One of the most important disciplines in investing is constantly updating the best argument against your own position. Not dismissing it. Not looking for reasons it’s wrong. Actually understanding it well enough to decide how much conviction your own thesis deserves. $AMZN has badly lagged the market and many other AI names recently, and I think the counter thesis has evolved. The biggest new threat is agentic commerce. Meta’s Muse and other AI agents could increasingly control product discovery and purchasing, potentially weakening Amazon’s retail and advertising moat. That’s real. But I think it plays out slowly, Amazon will adapt through its own agents, including Project Moonraker, or partnerships that are seeking access into and monetization from the world’s largest ecommerce platform, and in an agent-first world the upside to AWS, Trainium, Graviton and Amazon’s broader AI infrastructure business could ultimately more than offset the advertising dollars at risk. Then there’s Anthropic. A recent barrage of negative headlines around slowing growth and Meta/Microsoft reducing Claude usage has spilled over into $AMZN sentiment. Again, worth taking seriously. But much of that narrative looks incomplete. Anthropic’s revenue growth remains extraordinary, its IPO appears very much alive, and its massive long term commitment to AWS remains intact. We are still early and one can make a strong argument that AWS has more to gain from an open source first AI world than it would lose from Anthropic’s and OAI’s relative weakness, if it even plays out that way. And now sharply higher diesel prices create another near term headwind to Amazon’s shipping margins. That’s real too. But either fuel prices normalize or as with past cost inflation Amazon eventually passes much of the higher cost through while continuing to drive down fulfillment costs. I don’t need the counter thesis to be wrong to own $AMZN. I just need the bull thesis to be more right.

$AMZN is developing an Alexa AI project codenamed Moonraker to handle multistep tasks like booking a ride and texting a friend. Internal docs reportedly project more than $100M in 2026 GPU costs making Moonraker the most expensive new Alexa+ initiative.

The most demanding real estate project in history: building a Moon Base. @POTUS wants to know the people, the hardware, and how we’re tracking against the schedule. Artemis III is an incredibly demanding test mission, and a critical step toward an enduring American presence on the Moon.

A project shaped by experimentation, trust and a genuinely wonderful collaboration. Thank you to the Kimi team for believing in the process and being such a pleasure to create with! #KIMI# #KIMIK3# #MOONSHOTAI# #K3# #BTS#

"Mooncake originated from a research collaboration between Kimi(Moonshot AI) and Tsinghua University. It was born from the need to solve the 'memory wall' in serving massive-scale models like Kimi K-Series. Since open-sourcing, it has evolved into a thriving community-driven project." GitHub:

Kimi K3.1 Pro from @Kimi_Moonshot is now available on Merge Gateway. It's Moonshot's most capable open-weight model yet, with a 1M-token context window and full-project coding across Unreal, Unity, and Godot. Check it out:

Elon Musk has joined Project Meridian, a new Pentagon project to help shape the future of American warfare. • Announced by Secretary of War Pete Hegseth, the project will be co-led by Musk, Anduril founder Palmer Luckey and former House Speaker Newt Gingrich. • Its mission is to identify where future military conflicts could happen and which weapons, technologies and capabilities America will need to win. • Musk and Luckey are being brought in as founders who build technology, with the task of envisioning solutions for future warfare. • Pentagon technology chief Emil Michael is facilitating the effort, supported by experts from industry, academia and policy. • The team has 120 days to deliver its findings and recommendations in a publicly released report, accompanied by a classified annex. • That is far faster than earlier reviews, including Eric Schmidt’s two-year National Security Commission on AI and a nearly three-year Pentagon acquisition reform study. • Potential scenarios span underground combat, the deep ocean, space around the Moon and even Mars. • The team will reportedly have broad freedom to explore ideas, without a fixed list of required reporting areas or a mandate limited to AI, cyber or space. • The focus extends beyond today’s shortcomings in software, AI and manufacturing to emerging threats and vulnerabilities the military may not yet recognize. The goal is to bring private-sector innovation into military planning, overcome slow development and help American forces maintain a technological advantage for decades to come.

One of my all time favorite collections is @moonbirds guided by one of the smartest leaders in the entire space @spencer . Definetly a lot of new shiny things to test drive in the NFT space recently but in the end I’ll always choose a legendary OG project like this one first. ❤️

With @inferact, @vllm_project is now officially verified by @Kimi_Moonshot to serve Kimi K3 with full accuracy, according to the Kimi Vendor Verifier. As the leading inference engine, vLLM delivers best results across vision, 1M context, and agentic coding; with prod quality.