Aaron

[Aaron @Aaron_552]

@DrJStrategy Chinese demand is also temporarily off the table because they’re using reserves but that can come back now that the war risk is over

[Andreas Steno Larsen @AndreasSteno]

I laid out this thesis a while ago, and everyone laughed at it, but it seems more correct by the day currently:

"Both sides had an incentive to underreport the amount of oil coming out of the region.

The US, so as not to humiliate its own blockade, while Iranian oil still sneaked out along the coastline to India and Pakistan, and Iran, so as not to showcase its weak hand in actually controlling the Strait as it has claimed to have done, while the Americans reportedly escorted some ships out. And remember, 3mn barrels is not a lot more than roughly one VLCC per day.

In other words, both sides simply had an incentive in sounding like nothing came out at all, but the price action in dated products basically revealed that this was wrong."

[Andreas Steno Larsen @AndreasSteno]

Let's just conclude that, no matter whether the Iran-deal is actually signed or not, or whether it will hold in practice in the months to come, we are currently in an oversupplied oil market, which is basically crazy given how much supply damage we have seen since April.

[Aaron @Aaron_552]

@MilkRoadAI @WhiteCollarExit What about the latest demand data out of South Korea that shows exports are still rising?

[Andreas Steno Larsen @AndreasSteno]

What we are seeing today is probably that CTAs are slamming the sell-button on Chips, which kinda makes sense after what happened on Friday. It's more technical in nature, but the market environment changed a bit after Friday for sure

[Milk Road AI @MilkRoadAI]

The CEO of NVIDIA, looked at Matt Murphy and said "The next trillion dollar company, ladies and gentlemen." (Save this).

NVIDIA already invested $2 billion in Marvell in March 2026 as part of the NVLink Fusion partnership pulling Marvell's custom AI chip roadmap directly into the NVIDIA ecosystem and creating seamless integration between Marvell's hyperscaler ASICs and NVIDIA's GPUs, storage and networking infrastructure.

NVIDIA does not invest $2 billion in a company and then call it the next trillion dollar company on a global stage unless it has deep knowledge of what is coming from inside that company's pipeline.

Understanding why Marvell is a trillion dollar company in the making requires understanding what Marvell actually is in 2026 which is very different from what most investors think.

Marvell is not primarily a networking chip company anymore but rather a full-stack hyperscaler AI infrastructure platform spanning custom AI accelerators, optical DSPs, photonic scale-up interconnects, Ethernet switching silicon, and storage controllers.

And every single one of those business lines is a direct pick-and-shovel play on the exact infrastructure that every hyperscaler on Earth is racing to build.

The custom ASIC business, Marvell's highest-growth and most strategically important segment is now anchored by three confirmed hyperscaler programs, Amazon Trainium (AWS's custom AI training and inference silicon), Microsoft Maia (Azure AI and OpenAI inference), and Google Axion (Google's custom CPU and adjacent AI programs).

Custom silicon revenue grew from essentially zero to $1.5 billion in FY2026, then accelerated sharply as volume production scaled.

Marvell now sees custom chip revenue topping $10 billion by fiscal 2029 meaning this single business line alone will represent roughly what the entire company earns today.

The optical DSP business is the second major leg.

Marvell is the dominant supplier of PAM4 and coherent optical DSPs, the chips that sit inside every 800G and 1.6T optical transceiver in every AI data center with over 3 billion ports shipped to date and a leadership position in 3.2T that is already in development.

The Celestial AI acquisition completed February 2026 for $3.25 billion added Photonic Fabric optical interconnect technology: a fundamentally new architecture for chip to chip and server to server optical connectivity that bypasses electrical interconnects entirely, operating at speeds and power efficiencies that copper cannot achieve at scale.

Marvell expects Celestial AI to begin contributing revenue in Q3 FY2028, and management called it the foundation of a brand-new semiconductor TAM meaning it is not competing for existing revenue pools, it is creating new ones.

The XConn acquisition also closed in February 2026 added PCIe 7.0 and CXL switching silicon, giving Marvell control over the memory expansion and pooling layer of next-generation AI server architecture.

Full-year FY2027 revenue is expected to approach $11.5 billion, 40% year-over-year growth with data center revenue growing 40% and optical interconnect growing 50%.

FY2028 targets approach $15 billion.

Milk Road remains bullish on Marvell.

Come join Milk Road Pro (Link below) and get our full Marvell model including how we think about the Celestial AI revenue ramp timeline, the ASIC pipeline beyond Amazon and Microsoft, the margin expansion trajectory, and what we believe the stock is worth at each stage of the FY2027 to FY2029 buildout.

