“Snap has the potential to be a great company and a double AI winner through meaningfully improved operating efficiency and monetization. Irenik has outlined 6…”
Activist Irenik says Snap can 7x to $26 via cost cuts, AI ad monetization, governance reform.
“for a lot of advertisers, Snap has not become this like, oh sure … it's like in the marketing mix very regularly”
Snap's core ad engine is decelerating as Meta and AppLovin take performance budgets; cash deals mask the gap.
“The pause is unpaused. This is fully— we are in unpaused mode. Satya is going all in on AI.”
Microsoft locking in dedicated gigawatt-scale power signals its AI capex is durable and accelerating, not paused.
“Access to reliable baseload power is emerging as a key challenge … Chevron and Engine No. 1 partnership expects to address, given its extensive natural gas…”
Data centers turn into the new structural buyer of US gas, and Big Oil plus pipelines monetize the power buildout.
“NVIDIA remains the foundation of our infrastructure, our training fleet, and the majority of our inference stack.”
OpenAI's $852B round confirms Nvidia stays the foundation of training and most inference at massive scale.
“we've obviously got Raytheon as the incumbent here … They're incredibly expensive today and we have few of them on ships”
Raytheon is the costly radar incumbent ripe for disruption as new entrants democratize phased arrays
“This is our largest transaction at $8.5 billion... And it was done at an investment-grade cost of capital. So this was done at SOFR plus 225 or, you know,…”
CoreWeave funds GPU buildout at investment-grade cost as credit demand validates the model
“I do think dating is a pretty protected category because you need liquidity. So the big, big apps are always the big apps.”
Dating incumbent moats are proving more durable than AI-disruption fears; the market over-discounts the leader.