New batch, same method: gather what accumulated, put it side by side, skip the thesis.
Money leads with a capex problem. TSMC delivered a fifth straight record quarter and the market sold it anyway — a 15% capex hike outweighed the profit beat. Alongside it, the broader unwind: chips, memory, and optical names down 20% from June highs, and the question of which ones are worth owning into the damage.
Deals and silicon. Etched is reportedly raising at a $20 billion valuation on the strength of inference-dedicated chips, while Uber’s $14.8 billion move on Delivery Hero consolidates global food delivery in a single stroke.
On the model side, two releases pulling in different directions: Moonshot’s Kimi K3, a 2.8-trillion-parameter MoE raising the bar for open models, and Nvidia’s Cosmos 3 Edge, aimed at robots and agents that have to navigate actual physical space.
A rule change worth noting for anyone trading actively: FINRA has ended the pattern day trader rule, replacing a quarter-century of retail constraint with new intraday margin standards.
For the eye and the appetite: the open kitchen as a dining format, where the cooking sits a few feet from the table, and the photographer’s version of the same problem — shooting an open kitchen in mixed light, an environment lit for cooks rather than cameras. Related in spirit: getting the overhead angle without a ladder, for the arches and ceilings that refuse to meet you at eye level.
Two to close. What a whisky bar’s back wall tells you before anyone takes your order, and — the travel-sector footnote — Fora reaching a $1 billion valuation on a technology-driven take on the travel advisor business.
Eleven rounds. The feed refills faster than the posts empty it.
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