[SightBringer @_The_Prophet__]

⚡️The real signal is capital intensity has finally breached the Mag 7 mythology.

For fifteen years, mega-cap tech was treated as the cleanest business model ever built: asset-light platforms, infinite operating leverage, buybacks, pristine balance sheets, high-margin software economics, and monopoly-like cash generation.

AI is dragging that model into the physical world.

Compute is not magic. It is chips, power, land, cooling, fiber, transformers, data centers, supply chains, depreciation schedules, financing capacity, and utilization risk. The market wanted to believe intelligence would scale like software. The truth is harsher: frontier intelligence scales like industrial infrastructure with software economics only at the monetization layer.

That is why this matters.

Alphabet tapping equity, if accepted by the market, means AI capex has crossed from “large internal investment” into “capital market buildout.” That is the phase shift. The strongest companies in the world are no longer merely spending retained cash on AI. They are beginning to organize the financing architecture of the AI age.

Berkshire’s role is the most important psychological component. The $10B is not large relative to Alphabet. The signal is legitimacy. Berkshire acts as a credibility bridge between old capital and the new compute empire. It tells conservative money: this is no longer just speculative tech expenditure; this is infrastructure accumulation.

That is the railroad analogy. Not as metaphor fluff, as capital structure.

Railroads needed land, steel, debt, equity, government alignment, private capital, and belief that future throughput would justify present overbuild. AI infrastructure is entering the same zone. The winners are not simply the companies with the best models. The winners are the companies that can finance the physical substrate at the lowest cost, deploy it fastest, secure power, fill capacity, and convert compute into recurring revenue before depreciation eats the story.

This also changes how the Mag 7 should be analyzed.

The old question was: who has the best product, the biggest network, the strongest margins, the largest buyback?

The new question is: who can carry the capex burden without breaking the equity story?

That is a very different market.

Alphabet doing this gives cover to the others. Microsoft can point to cloud backlog. Amazon can point to AWS and infrastructure DNA. Meta can point to ads, AI agents, and frontier model control, but the market will demand clearer ROI. Apple has less permission because it is not structurally viewed as a compute-infrastructure owner. Nvidia sits in a different place because it sells the picks and shovels, though even there the financing burden may migrate into customers, leasing structures, sovereign deals, and vendor-backed capacity.

Deep down, this is bullish for the AI infrastructure arc and dangerous for lazy AI equity narratives.

Bullish because the demand pressure is so intense that companies are willing to reshape capital structure to meet it.

Dangerous because the free-money illusion around AI equities starts cracking once investors realize this is a financing war, not just a product cycle.

The cleanest read:

Same arc, new phase.

The AI buildout is still real. The infrastructure demand is still massive. But the active mechanism has shifted from narrative acceleration to capital formation.

That means the market will stop rewarding AI exposure indiscriminately and start sorting companies by funding durability, power access, capex efficiency, utilization, margin conversion, and balance-sheet trust.

The real truth: AI is forcing the world’s most powerful companies to become industrial empires again.

Software ate the world with code.

AI has to rebuild the world with concrete, copper, silicon, energy, and debt.

[Shay Boloor @StockSavvyShay]

$IREN is working with $NVDA to build Nvidia DSX-aligned AI infrastructure across its global data center footprint.

IREN is positioning itself as an AI infrastructure platform inside Nvidia’s ecosystem rather than just a power-and-GPU provider.

[The Tech Investor @TheTechInvest]

🚨BREAKING: $IREN HAS CLOSED A $3.65B INVESTMENT-GRADE GPU FINANCING FACILITY TO SUPPORT THE DELIVERY OF ITS AI CLOUD CONTRACT WITH $MSFT

"This represents the highest publicly rated investment‑grade GPU financing and the first in the U.S. private placement market."

INSANE CONFIDENCE

🔥🔥🔥

[IREN @IREN_Ltd]

IREN is working with @nvidia to build NVIDIA DSX-aligned AI infrastructure across its global data center portfolio.

• Advancing the Sweetwater campus as part of IREN’s AI infrastructure buildout
• Adopting NVIDIA DSX OS technologies, including NVIDIA Infrastructure Controller and NVIDIA Fleet Intelligence
• Establishing a reference deployment of k0rdent AI with NVIDIA DSX OS and @MirantisIT
• Joining the NVIDIA DSX Sim ecosystem, including simulation with NVIDIA DSX Air

Learn more about NVIDIA DSX: https://t.co/punKoyEuZT

[Danny cheng @dannycheng2022]

$MU (May 27, 2026-daily chart update)

To the skeptics and those who missed the recent rally: if you know how to read my charts properly, here are the 9 reliable buy signals you can trust.

