🌮Happy Cinco de Mayo! Make these easy Taco-dilla Bites for a fun, festive snack!🌮 . . . . #cincodemayo# #taco# #quesadilla# #tacodilla# #tacobites# #snacks# #foodie# #foodies# #foodstagram# #recipe# #recipes# #RealFoodRealFun…#

DELL $DELL CLOSED +12.0% TODAY, THE BEST PERFORMER IN THE S&P 500 Nine of eleven sectors finished green. Technology led at +1.1%, with 34 of its 50 names higher. Hardware and semis came all the way back: - Dell $DELL +12.0% - Arista Networks $ANET +5.6% - Analog Devices $ADI +4.9% - Amphenol $APH +4.6% - Cisco $CSCO +4.4% - Marvell $MRVL +4.0% - Texas Instruments $TXN +3.8% - Intel $INTC +2.6% - Advanced Micro Devices $AMD +2.5% Google $GOOGL +1.8% carried Communication Services. Apple $AAPL +1.8%, Amazon $AMZN +1.9%, Netflix $NFLX +1.8%. Utilities and Healthcare were the only red sectors. UnitedHealth $UNH -2.4% was the weakest large name, and Oracle $ORCL fell another -1.7%.

Becoming AI-first is not just a technology strategy. It’s an organizational design problem. Last week at @Glean:GO, leaders from some of the world’s largest companies—like @GM, @Ericsson, @Cisco, @Deloitte, @Mastercard, @Dell, and @GeneralMills—showed that even organizations with long histories can become AI-first. But the transition requires redesigning how work gets done, not simply adding AI to the existing stack. A few themes stood out: - 𝗠𝗼𝘃𝗲 𝗳𝗿𝗼𝗺 𝗿𝗲𝗮𝗰𝘁𝗶𝘃𝗲 𝘁𝗼𝗼𝗹𝘀 𝘁𝗼 𝗽𝗿𝗼𝗮𝗰𝘁𝗶𝘃𝗲 𝗰𝗼𝘄𝗼𝗿𝗸𝗲𝗿𝘀. On stage with @OpenAI’s @embirico and @CNBC’s @Kr00ney, we discussed why most companies barely tap AI’s potential: workers don't know what to ask. When AI has deep context—your role, OKRs, and daily tasks—it can proactively propose work by default, eliminating the friction of prompt engineering. - 𝗥𝗲𝗱𝗲𝘀𝗶𝗴𝗻 𝘄𝗼𝗿𝗸𝗳𝗹𝗼𝘄𝘀, 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝘁𝗮𝘀𝗸𝘀. The biggest constraint is often the coordination around a task: handoffs, context switching, and silos. If the workflow stays the same, much of AI’s productivity gain is lost. This is why we built Glean Transform, to map how work actually happens and redesign it around AI. - 𝗕𝗮𝗸𝗲 𝗶𝗻 𝗗𝗮𝘆 𝟬 𝘀𝗲𝗰𝘂𝗿𝗶𝘁𝘆. In my conversation with @Cisco’s @jpatel41 and @Deloitte’s Ashish Verma, a shared reality emerged. Enterprise AI cannot scale as a collection of ad-hoc initiatives. To give organizations the trust needed to hand over real, mission-critical work, Day 0 security and fine-grained data governance must be built directly into your core systems of record. - 𝗠𝗲𝗮𝘀𝘂𝗿𝗲 𝗼𝘂𝘁𝗰𝗼𝗺𝗲𝘀, 𝗻𝗼𝘁 𝗷𝘂𝘀𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆. @DaVita has saved 75,000 days of work using Glean. But as Madhu Narasimhan, CIO of DaVita, emphasized, the ultimate measure is human impact: giving a caregiver five more minutes with a patient. - 𝗖𝗿𝗲𝗮𝘁𝗲 𝗰𝗹𝗲𝗮𝗿 𝗼𝘄𝗻𝗲𝗿𝘀𝗵𝗶𝗽, 𝗼𝗳𝘁𝗲𝗻 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗮 𝗖𝗔𝗜𝗢 𝗿𝗼𝗹𝗲. In a panel with CAIOs from Capgemini, Mastercard, Ericsson, and Zapier, leaders emphasized that without clear ownership, AI remains a collection of disconnected initiatives instead of becoming a new operating model. Thank you to our customers, partners, speakers, and Glean team for showing what it looks like to build an AI-first organization in practice. We’re honored to be a partner in that journey.

