Our tracker of hyperscaler off balance sheet liabilities shows $3.8 trillion as of Sept 30, up $700BN from June 30. Adding $250BN in hyperscaler IG debt, the DV01 issued by the AI ecosystem in Q3 was about 25% higher than all Treasury issuance That's why yields keep rising

Nice way to put it.

Microsoft CEO on the AI agent opportunity: “This is probably the biggest TAM expansion ever.” “The cloud business was orders of magnitude bigger because people consumed more. I think the agent era will be even bigger than the cloud by orders of magnitude.” h/t @alexeheath

We’re building Copilot as a new OS for work that spans every model, every form factor, and every task. Today, we’re announcing our biggest update to Copilot to date, bringing four things together: · Autopilot: proactive and long-running agent built for the enterprise · Code: build apps with Copilot, hosted inside your company’s tenant · Home: Chat + Cowork together · Office: now fully embedded in Copilot (and Copilot embedded in Office, of course!) Plus, you can invoke Copilot in Teams, and we’re introducing Today, a proactive experience that surfaces the most important information from across M365 without needing to ask for it. The way we work is changing and so are our workflows. This update brings AI into that flow, from answering a question, to building an app, to getting work done on your behalf.

Thank you @POTUS and @FLOTUS for a truly remarkable evening at the White House State Dinner welcoming President Xi and Madame Peng. Honored to be part of such a special occasion.

If Dario wants to slow down the pace of AI, he should just move the company to Europe.

$MSFT CFO: Microsoft will add debt when incremental ROIC materially exceeds its cost of capital. “For us, it's always been about if we need it and the ROIC is very high, that makes good sense, then we'd be happy to go to the debt market.”

For the past 15 years $AMZN has grown revenue every single quarter on a trailing 12 month basis. Very few companies have achieved this.

A few people have Thursday's numbers tangled, so let me untangle them. The majority of the $684m loss is the cost of retiring Bitcoin miners as we convert those sites to AI Cloud. Non-cash. The cloud business underneath ran ~87% gross margins (ex D&A). Every megawatt that comes off mining goes back on at multiples of the revenue. Recent 3-year AI Cloud contracts are at >$20m per MW (IT), more than double late last year. And the $25-30bn of forecasted FY27 capex isn't an equity number. Customer prepayments can cover about half the GPU capex. Lenders can fund most of the rest. We raised ~$19bn over the last twelve months and only ~$3bn of it was equity. We haven't borrowed a dollar against the data centers yet either. $4bn of ARR is contracted, with three sites commissioning between now and year end to bring it online. And that's the 2026 story. The real ramp is 2027, when Sweetwater and the next wave of capacity come into play. It's delivery time.

JPMorgan on $SPCX (OW, PT $240): SpaceX’s AI ambitions are coming into sharper focus, and we are increasingly positive on Grok. The company officially closed its acquisition of Cursor on 8/14, a milestone we view as an important step in building out its enterprise AI capabilities. Cursor brings ~$4B of ARR, as of June 2026, with ~75% coming from businesses, which should help streamline SpaceX’s go-to-market strategy and provide valuable data for model training. Importantly, we have already seen the benefits of Cursor data incorporated into Grok’s supplemental training, with tangible improvements in recent model performance." Analyst: Seth M. Seifman

Raymond James upgrades $AMD to Strong Buy with a $641 price target as it sees AMD continuing to take share in data center compute. The note calls AMD “the strongest combination of direct earnings leverage, datacenter positioning & market-share gains” with server CPU revenue projected to grow at a 44% CAGR through 2030.

Why hyperscalers will win: AI models are getting more commoditised day by day. OpenAI was behind Anthropic in growth, releases GPT 5.6, it’s a good model, and OpenAI gets ahead. There is no customer loyalty and no product that locks in users. This means we’ll eventually look at a fragmented market when all the models are just good enough for main tasks like coding. Token costs will decline, consumption will skyrocket and the market leadership will be fluid. In such a market, the biggest winners are upstream infrastructure providers. $MSFT $GOOG $AMZN $NBIS $CRWV

DO IT

Last 10 Years NVIDIA $NVDA: +13,967% Bitcoin $BTC: +13,200% $AMD: +6,111% Tesla $TSLA: +2,319% Apple $AAPL: +1,137% Microsoft $MSFT: +844% Google $GOOGL: +770% Netflix $NFLX: +730% Amazon $AMZN: +585% Meta $META: +349% S&P 500 $SPY: +311% Gold $GLD: +231% US Inflation: +39%

Delivery day at our Microsoft DCs as the first production Vera Rubins arrive. A huge thank you to our partners at @nvidia and our Azure hardware and datacenter teams for all the incredible work that brought us to this milestone!

Tesla $TSLA has received approval for its full Autonomous Vehicle Network Company permit in Nevada, clearing the way for Tesla to launch a paid public Robotaxi service in Las Vegas according to @SawyerMerritt

$MSFT copilot is now as usable for me as Claude was around March of this year, but importantly that is from inside a big Canadian bank that is regulated to shit and has massive security risks/concerns and a gigantic legacy codebase, so the fact it’s as good as it is is impressive

"El libre mercado penaliza la irresponsabilidad. El Estado la recompensa" Harry Browne

España está mal gestionada. El país está carcomido de ideología. Punto pelota.

Goldman Sachs proyecta que el margen operativo de $MELI podría alcanzar el 12% en el 2030 con revenue total de casi USD 90B. Consideran que la compañía volverá a mostrar margen bruto de doble dígito recién a partir del 2029. El negocio de préstamos estiman se multiplicará por 4x en 5 años, aumentando el margen bruto del 15.1% al 20.7%. El negocio de ads pasaría de generar el 5% de los ingresos totales al 9.4%, con un margen operativo del 65% y un incremento en dólares del 450% en 5 años. Proyectan que el negocio de e-commerce comprimirá márgenes hasta el 2029. Según su view, el 97% del EBIT en 2030 lo generarían el negocio de préstamos y los ads. Y esa ganancia operativa proyectan sería del triple que la actual. Mantienen su recomendación de compra. $MELI opera a un P/E 2027E de 35x con un EPS CAGR del 42%. vía @tebb29