Nick retweeted
@aaronburnett Agentic demand is growing faster than I’ve ever seen anything grow
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GPUs are aging like fine wine, with rental rates up across the board since January 1st
Approximate change YTD:
- H200: +160%
- B200: +120%
- RTX PRO 6000: +65%
- H100: +35%
Even the 6-year-old A100 rents for more than it did at the start of the year
Charts of the Week: a16z.news/p/charts-of-th…
Approximate change YTD:
- H200: +160%
- B200: +120%
- RTX PRO 6000: +65%
- H100: +35%
Even the 6-year-old A100 rents for more than it did at the start of the year
Charts of the Week: a16z.news/p/charts-of-th…
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We believe voice is the most natural way to interact with intelligence, so we created Dessa, the most authentic full-duplex speech model ever built. Talking with it feels like talking with a person…full of emotion, nuance, pauses, and a natural cadence.
block.xyz/dessa
block.xyz/dessa
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Nick retweeted
NVIDIA CEO Jensen Huang stopped by the Nebius booth today at GTC Berlin.
“Love Nebius, no tagline needed.”
“Love Nebius, no tagline needed.”
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Nick retweeted
🛑🛑🛑🛑🛑🛑🛑🛑🛑🛑🛑🛑🛑🛑
Ok Stop a second, I can be wrong, but hear me out. This one is a hopeful message.
The trigger was credit. When $CRWV's bonds broke 15% on Oct 14, the whole group got priced like debt-funded builders, and shorts leaned in.
Two things keep it from is paying up to stay short, and part of the book is a hedge on convertible notes.
What flips it is a signed contract. $NBIS jumped about 50% in a day on its $MSFT deal in Sept 2025. One new hyperscaler lease at $APLD, $IREN or $CIFR hits a crowded book the same way.
Demand has not moved. $LRCX said yesterday chipmakers want more tools than it can ship.
Next FINRA short data lands Oct 26.
Ok Stop a second, I can be wrong, but hear me out. This one is a hopeful message.
The trigger was credit. When $CRWV's bonds broke 15% on Oct 14, the whole group got priced like debt-funded builders, and shorts leaned in.
Two things keep it from is paying up to stay short, and part of the book is a hedge on convertible notes.
What flips it is a signed contract. $NBIS jumped about 50% in a day on its $MSFT deal in Sept 2025. One new hyperscaler lease at $APLD, $IREN or $CIFR hits a crowded book the same way.
Demand has not moved. $LRCX said yesterday chipmakers want more tools than it can ship.
Next FINRA short data lands Oct 26.
𝗣𝗮𝗿𝘁 4 𝗼𝗳 𝗺𝘆 𝗔𝗜 𝗯𝘂𝗶𝗹𝗱𝗼𝘂𝘁 𝗺𝗮𝗽. Who signed AI data center leases, and how much is actually live.
A lease pays only once the building goes live. Most of it is still being built. Card 1 is the build calendar, card 2 is the scoreboard.
𝗗𝘂𝗲 𝗶𝗻 𝗤4
1. $BTDR 2. $DGXX Digi Power X, first phase for Cerebras
3. $WULF TeraWulf, next Lake Mariner building
4. $IREN IREN, rest of the Microsoft build
𝗪𝗼𝗿𝘁𝗵 𝘄𝗮𝘁𝗰𝗵𝗶𝗻𝗴
1. $CRWV CoreWeave, tenant at Applied Digital, Core Scientific and Galaxy
2. $NBIS Nebius, Microsoft and Meta are its biggest customers
3. $MARA MARA, gigawatt-scale power, no signed AI lease yet
4. $CIFR Cipher, rent started, live MW not disclosed. Q3 update Nov 2
I own IREN, Applied Digital, Cipher, Hut 8 and Riot.
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Nick retweeted
There is nothing to worry about.
Nothing important is run on PHP or old software—except the water & electrical grid, a few government services like our missile defense systems and a handful of electrified fences at the zoo (for the lions, tigers and cobras).
Nothing important is run on PHP or old software—except the water & electrical grid, a few government services like our missile defense systems and a handful of electrified fences at the zoo (for the lions, tigers and cobras).
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Nick retweeted
If you're wondering why the market keeps selling off, take a look at these two charts from Goldman Sachs.
The chart on the left shows how much hedge funds have been buying versus selling throughout 2026. When the black line moves higher, it means hedge funds are buying more than t moves lower, it means they're selling more than they're buying. Notice those three red boxes in April, August, and October? Each one highlights a period of extremely aggressive selling, with the latest reading approaching the lows we saw earlier this year. In other words, hedge funds have been dumping stocks at a pace similar to some of the worst selling periods we've experienced earlier this year.