The whales have given us plenty of opportunities — it all comes down to who you follow and your own conviction to buy or sell.

If you missed the boat this time, no worries — just find the next strong setup. And for those riding with us… $1,000 is still very much on the way, just like I shared in my previous video.

[IREN @IREN_Ltd]

IREN has entered into a $1.6bn purchase agreement with Dell for air-cooled Blackwell systems to support its previously announced 5-year, $3.4bn managed services AI cloud contract.

The systems are expected to be deployed across existing data centers at Childress, Texas, with commissioning targeted for early 2027.

Upon commissioning, the AI cloud contract is expected to increase IREN's annualized run-rate revenue (ARR) from $3.7bn to $4.4bn.

@danroberts0101, Co-Founder and Co-CEO of IREN commented:

“Securing capacity and accelerating commissioning are our top priorities in a market where time-to-compute is everything. Hyperscalers, enterprises and developers choose IREN as a partner because we own and control the full stack - the physical infrastructure, the compute, and the operational capability to deploy at scale.

Our relationship with Dell ensures access to hardware at the scale and speed the market demands. Every deployment we complete makes the next one faster, and that compounding execution advantage is what we are building.”

Learn more: https://t.co/xcg2XFO5b2

[franklee6924x @franklee6924T]

$IREN & Anthropic (Part 3): How to Maximize Mutual Benefits Through Cooperation

$IREN has already redefined itself as a platform operator. This is a massive positioning leap. Although the CEO has already made IREN’s architecture very clear to the market, without a concrete event to serve as proof, the market cannot truly feel the essential difference. Therefore, if IREN and Anthropic cooperate, it would become a very strong validation. And what would truly drive the market to change its perception is the specific structure of the cooperation itself. Only there can the market clearly see what makes IREN unique, and clearly recognize the fundamental difference between IREN and companies like Nebius and CoreWeave.

Based on the arguments from the previous two articles in this series, any cooperation between Anthropic and IREN would almost certainly involve NVIDIA as a driving force. Therefore, when analyzing what form a partnership between Anthropic and IREN might take, NVIDIA also has to be considered simultaneously. Starting from first principles, we should first look at what the maximum interests of all three parties actually are.

For NVIDIA, the goal is to ensure that the world’s most advanced AI training workloads over the next 5–10 years continue to run on NVIDIA architecture permanently, while preventing competing chips from penetrating the ecosystem. The path to achieving this is to enable Anthropic to train the strongest models within the NVIDIA ecosystem, using performance data to prove that NVIDIA architecture is irreplaceable, thereby locking in industry-wide follow-on effects. And this NVIDIA ecosystem is precisely the DSX flagship AI factory jointly developed with IREN.

For IREN, the goal is to transform physical infrastructure assets into a platform-based company deserving technology-company valuation multiples, and to complete a historic identity transition — from infrastructure supplier to sovereign compute platform — during this once-in-a-generation AI infrastructure window. The path to achieving this is to establish a three-layer vertically integrated compounding architecture, spanning land and power, data centers, GPU clusters, and software orchestration management; to secure a central position within the NVIDIA ecosystem through partnership; and to lock in top-tier frontier-model customers.

For Anthropic, the goal is to escape the strategic dilemma of “training models on a competitor’s infrastructure,” establish sovereign compute capacity that is not controlled by any competing party, and scale compute from its current bottleneck level to the magnitude required for AGI training as quickly as possible.

When the deeper interests of all three parties are placed side by side, it becomes clear that they are not only compatible, but mutually reinforcing.

The IREN of today is already very different from the company that signed with Microsoft last year. At that time, its bargaining power was limited, and it could only provide bare-metal leasing with constrained profitability. But today’s IREN is already very different from even six months ago. In fact, during the past six months, it has not signed any additional contracts. And now that IREN has positioned itself as an AI platform operator, its next contract signing would represent an entirely different tier of strategic positioning — creating a much clearer separation between IREN and companies like CoreWeave and Nebius.

So what type of cooperation is most likely?

Given that NVIDIA needs to avoid crossing the antitrust regulatory red line associated with vertically integrated chip + software + service bundled sales, the significance of IREN as an intermediary layer becomes extremely important. By facilitating cooperation between IREN and Anthropic, NVIDIA can maximize strategic benefits while simultaneously avoiding regulatory risk and fully insulating itself from potential monopoly accusations.

