cryptoscott @scottcryptos

Another sadly unenlightening financial profile, this time of a prop trading firm. Not long ago, Peter Rudegair wrote an insightful profile of Ken Griffin on the same newspaper. What happened? I suspect Deep Research on OAI could do a better job. wsj.com/tech/ai/jane-s…

Long. Memory. It is still the easiest trade/investment here. It did not run up too much. The cycle will not suddenly end with the amount of AI related memory demand. At $300, people said they were looking for the next $SNDK. At $600, they said the same thing. Then at $1000, $1500 and now above $2000. The next $SNDK is $SNDK and the next $MU is still $MU This is not over yet and will not be over for a good while. Plain and simple. $SNDK $MU $DRAM SK Hynix Samsung Kioxia

Jukan @jukan05

a day ago

JPM just updated its price target for Kioxia, implying 42.7% upside from the current share price.

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And you aren’t Long $DRAM???? Seems like one of, if not the most asymmetrical bet in the market no?

Wall St Engine @wallstengine

2 days ago

Samsung, SK Hynix and Micron could generate nearly $3T of cumulative operating income from 2026-2029, driven by HBM demand from AI data centers.

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The ex-CEO of Goldman Sachs just revealed his entire portfolio 98% equities. 90% single stocks. Trades every day from his iPad "The difference between somebody who's really really good and somebody who can't make it is not that great" "I thought SpaceX was overpriced at $100 billion. They're now proposing $1.75 trillion" "I've known people in high office. After they finish speaking they say - how did I do? They want affirmation. People are a lot more insecure than you think" The last quote is the most important one for the article below on game theory Watch now Then read the article

Atlas @crptAtlas

2 days ago

x.com/i/article/2068…

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A former Cadence CEO just called EDA a "gold mine." Lip Bu Tan @LipBuTan1 ran Cadence for 15 years and returned ~85x. Now, as Intel CEO, he says AI-driven chip design tools are the clearest startup trade in semis. The mechanism: AI can cut tape-out time and cost at step-change scale. Incumbents Cadence and Synopsys are sticky, but disruptors get acquired by them or Siemens. When the man who built the moat says it is navigable, listen. Where the entry price is still cheap: podcastalpha.substack.com/p/intel-lip-bu… Source: No Priors - youtube.com/watch?v=asCgCv…

Stan Druckenmiller lost $800 million in 13 days shorting internet stocks - finished the year up 42% after making $5 billion in the last two months he just broke down exactly how he thinks about risk and why he's never used a stop loss in his career "I was running $6 billion with the best record I knew of and getting paid $43,000 a year" "George Soros told me my $5 billion bet against the pound was ridiculous - why only $5 billion - do $15 billion - we broke the Bank of England" "when you're up 20 or 30 percent you're playing house money - that's when you try and get up 60 or 70" "I have never used a stop loss in my career - if it starts not acting well relative to news I just get out" bookmark & watch the full conversation ↓

Сarm1ne @carm1nee

3 days ago

Thomas Peterffy manages $350 billion and went bankrupt several times before making it "the first million and the first 10 million are difficult - once you got there it goes faster and faster" "the specialists didn't want to trade with me because I knew the numbers better than

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Databricks CEO Ali Ghodsi warns the "SaaS Apocalypse" is real: Barriers to entry have collapsed, and AI agents have already replaced humans as the primary users With a fresh $5 Billion in capital and a $134 Billion valuation, Ghodsi reveals why the traditional software business model is under siege Here is how the AI era is rewriting the rules of the $600B software market: > 81% Agent-Driven: - For the first time, over 81% of databases launched on Databricks are created by autonomous agents, not humans > 10x Dev Speed: - AI has made writing software ten times faster, allowing new competitors to disrupt markets that were once protected by massive moats > The "Advisor" Strategy: - To survive skyrocketing AI costs, companies are switching to "advisor" architectures - using cheap open-source models for basic tasks and only calling "big brains" like GPT-5 when they get stuck > Small Teams Win: - Ghodsi insists that big teams are now a liability; in the AI era, coordination is the biggest bottleneck, and small, nimble squads are the only ones who can move fast enough "Writing software is ten times faster now... your margin is my opportunity" Bookmark & Watch Right now