Now look at the chart on the right. The blue line represents how much leverage hedge funds are using on their long positions, meaning stocks they're betting will go higher. The red line represents leverage on their short positions, meaning stocks they're betting will go lower. Notice how the red line has climbed dramatically. According to Goldman Sachs, short leverage has now reached the 99th percentile over the past five years. In simpler terms, hedge funds are carrying some of their largest bearish positions in years. And this helps explain why we're seeing so much pressure across AI, semiconductors, memory, and other high growth stocks. Not only are institutions selling their existing positions but they're also increasing their bets that stocks will continue falling. And as someone said unfortunately, we're just collateral damage in the battles between hedge funds.
What's even crazier is that some of these hedge funds have been getting absolutely hammered themselves and some funds are under tremendous pressure to recover their losses. And who knows, maybe aggressively shorting the market is their grand plan to finally come back to life before the year ends, haha. I'm obviously being a little sarcastic, but when large institutions start selling billions of dollars worth of stocks, retail investors get caught in the middle. Even companies reporting strong earnings and growing their businesses can get dragged down simply because large funds are reducing risk or betting against the broader market. But here's something important to understand.The same positioning that's putting pressure on stocks today could help fuel a pretty aggressive recovery. When investors short a stock, they eventually have to buy it back to close that position. If the market starts recovering, some hedge funds may rush to cover their shorts, creating additional buying pressure. That's why markets can sometimes recover just as aggressively as they sell off.
Of course, none of this means we've reached the bottom. Hedge funds can continue selling, and bearish positioning can remain elevated for quite some time. But I think it's important to recognize that a lot of this selling is being amplified by institutional positioning. It doesn't necessarily mean the long term fundamentals of every company being sold have suddenly deteriorated. My long term conviction in AI infrastructure hasn't changed, regardless of how ugly this gets.
The chart on the left shows how much hedge funds have been buying versus selling throughout 2026. When the black line moves higher, it means hedge funds are buying more than t moves lower, it means they're selling more than they're buying. Notice those three red boxes in April, August, and October? Each one highlights a period of extremely aggressive selling, with the latest reading approaching the lows we saw earlier this year. In other words, hedge funds have been dumping stocks at a pace similar to some of the worst selling periods we've experienced earlier this year.
Now look at the chart on the right. The blue line represents how much leverage hedge funds are using on their long positions, meaning stocks they're betting will go higher. The red line represents leverage on their short positions, meaning stocks they're betting will go lower. Notice how the red line has climbed dramatically. According to Goldman Sachs, short leverage has now reached the 99th percentile over the past five years. In simpler terms, hedge funds are carrying some of their largest bearish positions in years. And this helps explain why we're seeing so much pressure across AI, semiconductors, memory, and other high growth stocks. Not only are institutions selling their existing positions but they're also increasing their bets that stocks will continue falling. And as someone said unfortunately, we're just collateral damage in the battles between hedge funds.
What's even crazier is that some of these hedge funds have been getting absolutely hammered themselves and some funds are under tremendous pressure to recover their losses. And who knows, maybe aggressively shorting the market is their grand plan to finally come back to life before the year ends, haha. I'm obviously being a little sarcastic, but when large institutions start selling billions of dollars worth of stocks, retail investors get caught in the middle. Even companies reporting strong earnings and growing their businesses can get dragged down simply because large funds are reducing risk or betting against the broader market. But here's something important to understand.The same positioning that's putting pressure on stocks today could help fuel a pretty aggressive recovery. When investors short a stock, they eventually have to buy it back to close that position. If the market starts recovering, some hedge funds may rush to cover their shorts, creating additional buying pressure. That's why markets can sometimes recover just as aggressively as they sell off.
Of course, none of this means we've reached the bottom. Hedge funds can continue selling, and bearish positioning can remain elevated for quite some time. But I think it's important to recognize that a lot of this selling is being amplified by institutional positioning. It doesn't necessarily mean the long term fundamentals of every company being sold have suddenly deteriorated. My long term conviction in AI infrastructure hasn't changed, regardless of how ugly this gets.
I know the market has been absolutely BRUTAL lately, especially for those of us invested heavily in AI, semiconductors, and other high growth stocks.
But I think it's important to put what's happening into perspective. Right now, investors are dealing with inflation, elevated Midterms, concerns about AI spending, and uncertainty around how some of these massive infrastructure investments will be financed. In 2020, the S&P 500 collapsed roughly 34% during COVID, only to recover its losses within months. In 2022, the Nasdaq fell more than 30% as inflation surged and the Federal Reserve aggressively raised interest rates. Many investors genuinely believed the technology trade was finished. Yet the market eventually recovered and went on to make new highs.
