What is your takeaway as to the circular financing and whether this is a concern. I think that there's clearly a lot happening, right. And the integration that we're having between the private markets as well as the public markets is clearly something to be watching.And it's a space that we follow very, very closely. We think that actually what we've been seeing with open eyes relationships is the fact that they're broadening them. They're creating structures that are allowing them to potentially IPO long t ...

Market Trends & Investment Opportunities - The Nasdaq has historically doubled with every platform shift (every 5 years), aligning with current trends [1] - AI is creating tremendous opportunities for value creation, though not all companies will succeed [2] - Winners in the public markets, like the "Super six," are generating real cash [3] - Venture funding in Europe, Israel, and the US totals approximately $184 billion this year, with 60% allocated to models like OpenAI and Tropic X, and the remaining 40% to new native applications [5] - Europe is performing well in the native application space, receiving $30 billion in funding compared to $45 billion in the US, representing about one-third [6] Company Strategy & Valuation - The key to investment is understanding the potential scale of a business [8] - The productivity improvement potential unlocked by AI is significantly greater than previous platform shifts [10] - Companies aiming to go public should ideally have $500 million to $700 million in annual recurring revenues [12] - Many native applications are being acquired for talent or technology by larger companies [14] Global Market Dynamics - For software companies, the US market accounts for 50% of every dollar spent, making it crucial for global leadership [19] - European and Israeli companies are building product and engineering teams in their regions [18]

Infrastructure Advantage in San Jose - San Jose is uniquely positioned with 2 gigawatts of new power capacity coming online in the next four years, making it the only city in California with such capacity [1][5][8] - This location in north San Jose offers access to ample recycled water at a reasonable rate and a new transmission line [2] - San Jose's infrastructure allows it to potentially triple its energy consumption in the next 4-5 years [8] Data Center Development - Prologis is proposing to build 400 megawatts worth of data centers in San Jose [3] - The location near a wastewater treatment facility and landfill is ideal for data centers as servers are not affected by odors [4][5] - The site is underutilized land, avoiding displacement of housing or retail [19][20] Energy and Sustainability - San Jose uses a community choice aggregator to purchase power, signing 20-year power purchase agreements to fund new generation capacity [10][11] - The city is investing in solar and wind power paired with storage to address intermittency issues and increase the renewable mix on the grid [11][12][15][16] - While the city aims for clean energy, it cannot guarantee that no power from nuclear or natural gas will be used, as power comes from the grid [14][15] Market Demand - There is a robust pipeline of interest from hyperscalers, large tech companies, and advanced manufacturing users for the new power capacity [17][18] - A cluster study last year showed over 800 megawatts worth of demand in San Jose, and it is suspected to be higher now [18]

Data Center Market Overview - The discussion revolves around the data center market, particularly concerning whether the current build-out is excessive given potential future technological advancements [1][4] - Some reports indicate existing data centers are facing challenges in selling their capacity, raising concerns about oversupply [3] Technological Innovation and AI Development - There's a belief that innovation will reduce the need for brute-force methods in AI training, potentially diminishing the demand for extensive data centers [4][11] - The AI race between the U S and China focuses on developing cost-effective and usable AI solutions [7] - Deep seek product from Asia demonstrates alternative approaches to AI development, potentially reducing reliance on massive data centers [5] Investment Strategies - Investment strategies should consider diverse options, including companies like Nvidia, AMD, Micron, and Intel, acknowledging the potential of AI [8] - AMD's valuation is predicated on participation in data center build-out, but the actual need for data centers may be less than currently anticipated [9][11] - The deployment of capital will likely shift as the industry moves away from brute-force methods [11] Challenges and Concerns - Data centers face challenges related to power, supply chain, and the need for specialized construction [2][5] - There are concerns about the financial viability of the current data center expansion plans, particularly regarding funding and the overall theory of needing so many data centers [10]

Clearly this is a positive market reaction to AMD saying, here's what we see for the next five years. But that 80% Tiger compound annualized growth for the datacenter business, that's the headline really, isn't it. Yeah, I mean, there were a lot of headlines, a lot of numbers.And if you actually look at what happened as I was speaking, Stark really didn't do very much. Then after hours when the management were on stage and were being questioned, they put in a strong performance and that's really when the st ...

