💡This is slightly wonky, but consequential. I wrote about it previously for institutional clients when the SEC released the "no action" letter, but with Nvidia taking advantage of
Thinking about the current memory supercycle, and how it ends. Three perspectives ahead; 1. Memory is building quickly toward its next glut 2. HBM contracts are moving the cycle onto
Here are some things I'm thinking about in a week of travel (me) and largely demented developments (the world). Things 1. Nvidia's puts its balance sheet
What Happened AI is making software radically easier to produce. The result is beginning to look less like a productivity boom than an oversupply shock. A recent NBER paper (which
Catching up during a week full of meetings and client calls. I have a longer thing coming on the new Xerox, a role for activists, and more, but that will
“They're trying to kill me," Yossarian told him calmly. "No one's trying to kill you," Clevinger cried. "Then why are they shooting
Unless you're lucky enough to be living under a wifi-free log, you're likely aware that a highly leveraged AI-centric hedge fund named Situational Awareness
Semiconductor investor leverage—which had hit record levels in June— is now largely back to "normal". According to JPM, hedge-fund leverage has been cut, retail call buying
The FCC has effectively barred new foreign-made connected power inverters and advanced mobile robots from the US market, citing supply-chain, surveillance, and cyberattack risks. Existing models remain legal,
A few items worth thinking about: AI Data Center Grid Access Is Becoming Conditional Beleagured operator PJM’s new grid proposal is a big change in data-center power. The
* The semiconductor industry is among the most boom-bust industries on earth. * The current semiconductor sell-off is the delayed repricing of an increasingly expensive AI capital-spending cycle. * Three