Now, I'm not saying every beaten down stock will recover, because plenty won't. And I'm certainly not saying we've reached the bottom. But history has repeatedly shown us that some of the greatest long term investment opportunities have appeared during periods when investor sentiment was at its worst. And that's exactly why I bought the dip.
I genuinely believe we're living through one of the greatest technological advancements in human history. AI is going to fundamentally change how we work, how businesses operate and how the global economy functions. But that doesn't mean the journey is going to be a straight line higher. There are going to be plenty of bumps along the way. There will be corrections, periods of uncertainty, companies that fail and moments when investors begin questioning whether the entire opportunity was overhyped.
We've seen this happen during nearly every major technological revolution, and I don't expect AI to be any different. My long term conviction in AI infrastructure hasn't changed. The demand for compute, memory, networking, and power isn't suddenly disappearing because stocks are selling off. And building wealth in the stock market is NOT easy, if it were, everyone would be rich. Everyone wants the massive returns, but very few people are willing to endure the volatility, uncertainty, and patience required to get there. Of course, conviction alone isn't enough. You still need to manage risk, understand what you own, and recognize when the fundamentals actually change. But I'm not going to let a few difficult weeks in the market distract me from an investment opportunity I believe will play out over the next decade.
Think in decades, not days.
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🚨 Do you understand what happened in the last 48 hours..
> PHP, the code behind 69% of all websites, got 2 holes rated 9.2 out of 10, and the US, the UK and Japan told site owners to patch or go OFFLINE.. 4 days after hackers had already started trying the flaw..
> Japan's Prime uest late at night.. the Finance and Health ministries pulled pages, MUFG Bank and JR West went into emergency maintenance, and Onamae shut ALL Desktop Cloud plans after malware hit up to 26,739 customer servers..
> India's eMudhra was caught with 8 intermediate certificate keys so weak one of them was literally the number 4.. the 60,000,000+ certificates it has issued can't be trusted..
> GitLab disclosed a 10.0 severity hole in every version since 2014.. the maximum score there is..
> criminals were caught using a literal AI hacking tool on 1,200+ sites.. it broke into more than 100 companies including John Deere and Cummins..
> LiteLLM, an AI tool with about 23,000,000 downloads a week, was secretly poisoned with a password stealer.. the bad version sat on PyPI for about 2 hours..
> State Bank of India, the country's biggest bank, confirmed 3,897 customer records on the dark web..
> WIRED now calls the PHP flaw "broadly exploited".. nearly 55,000,000 web properties still run PHP..
every single government on this list told PHP site owners the same thing within the last 48 hours.. patch it or take it offline..
all of this.. 48 hours..
if you're not following me you're finding out about this 48 hours late from someone who read my post..
it's only getting crazier from here..
> PHP, the code behind 69% of all websites, got 2 holes rated 9.2 out of 10, and the US, the UK and Japan told site owners to patch or go OFFLINE.. 4 days after hackers had already started trying the flaw..
> Japan's Prime uest late at night.. the Finance and Health ministries pulled pages, MUFG Bank and JR West went into emergency maintenance, and Onamae shut ALL Desktop Cloud plans after malware hit up to 26,739 customer servers..
> India's eMudhra was caught with 8 intermediate certificate keys so weak one of them was literally the number 4.. the 60,000,000+ certificates it has issued can't be trusted..
> GitLab disclosed a 10.0 severity hole in every version since 2014.. the maximum score there is..
> criminals were caught using a literal AI hacking tool on 1,200+ sites.. it broke into more than 100 companies including John Deere and Cummins..
> LiteLLM, an AI tool with about 23,000,000 downloads a week, was secretly poisoned with a password stealer.. the bad version sat on PyPI for about 2 hours..
> State Bank of India, the country's biggest bank, confirmed 3,897 customer records on the dark web..
> WIRED now calls the PHP flaw "broadly exploited".. nearly 55,000,000 web properties still run PHP..
every single government on this list told PHP site owners the same thing within the last 48 hours.. patch it or take it offline..
all of this.. 48 hours..
if you're not following me you're finding out about this 48 hours late from someone who read my post..
it's only getting crazier from here..
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Nick retweeted
🚨 BREAKING: Security researchers are calling this week "Black October."
AI helped find two critical holes in PHP. PHP runs about 70% of the websites on Earth.