DAILY SITUATION RECAP: Nvidia launches the Open Secure AI Alliance in order to find and fix vulnerabilities using open-source AI, sort of like an open Project Glasswing. Founding partners include a mix of enterprise software companies (Databricks, Salesforce, IBM, SAP, Siemens, Snowflake), cybersecurity companies (Palo Alto Networks, Red Hat), open-source providers (Hugging Face, LangChain, OpenClaw, Nous, the Linux Foundation), AI labs (SpaceXAI, Thinking Machines, Cognition), and other major companies (Nvidia, Microsoft, Cisco, Palantir, Dell). Moonshot AI releases the Kimi K3 weights and technical report after eleven days since launch. Kimi K3 is a 2.8T parameter mixture-of-experts (MoE) model with 104B active parameters and a 1M token context window. Moonshot also open-sourced much of their infrastructure, including their attention kernels, agent environment platform, and MoE communication library. Just because you can download it in theory doesn’t mean you actually can — the model is far too big to be run on any consumer hardware. Nvidia invests $5B in Ilya Sutskever’s SSI. Sutskever, formerly co-founder and Chief Scientist of OpenAI, founded Safe Superintelligence in 2024 with the sole goal of building a safe superintelligence, with no other products along the way. It has since raised $3B at up to a $32B valuation (likely higher now). SSI is famously very secretive about its research, but Sutskever said it’s “focused on overlooked aspects of how the human brain functions”. The new funding, and access to Nvidia Vera Rubin GPUs, will allow SSI to 10x its compute. More companies sign on to Nvidia’s open source letter. The letter, posted by Jensen Huang on Friday, advocates for a robust American open-source ecosystem with minimal government regulation. New signatories include Google, SpaceXAI, OpenAI, AMD, Cisco, Palo Alto Networks, Nebius, Scale, Fireworks AI, Baseten, Cohere, Sakana AI, Periodic Labs, Core Automation, OpenClaw, and GitHub. Every major American frontier lab except for Anthropic has now signed. CXMT stock surges 466% on its first trading day. The company, formerly ChangXin Memory Technologies, is the largest memory manufacturer in China and the fourth-largest in the world (after SK Hynix, Samsung, and Micron), with a 9% global market share. It now has the second-highest market cap of any Chinese company after Tencent. CXMT doesn’t make the most leading-edge HBM for AI chips, but supplies DRAM to consumer tech manufacturers and data centers. Nvidia may guarantee $250-350B of financing for an OpenAI data center. SB Energy, a subsidiary of SoftBank, is developing a massive 10 GW data center on federal land in Ohio at a total cost of over $500B. The financing guarantee would allow SB Energy to borrow money at lower rates, and possibly allow OpenAI to spend more on Nvidia chips. China begins manufacturing DUV machines. Deep ultraviolet (DUV) lithography machines print intricate nanoscale patterns on silicon wafers, a critical step in chipmaking. The new machines, built by an unnamed state-backed company, will be shipped to local chipmakers including SMIC, Hua Hong Semiconductor, and CXMT. China is still behind on the most advanced extreme ultraviolet (EUV) lithography, which is solely produced by Dutch company ASML. ASML stock fell 6% on the news. Dario Amodei explains Anthropic’s position on open models: open-weight models without dangerous capabilities are a public good, and Anthropic has never supported a full ban. However, we should be worried about the CCP using them for repression, as well as cyber/bio/alignment risk. To that end, we should not sell chips to China, crack down on distillation, and require mandatory safety testing for all sufficiently capable open and closed models. China threatens to respond if the US sanctions their AI labs. The Chinese Ministry of Commerce said US accusations of distillation were “smears” and that China will “take all necessary measures” to defend its rights and interests against any action that substantively harms them. DeepSeek has suspended its recent funding round after comments from a private investor call with CEO Liang Wenfeng were leaked. Written by @theojaffee. Read more at our link in bio.

