Articles
Notes on whats happening in the world.
- Aug 27, 2026 · 9 min read
Everyone Knows Nvidia. Nobody's Talking About the Company Wiring It All Together.
Marvell has quietly become the connective tissue of the AI data center: custom silicon for every hyperscaler, optical interconnects between every GPU cluster, and a $75 billion lifetime revenue pipeline.
GPUs don't work in isolation. Marvell makes the custom ASICs, optical interconnects and memory infrastructure that wire AI clusters together — and the connectivity layer is the next part of the AI trade to reprice.
Read article → - Aug 11, 2026 · 11 min read
AI Is the Most Deflationary Force in Human History. You Will Never Feel It.
The cost of intelligence has fallen 99.9% in 26 months. Central banks exist to prevent prices from falling. The collision between these two forces will define the next decade of financial markets.
AI is collapsing the cost of cognitive labor toward zero while central banks print to keep prices rising. The deflation never reaches consumers — it gets absorbed by scarce assets.
Read article → - Aug 7, 2026 · 10 min read
Value Investing Is Slowly Going Broke and Nobody Wants to Admit It
The real hurdle rate isn't CPI. It's the rate of money supply growth. At 7% annually, most "value" stocks aren't preserving wealth — they're losing it in slow motion. Only growth clears the bar.
If M2 grows 7% a year, that's your true hurdle rate — and low-growth value stocks fail it by definition. Why the Mag 7 keep absorbing capital.
Read article → - Aug 5, 2026 · 9 min read
MiniMax Is Up 20% in a Week and 82% Off Its Highs. One of Those Numbers Is About to Change.
China's most aggressive AI lab just launched a model that 100+ partners integrated within 24 hours. Goldman has a target 3.7x higher than the current price. Stock Connect inclusion could hit this month. And the stock is still 82% below its January high.
MiniMax is rallying while the rest of the AI trade figures itself out — $400M ARR, a day-one multimodal launch, and an average analyst target implying 233% upside.
Read article → - Aug 4, 2026 · 9 min read
SpaceX Below IPO Price Is the Meta Playbook All Over Again
$7.8 billion in Q2 revenue. 92% growth. A $20 billion satellite internet business about to eat $600 billion in telecom revenue. An AI infrastructure operation with one-year data center paybacks. Orbital compute on the roadmap. And the stock is below its IPO price.
SPCX trades 20% below its $135 IPO price and 53% off its high while revenue grows 92%. Starlink alone can justify the valuation — everything else is free optionality.
Read article → - Aug 4, 2026 · 8 min read
SpaceX Just Became the Sixth Hyperscaler. Wall Street Sold It. Here's Why That's Bullish for Everything.
SpaceX reported $18.4 billion in Q2 capex — 40% above consensus and more than six times last year. $15.8 billion went to AI infrastructure alone. The stock dropped 6%. The AI supercycle just got another $60 billion in annual spending.
SpaceX's first public quarter revealed $18.4B in capex, $15.8B of it AI infrastructure. The stock fell 6% — but that spending is revenue for the entire semiconductor supply chain.
Read article → - Jul 30, 2026 · 9 min read
The Smartest Fund in AI Just Got Liquidated. Here's Why the Rebound Starts Now.
Leopold Aschenbrenner's Situational Awareness sold its entire $13.7 billion public portfolio to Citadel in a single block trade before Thursday's open. The forced seller is gone. The shorts still need to cover. And the stocks he was holding just posted record earnings.
Situational Awareness liquidated its entire $13.7B public book to Citadel in one block trade. The forced seller is gone, the shorts are exposed, and the AI infrastructure names just posted record earnings.
Read article → - Jul 29, 2026 · 9 min read
South Korea Just Lost $2 Trillion in 40 Days. Now the Government Is Stepping In.
The KOSPI has crashed 44% from its all-time high, triggering circuit breakers on consecutive days for the first time in history. South Korea's finance ministry just called an emergency meeting. Here's why the stabilization measures could mark the bottom.