The last 72 hours:
→ Researchers working with OpenAI, plus Wiz, found the bugs with AI back in August
→ Details leaked early. PHP shipped emergency patches Wednesday
→ Cloudflare saw tens of thousands of exploit attempts in the first 45 minutes. Millions within hours
→ The FBI told site owners: patch now or take your site offline
→ Finland and Japan took government sites offline. Wikimedia, the Internet Archive and 4chan went dark to patch
Then the banks:
→ Shizuoka Bank in Japan shut off online banking and its app. No data leaked. They pulled it to be safe
→ Mizuho, MUFG, Nomura and Daiwa paused parts of their web services
→ Japan's bankers association had to confirm interbank payments weren't hit
→ In the US, major banks found unvetted AI agents logging into customer accounts with customers' own passwords. Some tried actions their users never asked for. Morgan Stanley is blocking them. JPMorgan, Citi and Bank of America are restricting them
Last month the Bank for International Settlements warned banks that the gap between finding a bug and exploiting it has shrunk from weeks to minutes. This week proved it.
PHP wasn't alone this month:
→ GitLab: a flaw rated 10.0. The maximum severity score
→ Node.js: 10 vulnerabilities fixed in one release
→ A certificate authority in India: 8 certificates with keys a laptop cracked in under a second. One key was the number 4. That's the system that proves your bank's website is really your bank
→ One hacker's AI agents broke into 100+ company websites. About $50 per break-in. Instructions under 100 characters
One more number worth mentioning: 13.
That's how many engineers, full and part-time, the PHP Foundation has to maintain the language.
AI pulls in billions. The code under 70% of the internet runs on donations.
AI helped find two critical holes in PHP. PHP runs about 70% of the websites on Earth.
The last 72 hours:
→ Researchers working with OpenAI, plus Wiz, found the bugs with AI back in August
→ Details leaked early. PHP shipped emergency patches Wednesday
→ Cloudflare saw tens of thousands of exploit attempts in the first 45 minutes. Millions within hours
→ The FBI told site owners: patch now or take your site offline
→ Finland and Japan took government sites offline. Wikimedia, the Internet Archive and 4chan went dark to patch
Then the banks:
→ Shizuoka Bank in Japan shut off online banking and its app. No data leaked. They pulled it to be safe
→ Mizuho, MUFG, Nomura and Daiwa paused parts of their web services
→ Japan's bankers association had to confirm interbank payments weren't hit
→ In the US, major banks found unvetted AI agents logging into customer accounts with customers' own passwords. Some tried actions their users never asked for. Morgan Stanley is blocking them. JPMorgan, Citi and Bank of America are restricting them
Last month the Bank for International Settlements warned banks that the gap between finding a bug and exploiting it has shrunk from weeks to minutes. This week proved it.
PHP wasn't alone this month:
→ GitLab: a flaw rated 10.0. The maximum severity score
→ Node.js: 10 vulnerabilities fixed in one release
→ A certificate authority in India: 8 certificates with keys a laptop cracked in under a second. One key was the number 4. That's the system that proves your bank's website is really your bank
→ One hacker's AI agents broke into 100+ company websites. About $50 per break-in. Instructions under 100 characters
One more number worth mentioning: 13.
That's how many engineers, full and part-time, the PHP Foundation has to maintain the language.
AI pulls in billions. The code under 70% of the internet runs on donations.
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Nick retweeted
I don't know who needs to hear this but we are at war with Iran, not $IREN
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Nick retweeted
Two critical vulnerabilities have been identified in PHP, a widely used programming language that powers websites and web applications. These vulnerabilities (CVE-2026-109618 and CVE-2026-109619) could allow malicious cyber actors to remotely execute code in PHP core, potentially data and networks.
The FBI urges organizations to take the following steps now:
➡️ If an immediate update is not feasible it is recommended that organizations take the system offline until it can be fully mitigated.
➡️ Immediately update affected PHP installations following the guidance on php.net. Inventory where PHP runs in your environment, prioritizing internet-facing systems and vendor products that bundle PHP.
➡️ Monitor web servers for suspicious activity, including PHP processes unexpectedly launching command shells or downloading files. Ensure appropriate process-monitoring capabilities are in place to help identify potential exploitation.
➡️ If you find signs of compromise, isolate affected systems, preserve your web server and PHP logs, and report it to your local FBI field office or ic3.gov. Those reports help us identify the actors involved and warn other organizations before they become victims.
For the latest information, follow PHP’s announcement on php.net, CERT-EU Security Advisory 2026-018, and CISA’s Known Exploited Vulnerabilities catalog.
The FBI urges organizations to take the following steps now:
➡️ If an immediate update is not feasible it is recommended that organizations take the system offline until it can be fully mitigated.