$HPE earnings tonight after the bell. Most investors look at $HPE and see AI servers. After yesterday’s $DELL results, it’s easy to focus on backlog growth and AI infrastructure demand. But I think the real story is Networking. With Juniper now part of HPE, the company has a much stronger position in one of the most important layers of the AI stack. And judging by the current valuation, I don’t think the market is giving that business nearly enough credit. Here is what I’m watching across their 3 main pillars and why this trade plays out on multiple fronts: 1. Cloud & AI Expecting nothing short of phenomenal numbers here. Following $DELL great earnings, we already know how insane AI demand is right now. I’m expecting a solid beat, further expansion of their already record AI backlog (previously $6.3B), and a guidance hike for the full year. 2. Networking + Juniper Networks HPE isn't just selling switches - they now directly challenge Ciena and Cisco (+25% op margin) in high-margin optical networking, coherent optics, and Data Center Interconnect (DCI), while targeting Arista Networks (43% op margin) in AI fabric. HPE’s standalone networking sits in the low 20% range. I ntegrating Juniper’s optical/routing tech and Mist AI provides a complete stack (from AI servers to optical interconnects), driving structural margin expansion. The market trades pure-play networking at a massive premium. As integration progresses, HPE gets re-rated from a low-margin hardware vendor to an enterprise networking power. 3. Hybrid Cloud & GreenLake (The Cash Flow Anchor) Traditional IT and the GreenLake subscription model provide steady cash flow to buffer hardware margin swings. This segment generates the dependable capital needed to rapidly pay down debt and deliver on their $3.5B+ Free Cash Flow target for the year. Wall Street is modeling Q3 revenue around $11.5B–$12.1B and EPS at $0.88–$0.93. With expectations set high after Dell, an AI beat is table stakes - the real upside trigger will be networking integration velocity and margin resilience.

Top 100 Assets in the World 💰 1. 🏠 Real Estate - $448.08 Trillion 2. 🛢️ Oil - $144.66 Trillion 3. 💵 Government Bonds - $117.03 Trillion 4. 🇨🇳 Chinese Yuan - $53.06 Trillion 5. 🪙 Gold - $30.34 Trillion 6. 🇺🇸 United States Dollar - $23.16 Trillion 7. 🇪🇺 Euro - $19.15 Trillion 8. 🧱 Copper - $19.04 Trillion 9. 🔥 Natural Gas - $9.43 Trillion 10. 🇯🇵 Japanese Yen - $8.14 Trillion 11. 🇺🇸 NVIDIA - $5.25 Trillion 12. 🇺🇸 Apple - $4.67 Trillion 13. 🇬🇧 British Pound - $4.41 Trillion 14. 🇺🇸 Alphabet - $4.24 Trillion 15. 🇺🇸 Microsoft - $3.81 Trillion 16. 🥈 Silver - $3.80 Trillion 17. 🇰🇷 South Korean Won - $3.04 Trillion 18. 🇺🇸 Amazon - $2.87 Trillion 19. 🇭🇰 Hong Kong Dollar - $2.76 Trillion 20. 🇦🇺 Australian Dollar - $2.49 Trillion 21. 🇹🇼 New Taiwan Dollar - $2.20 Trillion 22. 🇨🇦 Canadian Dollar - $2.05 Trillion 23. 🇹🇼 Taiwan Semiconductor Manufacturing Co. - $1.96 Trillion 24. 🇺🇸 SpaceX - $1.87 Trillion 25. 