Jurrien Timmer(@TimmerFidelity):On the AI front, the trade has been dead money for more than 3 months now. The metrics I am following (token expenditures and GPU lease rates) are all flat to down. The price of memory (DRAM) seems to be the only thing that is still going up. 🧵(1/2)

Jurrien Timmer

@TimmerFidelity

Dir. of Global Macro @Fidelity. Student of history, chart maker, cyclist, cook. Helping investors break thru the clutter. Views are mine.

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Jurrien Timmer@TimmerFidelity

2026.09.23 00:45

On the AI front, the trade has been dead money for more than 3 months now. The metrics I am following (token expenditures and GPU lease rates) are all flat to down. The price of memory (DRAM) seems to be the only thing that is still going up. 🧵(1/2)