➡️ Immediately update affected PHP installations following the guidance on php.net. Inventory where PHP runs in your environment, prioritizing internet-facing systems and vendor products that bundle PHP.
➡️ Monitor web servers for suspicious activity, including PHP processes unexpectedly launching command shells or downloading files. Ensure appropriate process-monitoring capabilities are in place to help identify potential exploitation.
➡️ If you find signs of compromise, isolate affected systems, preserve your web server and PHP logs, and report it to your local FBI field office or ic3.gov. Those reports help us identify the actors involved and warn other organizations before they become victims.
For the latest information, follow PHP’s announcement on php.net, CERT-EU Security Advisory 2026-018, and CISA’s Known Exploited Vulnerabilities catalog.
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Nick retweeted
A Europa será destruída por mulheres que projetam naqueles animais a maternidade que cabia aos filhos que elas abortaram.
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Nick retweeted
It is actually insane how fast $AMPG is moving after the delay that led them to cancel guidance during Q2 got resolved.
They have already received $40M in orders since then.
Looking for them to re-introduce and raise guidance during the Q3 call.
Now we need to turn those orders into deliveries, but I am buying as many shares as I can at these prices!
Well done, Amplitech!
They have already received $40M in orders since then.
Looking for them to re-introduce and raise guidance during the Q3 call.
Now we need to turn those orders into deliveries, but I am buying as many shares as I can at these prices!
Well done, Amplitech!
$AMPG is sitting at an $80M market cap right now.
✅Over 40% of that is cash.
✅Completely debt-free.
✅They just reported $17M in Q3 revenue after the customer-side delays got resolved earlier in the quarter.
✅Continuous orders keep rolling in from their customers.
✅Q2 s more than a 100% jump quarter-over-quarter.
✅The stock is down over 70% from its June highs
I’m a buyer at $2.77. Are you?
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Nick retweeted
The biggest problem with $DGXX has always been the same:
STOCK-BASED COMPENSATION (SBC).
It's exactly what keeps investors like @itsalasdairmann from @edelbridgealpha on the sidelines.
It's also why I was comfortable with $IREN's 1% annual SBC to founders.
Here's the HUGE we already know the SBC structure for the next five years.
We can model it.
Quantify it.
Price it in.
With other companies like $SLNH, $WULF, etc etc?
It's a lottery.
And $DGXX just drew another ticket.
The latest proxy includes proposals 5 and 6, which could:
🔴 Remove the existing 20% combined equity compensation cap, potentially allowing up to 40%.
🔴 Introduce automatic annual increases to equity compensation limits.
🔴 Eliminate restrictions on grants to insiders and individual recipients.
And here's the CRAZY part.
In 2025, the CEO and his son received $19.5 MILLION in equity awards.
The company's revenue?
Just $34.2 MILLION.
Let that sink in.
I'm not against rewarding management.
I'm against shareholders constantly paying the price through dilution.
This is exactly why I've been raising this issue for months.
Predictable SBC can be priced in.
Unpredictable SBC is a gamble with shareholders' money.
Growth means nothing if shareholders don't get to keep their share of it.
$DGXX needs to understand that.
STOCK-BASED COMPENSATION (SBC).
It's exactly what keeps investors like @itsalasdairmann from @edelbridgealpha on the sidelines.
It's also why I was comfortable with $IREN's 1% annual SBC to founders.
Here's the HUGE we already know the SBC structure for the next five years.
We can model it.
Quantify it.
Price it in.
With other companies like $SLNH, $WULF, etc etc?
It's a lottery.
And $DGXX just drew another ticket.
The latest proxy includes proposals 5 and 6, which could:
🔴 Remove the existing 20% combined equity compensation cap, potentially allowing up to 40%.
🔴 Introduce automatic annual increases to equity compensation limits.
🔴 Eliminate restrictions on grants to insiders and individual recipients.
And here's the CRAZY part.
In 2025, the CEO and his son received $19.5 MILLION in equity awards.
The company's revenue?
Just $34.2 MILLION.
Let that sink in.
I'm not against rewarding management.
I'm against shareholders constantly paying the price through dilution.
This is exactly why I've been raising this issue for months.
Predictable SBC can be priced in.
Unpredictable SBC is a gamble with shareholders' money.
Growth means nothing if shareholders don't get to keep their share of it.
$DGXX needs to understand that.
$DGXX proposals 5/6 replace a combined 20% limit with separate 20% RSU and 20% option caps, remove insider limits and leave annual increase rates blank.
@michelamar3 I think I speak for most shareholders when I ask why this is needed? What the potential dilution is and how awards will be tied to measurable results?
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