To The Moon

Inference became theatre. Investors arrived before the final act The IPO That Arrived Exactly on Cue Cerebras Systems did not quietly tiptoe onto the public markets. It marched in wearing a brass band, carrying a wafer-sized silicon dinner plate, and demanding Wall Street’s full attention. At one point, investors valued the company at roughly $95 billion following its explosive debut, briefly treating it less like a semiconductor firm and more like the AI equivalent of discovering fire. What fascinates me is not merely the technology. The real story is the timing. Cerebras went public at the precise moment the AI narrative flipped from training models to running them. For the past two years, investors obsessed over who could build the biggest large language model. Now the market cares abou

The AI Toll Collector Nobody Expected Most investors still think $Advanced Micro Devices(AMD)$ is fighting Nvidia for the AI throne. I increasingly think AMD may profit even if it never wins the crown. That is what makes the stock so dangerous at today’s valuation. At nearly $700 billion in market value and more than 140 times trailing earnings, AMD is no longer priced like a challenger. It is priced like a future AI superpower. Yet unlike Nvidia — whose software ecosystem behaves less like a product suite and more like a fully electrified railway network that developers are already locked into — AMD is still racing to prove its moat can widen fast enough to justify the premium investors have assigned it. The paradox is brutal. AMD may not need to

The Cybersecurity Vendor That Quietly Became an Operating System There is a strange irony surrounding CrowdStrike Holdings, Inc.. Despite becoming one of the most dominant software platforms in enterprise security, many investors still discuss it as though it merely sells antivirus software with better marketing and cooler conference booths. That framing now looks wildly outdated. What I increasingly see is a company evolving into the operating layer for modern cybersecurity operations — a position that tends to create frighteningly durable economics. Once enterprises centralise endpoint security, identity protection, cloud workload monitoring, threat intelligence, SIEM, and incident response into a single architecture, the cost of ripping it out becomes about as appealing as replacing a j

Now You Seat Me, Now You Don’t ServiceNow just delivered the sort of quarter that normally sends software stocks sharply higher. Subscription revenue rose 22% year over year to $3.67 billion. Customers spending more than $1 million annually on its AI product, Now Assist, surged over 130%. Management then raised its AI revenue target from $1 billion to $1.5 billion midway through the year. The reward? A near-20% share price collapse in a single trading session. That reaction tells me something important about where markets are in 2026. Investors are no longer questioning whether AI adoption is real. They are questioning whether AI quietly destroys the business model that made enterprise software wildly profitable in the first place. AI may be replacing the very seats SaaS once monetised And

The Case for Novo Nordisk at a Distressed Multiple Novo Nordisk has had the sort of year that makes investors check their portfolios twice just to confirm the numbers are real. The shares have collapsed from a 52-week high of 81.44 to the mid-40s, sentiment has deteriorated sharply, and a company once treated like Europe’s growth crown jewel is now trading at barely 10–11 times earnings. That disconnect is exactly why I think the opportunity has become so compelling. Markets see collapse. The fundamentals suggest strategic transformation The market is behaving as though Novo’s growth engine has permanently stalled. I believe something very different is happening: the company is transitioning from a blockbuster obesity story into a broader cardiometabolic platform, while simultaneously open

The moat nobody notices until it leaks I think investors still underestimate how unusual Berkshire Hathaway’s insurance machine really is. Most conglomerates collect capital and then allocate it. Berkshire’s genius was that it collected capital while often being paid to hold it. That is the magic of float. Warren Buffett effectively turned insurance liabilities into one of the cheapest investment funding sources in financial history. The problem is that float only stays magical if underwriting discipline remains exceptional. Berkshire’s float machine still works — just slightly less flawlessly That is why I think Berkshire Hathaway’s insurance division is entering its first genuine post-Buffett stress test. Not because the business is broken, and certainly not because GEICO suddenly forgot

The Stablecoin, the Chain, and the Protocol Most investors still analyse Coinbase as though it lives and dies by whether Bitcoin is having a good hair day. That framing increasingly looks outdated. In 2026, Coinbase resembles less of a crypto casino and more of a digital toll road operator quietly building the financial plumbing for autonomous commerce. That distinction matters enormously. The market remains obsessed with Coinbase's trading revenue volatility, its lofty valuation multiples, and its tendency to behave like a caffeinated semiconductor stock whenever crypto sentiment swings. Yet beneath the noise, something far more interesting is happening: Coinbase is assembling an integrated stack around stablecoins, settlement infrastructure, and programmable payments that no other listed

For years, investors treated Amazon as a retailer with a cloud side hustle. Then they treated it as a cloud titan carrying an unruly retail operation on its back like an exhausted pack mule. I increasingly think both views miss what Amazon has become: an advertising machine disguised as civilisation’s most convenient delivery network. That distinction matters because markets often misprice companies during identity changes. Amazon’s business model has evolved faster than the valuation framework investors use to analyse it. Wall Street still debates retail margins and AWS growth rates while a higher-margin engine hums beneath the floorboards, subsidising nearly the entire empire. Advertising is no longer an accessory business for Amazon. It is becoming the economic glue holding the ecosyste

The Most Important Company in AI Isn’t the One Designing the Chips Wall Street spent the past three years obsessing over who could design the fastest AI accelerator. $NVIDIA(NVDA)$ became the poster child, $Advanced Micro Devices(AMD)$ became the challenger, and $Intel(INTC)$ continued its long-running hobby of promising turnarounds with the confidence of a man trying to restart a lawnmower in the rain. But by mid-2026, the market has quietly shifted to a more uncomfortable question: who can actually manufacture these chips at scale? That answer is Taiwan Semiconductor Manufacturing Company. The AI economy runs atop foundations most investors never see I think inv

Broadcom’s Quiet Empire The first wave of artificial intelligence created a simple investment story: buy the companies building the fastest chips and enjoy the ride. The second wave is becoming far more complicated — and, in my view, far more interesting. AI is now colliding with economic reality. Hyperscalers are discovering that training and deploying large language models at global scale requires far more than raw compute power. It demands lower energy costs, faster connectivity, optimised architectures, and infrastructure capable of moving staggering amounts of data without collapsing into latency chaos. That shift is precisely why I believe Broadcom has quietly become one of the most strategically important companies in the entire AI ecosystem. Broadcom is no longer simply benefiting