Henrikh @henrikhinai

3 days ago

Google CEO Sundar Pichai says the "browser era" is ending: Agents are becoming the new entry point to the internet While everyone is focused on chatbots, Pichai reveals a massive shift toward "Agentic Workflows" that will handle everything from DMV forms to real-time cyber

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the SAC 1992-1999 run, I don't think anyone's ever beating these #'s...all pre-charge yrs (1999-2010) launched in '92 with $25M, then a 45% net CAGR for 7 years...WITH a 50% perf fee. a 90% gross CAGR over 7 years, turns $1M into $89M ...with only 3 down months + 2% max draw 🐐

Very compelling cases for Shopify and DoorDash here as AI winners Have been accumulating both (not investment advice) stratechery.com/2026/an-interv…

Accenture shares fall 17%, dogged by a worsening sales outlook and cloudy AI future on.wsj.com/4vCnYEl

Biggest mistake that $HYPE holders / speculators are making right now is that they are being too short term, and there is substantially more upside from here than everyone thinks. 1) Hyperliquid is the future of finance and is still just doing a speck of what real Tradfi volumes could be -- this will ramp dramatically once we get more regulatory clarity around the asset class 2) The real valuation for Hyperliquid is likely closer to its circulating market cap of $30 BN as opposed to $70 BN FDV 3) Hyperliquid is likely 3x to 4x more profitable than platforms like HOOD, IBKR etc.. -- If Hyperliquid did 30% of IBKR volumes it could get to the same valuation of $160 BN (5x from here) assuming the same multiple 4) @chameleon_jeff is not a scammer and actually wants to build a generational product unlike many of the other projects in the industry. Much HIGHER.

Read this over and over again until it’s imprinted in your brain

Frank Downing @downingARK

3 weeks ago

x.com/i/article/2060…

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"There's going to be a full convergence of quant and qual." The guy who built Dan Loeb's data team on what the next 10 years of finance actually looks like: Aakarsh Ramchandi. Founded Third Point's data team; now builds AI at RavenPack. He explains: "Qual could never be quantified — we never had agents that could reason in the unstructured domain. Now we do." "Discretionary analysts will automate their tasks, then turn around and ask: what are the quants doing? My PhD's in my pocket." "And the quants are doing the exact same thing in reverse — asking what the discretionary process even looks like." "They couldn't act on it before. They couldn't quantify it. Now a reasoning engine predicts an outcome in English, and they put a quant overlay on top." "That's happening at every quant shop right now. Heavy content buying, heavy investment in agents that reason."

Ethan Kho @ethanrkho

a week ago

One agentic workflow now does 1,000 hours of hedge fund analyst work. Aakarsh Ramchandi founded the data team @ Third Point, built screening engines @ FactSet, & now builds agentic research tools @ RavenPack. "There's gonna be a full convergence of quant and qual. Most

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An Interview with CoreWeave Executives: AI Demand Seems to 'Intensify' Every Day $CRWV taekim.substack.com/p/an-interview…

JPMorgan’s Harlan Sur just published a report on AVGO — is this real? Is Broadcom really involved in Anthropic’s ASIC?

