Sunday Night Musings… AI fundamentals are accelerating and the innovation to usage flywheel keeps speeding up. Hard to internalize that none of this existed three years ago, and that the capabilities I’m excited to use daily weren’t possible last August. Things are compounding crazily. From a market perspective, we just had a legendary de-grossing in the market’s main theme and the indexes held. Success broadened into other sectors. Meh 7 became Mag again on the back of wildly impressive growth and some “new” ROI disclosure. We’ve even had a few “everything rallies”. With multiples undemanding, that bodes well for the opportunity set imho. Meanwhile, information asymmetry (“edge”) in large, well covered stocks has never been higher. The paradox exists because a higher % of people trading them know very little, and against fast secular change that makes for ripe opportunity. Watching people learn their xyz-th version of Jevons, or plant a flag on zero sum, is genuinely encouraging if you’re on the other side. And it looks like we can climb the macro wall of worry. The rates narrative can change as fast as it arrived (repeat after me: negative NFP) as wages lead and are consistently normalizing. We’re also starting to lap tariff impacts and, with a little luck, war effects can dissipate too. Ultimately, if the supposed hiking cycle turns out to be a never-was, it will do a lot for risk sentiment into year end. That said, the next two CPIs will be important. Where am I worried? Data-center political football and equity supply. The anti-AI narrative is short-term and bi-partisan convenient politically, but in the end I don’t think it engenders enough passion (faux hate?) to be substantive. I know it polls well, but as we’ve learned in 2016 / 20 / 24, polls have lost signal. It’s also simply too important to GDP at this point, and obvious solves exist (paying power bills etc). Push comes to shove some localities will extract their pound of flesh, same as it ever was. On supply, recent IPO unlocks plus a likely Anthropic deal is potentially a lot of stock to digest. But if that supply arrives alongside accelerating ARRs and compute deals, and that information gets democratized (particularly among the less informed but large capital macro community) the negative can flip into a positive. Interesting times to say the least. As always, godspeed :)