Pretty much. As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers. SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue. That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.

All this cyberwarfare shit is giving off weird COVID-esque vibes. You wanna ignore it and say, “Yeah nothing ever happens” but it keeps getting louder with more and more bullshit unravelling with subtle warnings/a gradual buildup [v similar to early COVID, I remember laughing at a “lockdown” possibility]. “How the fuck are they going to force us to stay inside?” Then they came up with 100 different bullshit reasons and penalties. It’s like lockdown V2 brewing but this time replace the human virus with a nasty global computer virus. ~ Dr. Axius.

Pretty wild how every few days there is some new crisis. We are entering into the most uncertain period in the history of mankind. AI is breaking everything. My concern is that once people connect the dots and realize that the next few years will be filled with uncertainty, their response will be to reduce exposure to risky assets. Not just fast moving traders like us, but larger pools of money and boomers that move slowly. Day to day it's been choppy and confusing. More broadly, my highest conviction view is that the equity market will have difficult conditions through the end of the year. The market was already fragile and we keep getting incrementally negative elements on top. I don't necessarily think we nuke but it will not be easy mode. I continue to think that crypto has relative advantages in a tape where AI and gold face meaningful headwinds, but in a broader risk off, crypto will not be immune. I gave it a shot but don't want to be a hero here. There is a good case to simply not trade or take time off.

The latest Vatican document is a classic Roman two step when it comes to the liturgy, where the liturgical reform is praised, but then you see in the end "yeah, in the West nobody has any sense of the sacred with regards to the liturgy anymore"

New PFP 👀

Breaking: The New York Giants plan to start QB J.J. McCarthy this Sunday vs. the Texans, a source told @JFowlerESPN.