The AI trade is consolidating and anxiety remains high
In this week’s video, I cover:
• Why earnings remain the market’s most important signal
• Google’s negative free cash flow and the $514B backlog investors are overlooking
• Why cheaper models expand AI demand rather than destroy it
• Kimi K3, Vera Rubin, memory, optics and the continuing compute shortage
• China’s use of capital markets to fund its AI ambitions
• The growing intersection of AI agents, crypto and financial infrastructure
Short-term noise will always create fear.
The long-term flow is still toward more intelligence, more compute and more economic activity moving onchain.
Watch here: piped.video/QHRUwziQ-oE