The projected capex spend for 2026, 2027, 20282025: $410b2026: $800b2027: $1.1T2028: $1.2-1.4TThe bear case for ORCL or any company dependent on OpenAI is funding at OpenAI, doubting the veracity of their claims. The other bear case for the market, presently, is the coming flood of trillion dollar IPOs. By coming public, the funding issues at...Read More

Well, it was bound to happen. I just didn’t think it would occur in a single session based off a solid jobs report.Let’s recap.We shed 456bps today in the single worst session since tariff tantrum day last year. AI stocks -6.7%Semis -9.9%High Beta -8.6%Banks +0.17%Staples +1.8%Healthcare +0.65%Some perspective: We lost 2.37% for the week, which...Read More

I have jet lag so I am going to keep this post concise. At about 5am we were -140bps down, over 100bps below SPY. We closed +26bps, -13bps below SPY and we had caught it around 3:45pm just prior to the late session slide lower. What’s important to note is the current composition of positions...Read More

Gents, Ladies — We made it back and will be staying at the Grand Hyatt in Dallas until our flight at 7am tomorrow morning. I see the session closed red and futures are lower post AVGO earnings. It was a fine vacation and we made good coin. A little give back is not only to...Read More

Due to a typhoon, our flight has been delayed for 8hrs. Due to the 8hr delay, we are going to have a 13hr layover in Dallas, which means we’ll need to sleep there for a night. These things happen. We’ll make the best of it.We had an excellent day in the market, +124bps or +110bps...Read More