Mid-day The Information came out with a report of scandalous proportions. The Oracle Corporation is reportedly losing $100m per qt leasing their Blackwell chips. On this news, the entire AI space was flooded with sales, ORCL ebbing lower down 7% at the lows. This is of course IMMATERIAL nonsense, less than a rounding error and...Read More

This morning I was greatly chagrined to learn AMD cut a deal with OpenAI, especially since I sold it on Friday. The rationale appeared to be just fine. After all, it was a profit and there was weakness in growth, so why not raise some cash and then get back in later? This mentality has...Read More

Never think with someone else’s pocket, for it is likely to not resemble your specific situation. In this case, we hear about debt issuance being bandied about as a harsh concern for all — since the hyperscalers are tapping credit markets to finance a once in a lifetime project. ORCLHyperscalers debt/market capIt turns out, the...Read More

Selling into any sell off, no matter how moderate, has been a losing gambit since May. In other tapes, we give and we take, creating ranges and consecutive trading days abiding by upward or downward momentum. Not this tape. The miraculous V shaped recovery amidst barely any volatility has been consolidation only, never trending down....Read More

Nearly every morning we get faux collapses, markets careening lower amidst the bears from X clamoring for more — heavily pointing out the bubble nature of the tape and how things simply cannot continue higher, up until things reverse around lunch and launch higher.Today was a listless day for the SPY, just +4bps, but we...Read More