The launch of $LAPTOP was fucked and the accounting is coming. My tokens are locked and I'm not going anywhere. It's not much but this week we put LAPTOP rewards on two other @base tokens, BLUECHIP and jesse. If there's others we should back, tell me.

$INV back from lunch. When a specialized thermal management vendor gets standardized into a hyperscaler reference design, the multi-year cumulative contract value for canpus-scale deployment can scale dramatically into the hundreds of millions of dollars.

Valaris brought 6 cold-stacked drillships back in 24 months, criticized by some as chasing utilization before the market was truly ready to absorb them. VAL has another 3 cold drillships on the sidelines. Under Transocean, they likely stay there longer. Supply discipline. - Valaris' DS-13 and DS-14 are the most relevant as “stranded-newbuild” 7G drillships currently sitting idle in Las Palmas. Atwood originally ordered them >10 years ago. After repeated delivery deferrals, two mergers and a bankruptcy, Valaris exercised purchase options from the shipyard in December 2023 for $337 million combined. They have yet to be activated (~$100mm each). - With demand improving in Africa and Asia, DS-13 and DS-14 were reasonably expected to be activated eventually. This latent supply may have kept a lid on industry dayrates, all else equal. - Valaris' third cold-stacked 7G is DS-11. Unlike the stranded newbuilds DS-13 and DS-14, it has previously worked, which likely puts it further back in the reactivation queue. - A key market structure impact of the proposed RIG-VAL merger is that an independent VAL likely markets these more aggressively, whereas RIG likely waits for more attractive returns before considering potential activation. - Transocean's 2018 acquisition of Ocean Rig added three cold-stacked 7G drillships, Mylos, Athena and Apollo, all cold for nearly a decade – partly an example of Transocean discipline. Reactivating any of them would be costly and I believe is quite unlikely at this point. - Activating a cold drillship adds EBITDA and cash flow, net of activation capex. However, the cost is slower to surface as it increases warm supply that weighs on market utilization and dayrates, all else equal. This can be impactful to other warm drillships. - Industry skeptics argue most of these drillships will never be reactivated, and call that bearish. It's the opposite for the warm fleet: less supply competing for contracts means higher dayrates and lower probability of costly idle time, all else equal. - A likely outcome of the proposed Transocean-Valaris merger is cold supply stays sidelined longer, some of it permanently. That tightens the market for the warm fleet and moves it closer to the dayrates envisioned when these rigs were ordered for >$750mm each over a dozen years ago. - Relatedly, in July 2025 Turkey's TPAO bought two stranded-newbuild 7G drillships, since renamed Çağrı Bey and Yıldırım. TPAO uses these for Turkish energy security rather than marketing them internationally as a contract driller would. Paired with a Transocean-Valaris merger, that's a meaningful improvement in high-spec drillship market structure.

The Trumps built a coin to take money from their fans. I built one that does the opposite and named it after the thing they spent four years beating me with. The launch fucking sucked. I'm not going anywhere. More burns and a full accounting are coming.

Democrats could take as many as 11 GOP Senate seats this November, destroying the America First agenda and obliterating President Trump’s accomplishments. We have six weeks to Save The Senate. Everything is on the line. Watch. Share. Volunteer. Donate. Vote.

It’s a new age

"I said to Trump, you know, 4 days before the war started, if you do this, you know, the United States will be kicked out of the Gulf. The American Empire will begin to collapse. Your legacy will be destroyed along with your party. I said this to Trump to his face in the Oval Office days before the war began, and he looked at me and said, 'Yes, you're right. But in the end, we all die anyway, so it doesn't matter.' That's exactly what he said. 'In the end, we all die anyway.'" Tucker Carlson, in an interview released yesterday with NPR

Silver Update - be prepared folks 1) Silver move 2) 'That arrogant Brit was correct AGAIN...'

Most men don’t understand female relational aggression. It is subtle yet vicious. There is always plausible deniability. The aggressor in a mean girl dynamic will always play the victim and deny any wrongdoing. She will trash another woman behind her back, make up lies, actively work to turn people against her and destroy her social reputation, all while maintaining the facade of being the nice good girl. It’s a very subtle and insidious form of DARVO: deny, attack, reverse victim and offender. Every woman I know dealt with this growing up. Some women never grow out of it and operate this way into adulthood. Seeing even a hint of it in another woman is enough for me to avoid them like the plague.

Soybean oil merchants who saw strong RVO and the proposed reallocation save on SREs now evaluating: Biomass-based diesel supply disruptions, meal strength, limited China trade details and potential diesel export restrictions.