“So then you go to Coreweave. Okay, fine. But what does Coreweave tell you? They're an excellent business.”
Booming token budgets are blowing past cloud margins, pushing demand to CoreWeave the 'excellent business'
“if rates climb closer to 5% as I mentioned in the past, just using the current debt levels, it adds another $650 billion a year of interest expense”
Debt death spiral plus a balance-sheet-tightening Fed pushes long yields higher, TLT lower
“you got to find ways of hedging and owning real durable assets because the underlying currency that is used in these economies, even on a relative basis, will…”
Debt-to-GDP grinds toward 200-600% across all countries, currencies erode, gold re-rates as the durable-asset hedge
“we probably see things like gold do much, much better over time because people will be afraid about the durability of their dollar denominated resources”
Chamath frames gold as the direct hedge against governments addicted to spending and currencies that on a relative basis fall off a cliff. The instrument is the trade because his whole debt-to-GDP argument resolves to owning durable real assets.
“I think we're kind of missing the lead here, which is we are at the beginning of an economic boom. Again, we saw it in the GDP growth rates in Q3 and Q4 last…”
New Golden Age call: 5%+ GDP, $600B hyperscaler CAPEX is a 2% GDP tailwind, market is blackpilling the boom
“the new CEO, Benedetto Vigna, is a very talented executive and I think that he's probably going to land something beautiful”
FSD kills mass car culture but Ferrari survives as the experience luxury the wealthy still pay for