🇺🇸 Broadcom - $1.75 Trillion 26. 🇸🇦 Saudi Aramco - $1.68 Trillion 27. 🇷🇺 Russian Ruble - $1.61 Trillion 28. ₿ Bitcoin - $1.58 Trillion 29. 🇧🇷 Brazilian Real - $1.48 Trillion 30. 🇺🇸 Meta Platforms - $1.47 Trillion 31. 🇨🇭 Swiss Franc - $1.39 Trillion 32. 🇺🇸 Tesla - $1.38 Trillion 33. 🇰🇷 Samsung Electronics - $1.22 Trillion 34. 🇺🇸 Berkshire Hathaway - $1.08 Trillion 35. 🇺🇸 Micron Technology - $1.06 Trillion 36. 🇺🇸 Eli Lilly - $1.05 Trillion 37. 🇲🇽 Mexican Peso - $993.78 Billion 38. 🇺🇸 JPMorgan Chase - $950.62 Billion 39. 🇮🇳 Indian Rupee - $861.32 Billion 40. 🇰🇷 SK hynix - $847.31 Billion 41. 🇺🇸 Walmart - $820.40 Billion 42. 🇸🇦 Saudi Riyal - $818.45 Billion 43. 🇦🇪 UAE Dirham - $783.00 Billion 44. 🇵🇱 Polish Złoty - $781.73 Billion 45. 🇺🇸 Advanced Micro Devices - $760.05 Billion 46. 🇹🇭 Thai Baht - $742.83 Billion 47. 🇺🇸 Visa - $712.47 Billion 48. 🇸🇬 Singapore Dollar - $702.11 Billion 49. 🇻🇳 Vietnamese Đồng - $684.23 Billion 50. 🇳🇱 ASML Holding N.V. - $668.84 Billion 51. 🇲🇾 Malaysian Ringgit - $656.19 Billion 52. 🇺🇸 Johnson & Johnson - $645.95 Billion 53. 🇺🇸 ExxonMobil - $644.38 Billion 54. ⚪ Platinum - $596.14 Billion 55. 🇹🇷 Turkish Lira - $586.10 Billion 56. 🇮🇩 Indonesian Rupiah - $585.34 Billion 57. 🇸🇪 Swedish Krona - $545.39 Billion 58. 🇨🇳 Tencent - $524.76 Billion 59. 🇺🇸 Mastercard - $521.49 Billion 60. 🇮🇱 Israeli New Shekel - $510.61 Billion 61. 🇺🇸 Intel - $472.95 Billion 62. 🇺🇸 AbbVie - $451.46 Billion 63. 🇺🇸 Palantir Technologies - $447.67 Billion 64. 🇨🇳 Industrial and Commercial Bank of China - $436.06 Billion 65. 🇺🇸 Bank of America - $435.79 Billion 66. 🇺🇸 Oracle - $434.52 Billion 67. 🇺🇸 Cisco Systems - $433.28 Billion 68. 🇺🇸 Costco Wholesale - $419.38 Billion 69. 🇨🇳 China Construction Bank - $415.34 Billion 70. 🇺🇸 Chevron - $396.87 Billion 71. 🇳🇴 Norwegian Krone - $390.12 Billion 72. 🇺🇸 The Coca-Cola Company - $305.77 Billion 73. 🇺🇸 Lam Research - $377.77 Billion 74. 🇺🇸 Caterpillar - $367.65 Billion 75. 🇺🇸 Applied Materials - $366.38 Billion 76. 🇺🇸 Merck - $366.00 Billion 77. 🇨🇭 Roche - $362.92 Billion 78. 🇬🇧 HSBC - $356.71 Billion 79. 🇺🇸 General Electric - $356.63 Billion 80. 🇺🇸 GE Aerospace - $355.15 Billion 81. 🇺🇸 UnitedHealth - $352.71 Billion 82. 🇨🇿 Czech Koruna - $318.17 Billion 83. 🇺🇸 Netflix - $340.78 Billion 84. 🇺🇸 Morgan Stanley - $334.71 Billion 85. 🇺🇸 Procter & Gamble - $334.81 Billion 86. 🇺🇸 The Home Depot - $329.13 Billion 87. 🇵🇭 Philippine Peso - $325.51 Billion 88. 🇨🇴 Colombian Peso - $319.17 Billion 89. 🇨🇳 PetroChina - $310.47 Billion 90. 🇿🇦 South African Rand - $308.34 Billion 91. 🇺🇸 Palo Alto Networks - $307.98 Billion 92. 🇺🇸 Goldman Sachs - $301.57 Billion 93. 🇩🇰 Danish Krone - $300.31 Billion 94. 🇨🇭 Novartis - $300.25 Billion 95. 🇪🇬 Egyptian Pound - $299.84 Billion 96. 🇺🇸 Philip Morris - $299.08 Billion 97. ♦️ Ethereum - $297.52 Billion 98. 🇨🇳 Alibaba - $297.51 Billion 99. 🇨🇳 Bank of China - $296.65 Billion 100. 🇺🇸 Dell Technologies - $291.50 Billion Note: Commodities and Currencies are estimates. Source: AssetMarketCap