Dr Vinnie Boombatz @halfblindmonkey

4 days ago

JPM out with a bullish note on $AVGO, saying no delays, next four generations of TPU secured

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HF PASS THROUGH FEES intro class I think JAIN has some of the smartest people in the industry ... Paul is a legend developing talent, their risk team esp my buddy Adam, their main TMT team some real door kickers... I think they are S tier. MLP made a smart decision, esp with the cost synergies you will see below pass through fees are this opaque area for funds (insiders and outsiders), so this is more about the structure than the fund... JAIN just the example here FOR FUNDS THERE ARE 3 KEY AREAS TO UNDERSTAND 1. Gross Trading Costs: These are the direct costs of doing business in the market. They are deducted from trading revenue before a PM ever reports a "Gross Return" number. It is the cost of running the portfolio.. *depending on the fund docs, some of these costs may already be embedded in the “gross return” number. Others may sit below the line... if you are an allocator this is critical to understand **prime broker fees, leverage/financing interest, stock borrow fees (paying to short a stock), execution fees, and exchange clearing costs + many MORE 2. Pass Through Fees: These are the non trading operational costs of building and running the firm itself. They are passed directly down to the investors as an expense drag *most times include tech, market data, back office talent, and the BIGGEST BUCKET... buying out the deferred bonuses of PMs poached from competitors (see waterfall below) 3. Management Fee: This is a fixed percentage of assets charged by traditional funds to pay for operations and pad the founders' pockets. In a pure pass through fund, this is replaced entirely by the pass through expense layer #2 above SOME QUICK MATH: *AUM: $5BN *Gross Return: 15% (+) Gross Trading Profits: ~$750M (-) Pass through Fees: ~$545M = Pre-Incentive Profit: ~$205M (-) Performance Incentive (10% blend): ~$20M = Net Investor Profit: ~$185M (~3.7% net) Total all in drag = ~$565M (or ~11.3% of AUM) ILLUSTRATIVE EXAMPLE OF PASS THROUGH + INCENTIVE WATERFALL: (-) TALENT WAR $240m (-) TECH & Infrastructure $120m (-) Data $75m (-) HQ Overhead $110m = $545m (-) Incentive Fee at 10%: $20m = $565m drag to LPs *Obv this is me guessing based on what I know...nobody outside the docs knows the exact allocation These are the buckets LPs are trying to understand Gross returns tell you about the trading engine Net returns tell you about the full business model *I HAVE NOT READ JAIN DOCS... ECONOMICS ALL VARY BY FUND... THIS IS FOR EDUCATION PURPOSES SO YOU CAN UNDERSTAND THE MOVING PIECES... MOST BEST GUESS*

levered beta boy @leveredbetaboy2

5 days ago

Jain Global passing thru mgmt fees of 10%+ in its second year of operations

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Everyone has seen this Gavin Baker clip, but here's what it really means. The easy money was made in the AI bottleneck trade as names like $NVDA, $AMD, and $MU benefited from GPU and memory shortages. The next phase is identifying which companies have durable advantages... whether that's hyperscalers $AMZN, $GOOGL, and $MSFT, or AI infrastructure and services providers like $CRWV, $IREN, and $NBIS that can build lasting platforms on top of the compute.

Jim Chanos is short the neoclouds. "It gets back to the point that we've made to clients that anybody that's just a middleman in this chain, like the data center guys are either as rights or equipment leasing companies should never trade at higher multiples than the company that controls their supply." $CRWV $NBIS $IREN

Very cool

FUNDA @FundaAI

6 days ago

Anthropic is the fastest-growing AI company in the world, and its revenue trajectory is arguably the single most important private-company signal for the entire AI infrastructure trade. But between sporadic media leaks, the market is flying blind. Today FUNDA is launching

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Threadguy reveals Hyperliquid was the only venue on earth that didn't break during the SpaceX IPO "What Hyperliquid pulled off on the SpaceX pre-IPO was absolutely incredible. So much volume, so much OI, the market was so liquid, and it predicted the price almost perfectly. The last quote that came out was 150, and within 10 minutes of the IPO it was at 175. It was wild how accurate it was." "And here's the crazy part. The moment the IPO went live, Robinhood was down, Coinbase was down, Bybit had to refund everybody that participated, Binance had to refund everybody that participated, and Hyperliquid was the only venue on the planet with absolutely no problems. Very impressive tech performance on the biggest IPO in history."