First episode of Season 3 of ‘House of the Dragon’ is an absolute banger

What I picture every time I read an interview with Jensen Huang nowadays

Dubai hotel revenues down 75% vs last year Relative winners appear to be Spain, Morocco, Portugal

Australia's datacenter pipeline as a % of GDP is comparable to the US By this metric, the highest % of GDP exposure to datacenters is... Malaysia?

Zhipu has half the marketcap of #$BABA and 2/3rds the TEV $2513.HK

Had this thread on 2nd / 3rd order GLP1 impacts 3 years ago Pretty premium going away, lower divorce rate x.com/nosunkcosts/...

Memory GMs >90%

Over/under on USG curtailing use of Chinese open source models? OAI already falling behind ANT, but has Ellison, Kushner, a16z being very long Softbank can still lever up ARM, Jensen's incentive to keep things frothy is obvious, still...

This makes sense -- software/application layer companies in the post-AI era likely have significantly higher growth from the start and mass adoption, but likely lower terminal margins vs. SAAS and on-prem companies But investors still valuing the new companies on historic P/S and P/GP multiples

This framing is disingenuous. No single policy is a 'panacea', but reversing one with a clear, obvious negative effects on living standards and growth is as close to one gets as a no-brainer course of action in political economy One can debate poltical desirability

Labour share of GDP

Anduril is valued at $60 billion For investors in that round to make a 2x from there, it needs to be worth more than the largest pure-play defense contractor in the world -- #$LMT

Wild stat "Of all the people who sat on boards of S&P 500 companies between 2006 and 2026, about 12.6% or one in eight are mentioned in the Epstein files"

China using domestic equity markets to fund LLMs

I see this argument frequently which conflates usage with conservation of attractive economic profits by the entity providing the service Those two are not the same

Someone has likely already done this, but we need a repository of all knowledge & content created pre-LLMs since their existence pollutes everything Some sort of compact verified non-LLM content digest

In terms of high-end dining, Michelin 2 stars are really the sweet spot Nobody talks about them as "the absolute best" for X cuisine or Y city, which keeps expectations in check while still keeping one excited for the meal And unlike Michelin 1 star, it is unlikely to be a fluke

Content viewing habits

From this Op-Ed, the peak gap between Software returns and the SPX was only 6% annualized Right now it is close to 0%

In 2018, Joe Manchin, a centrist who hates the national debt and welfare, was the last Democrat to win statewide election In 2020, Democrats did what Boots Riley wanted and nominated a socialist for the senate seat. She lost by 43 points.

'My Favourite Mutiny' is still a banger tho

It's fascinating to see absolutely no change in headline Earnings or Revenue per share estimates for SAAS out to 2028 while the index is down YTD vs Nasdaq up I know it may be all on the come, but still notable

What's a few % of GDP amongst friends? GS saying hyperscaler capex could go up if its like the 1800s British railway boom or if companies test the absolute limits of cashflow and issuance in the IG market (GDP composition was a lot different back then - little services, not much healthcare)

European Banks

Nothing radicalizes you against humanity like the experience of selling or giving away items on a second hand goods marketplace "I am interested in buying" "Great, pickup is here" "I am in another state, that is too far, good day" ...

Starmer deserves all the hate he gets

When Paul G is tweeting about it, we are no longer early

Most disappointing and likely most negative in long term for them is the European and RoW reaction — former has pissed away the last year and a half by dithering as usual. Brief window for disengagement will pass as they get used to the new status quo

Pretty clear that admin now emboldened to go after more tech companies / make them kneel after lack of any market reaction to Anthropic ban Any / all companies where perceived ideological enemies are shareholders or management are now on the menu

ChiNext vs HSCEI

It gives me no pleasure to report that 'Disclosure Day' is a disaster -- I have no idea how this film is getting good reviews I'd count it amongst Spielberg's worst films This review is mostly spot-on letterboxd.com/sweelfor/fil...

Tencent flat from 2018 peak Revenue 4xed, EPS 3xed Alibaba down

Indian IT companies

I know these are just made-up numbers, but striking to see that HSBC thinks Anthropic revenue is 3x OpenAI in 2026 and the gap will actually expand over time

Labour market is coming back

Lots of talk about AI driven unemployment as workers' bargaining power declines, but why would employment and not wages be the channel through which this weakness manifests? People are working backwards from higher corp profits as % of GDP, but wage growth < NGDP growth accomplishes that

China earnings trends are just terrible Index down 10% YTD but its always a race between EPS cuts and total return there

People are relieved at the price action in Asia But remember -- everyone buys the first dip. Everyone.

American breakfast game is actually unbeatable in my opinion — the tent is large and gets bigger every year I’d classify huevos rancheros as part of it actually

Kids being recruited online by foreign intelligence agencies

I have literally never heard of the #1 most streamed TV show of 2026 Wut

Kane Parsons is incredibly articulate and thoughtful -- especially given his age *And* he's a Ted Chiang fan www.theringer.com/podcasts/the...

Tour de force by Ted Chiang on the question of LLM conscsiousness

There are little to no economies of scale in residential construction

College educated women are marrying the higher income cohort of non-college educated men What would be interesting is to know the elasticity: what level of income does a non-college educated man have to be in order to be equally desirable as a marriage partner as colleged educated man?

Feels like we have stopped hearing about Anthropic’s m-o-m growth that used to get leaked every week

Chinese Auto OEMs doing pretty well in Europe

Goldman's taxonomy of Information Services' business models, their vulnerability to AI and the share price reaction since last year

ChatGPT sequential user growth has stalled out

Impact of Agentic commerce on the digital advertising and e-commerce ecosystem