That's the story. That's the reporting. Lots of investment up front.And you got to wait a long time to get more. Yeah. The thing to keep in mind about nuclear is that everything moves really slowly.You know, I mean, any of these power plants are major construction projects. So already that's a slow thing. And then it's nuclear.So you know that they are going to take their time because it has to be safe. So it's a very slow moving industry. There's huge demand for it Now. There's there's, as you know, just a ...

Earnings and Market Performance - Earnings have been notably strong, justifying the recent market rally [1] - Hyperscalers are demonstrating growth and returns on their capital expenditure (CapEx), particularly with AI enhancing ad effectiveness [2] - NVIDIA's $4.7 trillion market cap and 56-57% top-line growth in data centers highlight its significance [6] Capital Expenditure (CapEx) and Investment - Investors are scrutinizing the pace and returns of CapEx, questioning if it's a one-time event or a long-term trend [4][5][7][21] - Meta's increased debt and CapEx commitments initially concerned investors [3] - The market is keen to understand how NVIDIA plans to maintain its revenue trajectory amidst significant CapEx [8] Macroeconomic Factors - Interest rates significantly impact technology investments by discounting the present value of future cash flows [15] - The Federal Reserve's (The Fed) actions and liquidity influence capital pricing in the market [17] - The potential for interest rates to remain on hold creates countervailing winds in the short term [18][19] Investment Strategy and Opportunities - Investors should focus on their competitive advantages, such as understanding market dynamics to identify winners and losers [10] - Market weakness in fundamentally strong areas may present buying opportunities [13] - Speculative areas like quantum stocks, lacking revenue, are not necessarily buying opportunities [14]

Anthropic's Infrastructure Investment - Anthropic plans a \$50 billion infrastructure project, a significant commitment for a four-year-old startup [1][2] - The \$50 billion investment is being compared to government infrastructure spending, suggesting a measured approach [2] - Anthropic aims to demonstrate fiscal responsibility with this investment, which is an order of magnitude less than some other initiatives [3] Business and Partnerships - Anthropic has raised \$13 billion and is valued at \$183 billion, with 300,000 business customers [3] - Anthropic is partnering with a UK company, Fluid Stack, for US infrastructure development [4] - Fluid Stack, a neo cloud company, is less known but has been involved in a French supercomputer project [4] Computing Needs and Reliance - The total gigawatt figure for Anthropic's US footprint is undisclosed [5] - Anthropic heavily relies on hyperscale partners like Amazon and Google for compute resources, despite the \$50 billion plan [6] - Anthropic will continue to depend on big tech partners and neo clouds to meet its computing needs [7]

Company Overview & Goals - Valor aims to mass manufacture small modular reactors, moving away from construction-driven nuclear energy [3] - The initial goal is for nuclear energy to compete with natural gas on price, targeting a cost parity of $1,000-2,000 per kilowatt [6][7] - Valor believes it can significantly reduce the price of nuclear reactors through mass manufacturing, similar to SpaceX's cost reduction in rocket launches [8] - Valor's ultimate goal is to be the first US company to successfully deploy and bring online a small modular reactor [17] Technology & Innovation - Valor is building reactors and testing them rapidly, having unveiled a fully complete thermal prototype within two years of starting the company [2] - Valor is suing the Nuclear Regulatory Commission (NRC) to address a gap in regulations that hinders innovation and testing of new reactor designs [8][9][10] - The company's reactors use TRISO fuel, which consists of uranium beads encased in ceramic layers, making them highly resistant to attacks [15] Market & Applications - Valor is one of three American nuclear companies ordered to turn on reactors by July 4th of next year, following a presidential executive order [5] - The company is targeting applications in securing American military bases abroad, which are vulnerable to cyber attacks on local grids [12] - Valor is participating in the US Army's Project Pele program to provide power to military bases [13] - The technology is also suitable for data centers, heavy industrial power, and synthetic hydrocarbon production [16]

When is this going to pay off. It's not just with core. We've it's not just with Microsoft, It's not just with meta platforms.This is the existential question that every investor's asking themselves right now. When will it pay off. It's an existential question.However, the there's a lot of long range planning occurring at present. The commitments that opening I and these ecosystem partners are making are stretched out over a very long term horizon. And as you mentioned, I thought you summarized it well.Nobo ...