand, and drive 1pp of the

"Big tech CapEx as percentage of EBITDA is now running at 50%-70%, which is similar to AT&T’s 72% at the peak of the 2000 telecom bubble and Exxon’s 65% at the peak of the 2014 energy bubble. Historically, companies experiencing higher capital intensity tend to be structurally

Personal Takeaways from Yotta and the AI Infrastructure Summit: -The Infrastructure Arms Race & Time-to-Power Premium: Every fundraising and revenue dollar is flowing directly to compute infrastructure, creating a GPU/HPC arms race. Time-to-power now dominates all site selection

"Quantum systems cannot be networked...The reality is Quantum computing is narrow, domain-specific breakthroughs with [an] extremely limited TAM." From Deep Sail Capital. shortscorner.substack.com/p/quantum-bubb…

The AI CapEx chart, updated

Oracle announced a third network architecture today. At first glance, it's a modern Juniper QFabric developed with Arista. Kinda neat to see that architecture come back. $ORCL $ANET blogs.oracle.com/cloud-infrastr…

Interesting perspective.

Founders say “we’ve got PMF.” But do you have: • Offer-audience fit? • Channel-message fit? • Delivery-expectation fit? If any one’s off, scale breaks.