AI capex financing - not a bubble. KKR slides. #ai

First sights of fees on consumer laziness. #AI #ecommerce

From OpenAI blog: "Compute is the scarcest resource in AI" https://openai.com/index/a-business-that-scales-with-the-value-of-intelligence/

Astera Labs $ALAB CEO: "Everybody who's deploying these AI systems is saying that, hey, there is ROI. They are getting returns on their investment. So - and we see that translated into our order pattern as well. So we don't see any evidence of a slowdown in 2026 or in 2027."

By the way, here's a great review of Metas AI efforts and how Zuck decided it was a great idea to put yes man insteadof ML industry veteran in charge of AI efforts. $META

KeyBanc Upgrades $INTC to Overweight from Sector Weight, PT $60 Analyst comments: "We expect outsized data center demand from hyperscalers this year to be a significant tailwind for Data Center and AI. Our checks indicate INTC is almost sold out for the year in server CPU, and given the strength in demand, the company is considering a 10-15% ASP increase. We are seeing significant progress being made on foundry with 18A yields improving to over 60% and good enough to ramp Panther Lake. While not best in class, as TSMC was at 70-80% when it launched 2nm, with INTC’s aspirations of being the #2 foundry supplier, 60%+ yield is significantly better than SF2 at Samsung Foundry, which we believe is less than 40%. Our checks indicate Intel Foundry Services has landed Apple as a customer on 18A for low-end M-series processors for MacBooks and iPads, which is expected to go into production in 2027. Additionally, we believe INTC is in discussions with Apple to use 14A to support low-end mobile A-series processors for iPhones in 2029."

$META - ZUCKERBERG ANNOUNCED NEW TOP-LEVEL INITIATIVE, META COMPUTE Aaand another shift, from mark. Seems, ai capex will follow a metaverse returns trajectory, but if you rent your compute, maaaybe you could squeeze your nose into hyperscalers yard.

Lovely. Top propagandists on twitter.

Annual portfolio overview. US Positions discussed: $XYZ, $NET, $APPS, $INTC, $CDNS, $AMZN, $ALAB, $KSPI (+elevator pitch) Other: $RIGD, AKO1L, VLP1L, EWA1L, SFG1T, MDARA Also comments on painful loss exits: $IAC, $EVO and US, Baltic market outlooks.

Generalist Lab

Annual Portfolio Overview - 2026 – Generalist Lab

Annual portfolio review, discussion of each position and outlook for each and markets overall. Discussed: AMZN, ALAB, KSPI, NET, XYZ, APPS...

https://pbs.twimg.com/media/G9w3hpaXAAAFMjK?format=png&name=900x900

As Marley said, In 2026 light up the darkness, people. Have a good one.

Facebook buys AI scientists, China buys ex-ASML employees... Semi companies' China revenues are not sustainable. $ASML #Semi https://www.reuters.com/world/china/how-china-built-its-manhattan-project-rival-west-ai-chips-2025-12-17/

How it started and how it's going.

Generalist Lab

Why I started GeneralistLab? – Generalist Lab

Exploring motivations that led to this blog. How some of those shifted over time and why currently I find it more difficult to write..

Lots portfolio moves in past 2 weeks, after a break, will write annual portfolio review getting into more detail soon. Stay tuned. For now, in short: -Sold 12.5% AKO1L at €1.8 -Bought back $INTC at $37.1 -Add $KSPI at $79 -Bought Nordic Corp Bond Fund,~5% -Sold $EVO at 622 SEK

Dallas FED survey on oil market.

Lingering pessimism, uncertainty further weigh on oil and gas activity

Activity in the oil and gas sector edged lower in fourth quarter 2025, according to oil and gas executives responding to the Dallas Fed Energy Survey.

"I have an uneasy feeling about the reason that China continues to stockpile crude oil to the tune of about a million barrels per day. Could it be a prelude to an invasion of Taiwan?" Same brother, same.

Madara Cosmetics $MDARA management said they have something exciting to announce in H1 webinar I assumed it was new markets. b2b subscription based service for hotels was not in my bingo card. Interesting if they get traction in this segment, but gotta compliment the move.

Annual Nasdaq-100 index ($NDX) changes. Added: -Alnylam Pharmaceuticals, Inc. ($ALNY) -Ferrovial SE ($FER) -Insmed Incorporated ($INSM) -Monolithic Power Systems, Inc. ($MPWR) -Seagate Technology Holdings plc ($STX) -Western Digital Corp. ($WDC) Removed: -Biogen Inc. ($BIIB) -CDW Corporation ($CDW) -GlobalFoundries Inc. ($GFS) -Lululemon Athletica Inc. ($LULU) -ON Semiconductor Corporation ($ON) -The Trade Desk, Inc. ($TTD).

Radio Paradise served this wonderful cover of one of most recognizable Tears of Fears songs "Head over Heels" by Japanese Breakfast. New indie artist for me. Way more collected, chill version. #GLMusicDiscovery #indie

Glassnode: The aggregated size of Bitcoin treasuries held by public and private companies has grown from 197K BTC to 1.08M BTC, a ~448% increase since January 2023. Corporate balance sheets are becoming an increasingly significant pillar of demand for BTC. Price is noise.

Occasionally visit Clouded Judgement for newest stats, comps, but title on this one caught my eye. Startup space getting irrational on compensation expectations. All in the space of that 1% w/ purcashing power.

Clouded Judgement 12.5.25 - Monopoly Money

Every week I’ll provide updates on the latest trends in cloud software companies.

“In three words I can sum up everything I’ve learned about life: It goes on.” - Robert Frost