Nvidia Stock (NVDA)

A few observations: * Per my previous “Tales” in which I made the point regarding the low-quality revenue in this space due to a lot of it coming from venture-backed firms that have no future like Character AI, here is some data. Tweet and subtweet. The first tweet claims 80% of Anthropic’s and Open AI’s revenue comes …

* But there are important differences which will likely produce more muted downside to the hyperscalers and more muted upside to consumer staples… “History doesn’t repeat itself, but it often rhymes.” – (Attributed to) Mark Twain The U.S. stock market is starting to look like the spring of 2000 when the dot-com boom came to a halt …

* The Bull Market movie is in reverse today… “Buyers live higher and sellers live lower.” – Kass Diary As I have mentioned market structure has changed meaningfully in the last decade. Passives (ETFs) control float and the Pods (at multi-strategy Hedge Funds) control the marginal price. That said, high above the Alps my Gnome …

I have taken profits in these two shorts just now: * $NVDA $224.25 (-$4.05 today) * $CRWV $67.53 (-$10.25 today) Position: None

Here are today’s things: * I shorted more $GRNY at $28.47. * I added to my $NVDA short at $228.18. * I added to $GLAS at $4.01 and $MSOS at $4.24. As you can see I have been relatively inactive today… Position: Long MSOS common (VL) and calls (VS), GLAS (S); Short GRNY (M), NVDA …