Dylan Patel on financing being the largest constraint in getting more compute online Funny to watch Silicon Valley come to the realization that cash flows are ultimately what Wall Street lenders care about, rather than just hopes and dreams of AI "We are seeing more and more turn from long term debt to something that is more shorter term. Broadcom has done the same thing with Anthropic, where they are leasing the chips. It is a rent to own, stretching out the payments over a few years. Whole name of the game is if anyone wants to get capacity, if you are not one of the big companies, you have to come with a structure that has NVIDIA, Broadcom or AMD backstopping these structures. So ultimately the financing of this all is a big dampener."

Seeing my own usage and spend on AI go exponential over the last 3 months while the AI infrastructure stocks are all down 20% or more Either I am the outlier, or the market narrative is clearly broken. The revenue for the models are only going up from here, not down

The entire AI infrastructure complex is now in a bear market. Drawdown since all time high > GE Vernova: -22% > Quanta: -24% > Eaton: -18% > Vertiv: -47% > Bloom Energy: -32% > Constellation Energy: -33% > Coreweave: -67% > IREN: -64% Either a falling knife or a generational buying opportunity, depending on which side of the AI debate you sit on

There is unlimited supply of people with big ideas but extremely limited supply of people with courage to take on those ideas The older you grow, the more you realize that courage and willingness to fail for long periods of time matter much more than intellect

The right way to approach careers is to treat it more like a marathon, rather than a sprint If you are young and taking shortcuts to look good in the short term, you are leaving enormous long term potential on the table Don’t burn bridges with your coworkers and managers just because something feels not worth it today Don’t shy away from the difficult projects because you will certainly end up looking back and valuing the experience This is the one piece of advice that I wish a lot more young graduates understood

Kind of hilarious that we spent a trillion dollars trying to build God, only to realize that a cheaper version of this God is more than sufficient to complete 95% of the tasks in corporate America, who would ultimately be the end customer for this God anyways Turns out that you don’t need that much intelligence to hold up even the most powerful and vibrant economy in history Intelligence was never the bottleneck

@MorePerfectUS Margin trading is common in all financial markets. Some important features: - This is geared for institutional clients. - It is a way to reduce cost of capital for long dated markets and introduce efficiency. - It is not for a number of categories including sports and culture.

The missing piece of agentic workflow today is the lack of connectivity between the AI tools inside your company No CFO wants to deal with a bunch of agents running around and picking up token costs along the way that directly impact the P&L Having one end to end platform that manages all your agents in one place is the solution

Every CEO is now faced with two options in front of them 1/ Integrate yourself into the AI platforms and potentially risk getting dis-intermediated by OpenAI, Anthropic or Meta 2/ Build a castle around your platform and product, ban any API calls and potentially risk giving up hundreds of millions in revenue and web traffic Don’t think anyone really knows what the right answer is, but the path you take determines the entire future for your business Not a fun time to be a decision maker at a large company right now

Good reminder that the entire world is held up by fickle objects that no one bothers to think about One line of code at a massive company can shut down the entire business for hours One busted excel formula or wrong click on a button can cost a bank millions of dollars A single fiber cut shuts down massive airlines all across an entire region in the US

This is 100% correct. Ever since 2008, the pay in finance has not kept up at the same pace of growth as other industries Post 2020, a lot of office jobs received major pay bumps. While investment banks increased base salaries for junior folks, the same was not true for buyside You can now easily make high finance base salaries across many different industries with 50% of the work required Sure, bonuses ramp very quickly over time in finance still, but it’s a long way to go before you are hitting strides and feel a difference in your lifestyle The bottom line is that the “prestigious” finance career paths no longer earn you the premium lifestyle it once used to

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The older I grow, the more I come to realize that the first 10 years of a child’s life will determine his or her entire future Every hobby you develop during those years are what you will end up enjoying as you become an adult Every personality flaw you learn sticks with you through your career and relationships In many ways, those are the only years that end up mattering in the long run