Reports of Iran striking UAE today caused oil to spike and stocks to drop. But the drop was moderate and we shed just 47bps. To be honest, it’s all very confounding how we are plodding along as if nothing were wrong — oil elevated above $105. The assumption continues to be looming DEALS.Meanwhile, just 5%...Read More

The first bottleneck in the AI datacenter build was GPUs, then it quickly moved to cooling, networking equipment, construction materials etc. Now we find that the level of spend is so great — the greatest bottleneck is in fact power. We have seen this demonstrated in the shares of BE, CAT, CMI for more than...Read More

Ladies, Gents —I bring happy tidings and news of excessive returns. We poleaxed markets today gaining +2.52bps today across 40+ positions, none greater than 4% weighted. I want you to sit back and truly appreciate the greatness of that stat. Moreover, for the month we returned ~12.08% v +9.93% for SPY, putting us YTD +11.15%...Read More

Terrific numbers out of GOOGL, AMZN and notably VIAV this evening. In the morning we had great results out of APH — and all appears to be going swimmingly, except for the fact that oil is $105 with no signs of abating. We have a fork in the road here — with real economic headwinds...Read More

Right on time, the WSJ issued perhaps their 1,000th article bashing OpenAI today, claiming the company missed internal targets and are secretly concerned about their Capex. This news has taken the air out of many a tech stock, with most chips down between 3-6% for the session. The company immediately refuted the article, saying they’re...Read More