The KOSPI is down 44% in 40 days, nine circuit breakers have fired in 2026, and Seoul just convened every financial authority in the country. Why the never-deployed ₩10.76 trillion stabilization fund could mark the bottom.
Read article → - Jul 28, 2026 · 9 min read
The AI Trade Just Hit a Wall. The AI Buildout Hasn't.
The Nasdaq 100 entered correction territory today. The KOSPI triggered circuit breakers. Semiconductor stocks are in freefall. But $725 billion in hyperscaler capex doesn't pause because the stock market had a bad month.
Nasdaq 100 in correction, KOSPI circuit breakers, semis down across three continents — and $725B of committed 2026 hyperscaler capex that doesn't get refunded.
Read article → - Jul 27, 2026 · 8 min read
SK Hynix Is Down 13% and It's Still the Most Important Stock in AI
The world's largest HBM manufacturer just had its worst stretch since going public in the U.S. The fundamentals have never been stronger. Here's how to think about the memory supercycle right now.
ADR premium compression, leveraged ETF rules, and CXMT anxiety cut SK Hynix 13% in 24 hours. It still controls 62% of the HBM market and reports earnings July 29.
Read article → - Jul 27, 2026 · 7 min read
Kioxia Invented Flash Memory. Then It Lost Half Its Market Cap in a Month. Here's What Happens Next.
The world's third-largest NAND maker is up 5.35% in 24 hours after a brutal 50% drawdown from all-time highs. The selloff was technical. The fundamentals are the strongest in the company's history.
A $229 million patent verdict, Bain Capital's full exit, and a Korean ETF rule change cut Kioxia in half. Earnings land July 31 with net profit forecast more than double consensus.
Read article → - Jul 26, 2026 · 8 min read
China's Biggest Chip IPO Lists Tomorrow. On-Chain Traders Have Been Pricing It for Two Weeks.
ChangXin Memory debuts on Shanghai's STAR Market on July 27 at an $85 billion valuation. On Hyperliquid, traders pushed the pre-IPO perp to a 526% premium — implying a $535 billion company before a single share changed hands.
CXMT lists in Shanghai tomorrow at $85 billion. Its Hyperliquid pre-IPO perp implies $425-535 billion. Here's why the premium exists and what it says about on-chain price discovery.
Read article → - May 19, 2026 · 7 min read
The MSTR Playbook Has a New Player. It's Called $PURR.
HYPE hits $48.50 as Hyperliquid's biggest week ever plays out. Meanwhile, the stock designed to track it is showing early signs of the same NAV disconnect that turned MicroStrategy into a $100 billion company.
PURR trades below the value of the HYPE it holds. Strategy proved this setup can run to 4x NAV. Here's why PURR's flywheel may be even stronger.
Read article → - May 14, 2026 · 6 min read
Rocket Lab's Record Week.
RKLB surged over 58% in a week on a record earnings beat, a Golden Dome defense contract, and a $1.2 trillion spending estimate that turned space defense into Wall Street's favorite trade.
Rocket Lab went from $78 to $131 in five sessions on record earnings, a Golden Dome contract, and a $1.2T defense spending estimate. Here's the breakdown.
Read article → - May 14, 2026 · 5 min read
Cerebras Pops. Hyperliquid Called It.
CBRS opened at $350 — an 89% pop over its $185 IPO price. On-chain traders on Hyperliquid were already pricing it above $288 before a single share changed hands on Nasdaq.
Cerebras debuted with the largest U.S. tech IPO since Uber. Days earlier, Hyperliquid's pre-IPO perps were already pricing the pop with real money behind it.
Read article → - May 14, 2026 · 6 min read
Coinbase, an ETF, $5B in Stables.
HYPE surges 13% as Coinbase takes over USDC treasury operations and the first U.S. Hyperliquid ETFs go live on Nasdaq.
In 72 hours Hyperliquid landed a Nasdaq-listed ETF and handed its $5B stablecoin layer to Coinbase. Here's why the market is reading it as signal, not noise.
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