A possible structure for IREN-Anthropic cooperation would be to first establish a joint technical agreement, then create a priority compute-access structure for Anthropic within the Sweetwater campus to satisfy its sovereign compute requirements. Based on this foundation, the relationship could further expand into broader and larger-scale sovereign compute supply arrangements. This would become a highly complex, ultra-long-term partnership in which technology development mutually reinforces both sides while also incorporating compute-resource supply commitments.

Such a partnership would almost certainly not resemble the pure leasing contracts used by CoreWeave and Nebius. Instead, it would likely include an equity component.

The main reasons for such an inference are as follows:

1. The cooperation between both parties represents a strategic exchange that cannot be accurately quantified.

The value provided by IREN goes far beyond GPUs themselves: completely neutral infrastructure without competitive toxicity; globally scarce 2GW+ physical capacity; DSX flagship-level performance guarantees; software orchestration capabilities enabled by Mirantis; and priority access rights to a future 5GW global pipeline. Together, these elements create a form of strategic dependency that Anthropic cannot replicate elsewhere.

This type of strategic value cannot be priced solely through contracts based on GPU-hour billing. Money can measure compute power, but it cannot measure higher-dimensional value such as “irreplaceability,” “future expansion guarantees,” or “neutrality premium.” Once a cash contract becomes incapable of carrying the full value exchange, equity naturally becomes the only reasonable value carrier.

2. The IREN-NVIDIA agreement already contains a warrant structure.

This was not an accidental innovation, but rather an industry template NVIDIA intentionally seeks to establish: strategic compute agreements should contain an equity component, because purely financial contracts cannot reflect the true strategic value of infrastructure assets in the AI era.

3. Anthropic is currently seeking $50 billion in financing at a target valuation between $850 billion and $900 billion, while its current equity pricing still carries significant uncertainty.

The secondary market is already trading above a $1 trillion implied valuation, but the formal valuation has not yet been finalized through an S-1 process. This window is extremely favorable for IREN: by exchanging its current valuation — still below Anthropic’s future IPO pricing — for Anthropic exposure, IREN is effectively purchasing equity optionality in one of the world’s fastest-growing AI companies at the lowest point.

Several years from now, the value of that equity stake could far exceed all service revenue IREN might earn from the contract itself.

The reverse is also true: Anthropic could exchange equity in a currently undervalued IREN for long-term compute guarantees. Once an Anthropic contract with IREN is publicly announced, IREN’s valuation would likely be substantially re-rated upward. In effect, Anthropic would be locking in the equity price before that revaluation occurs.

In both directions, the equity exchange contains significant arbitrage potential. This means embedding equity into the relationship creates a financially positive outcome for both parties — not merely a strategic one.

4. IREN has already secured 5GW of compute capacity across the United States, Canada, and Spain, and is developing plans globally that extend well beyond 5GW.

Anthropic’s future compute demand in Europe and Asia-Pacific must begin being planned today. A simple Sweetwater leasing agreement cannot provide Anthropic with priority access rights to IREN’s future global pipeline. That future value component cannot be priced through a traditional cash contract.

Warrants become the only mechanism capable of locking in that option value.

If Anthropic holds IREN warrants, every new IREN site that comes online globally would automatically provide Anthropic with priority access rights — because as a shareholder, Anthropic’s interests would naturally align with IREN’s global expansion interests. In practical terms, Anthropic would be using a single warrant structure to acquire a long-term option on a globally distributed sovereign compute network.

Finally, IREN’s MIRANTIS software layer is also something Anthropic would likely require.

As the AI factory paradigm standard based on the IREN-NVIDIA DSX architecture becomes established, the system will inevitably evolve toward a multi-tenant model. Anthropic would likely become a technical participant and collaborative developer within that ecosystem.

From this perspective, CoreWeave’s software capabilities cannot solve the problem of layered compute-access architecture. It cannot intelligently shift compute resources to other customers during Anthropic’s training gaps, nor can it provide unified management across Sweetwater and other global sites. Meanwhile, Nebius’ software stack is essentially irrelevant to Anthropic’s needs. That said, CoreWeave still retains significant value when handling single-purpose training tasks.

This is a topic substantial enough to deserve a dedicated article of its own, and will therefore be explored in the next piece.

At this point, the speculative discussion surrounding a potential IREN-Anthropic partnership comes to an end. Now we wait to see how actual developments unfold.

[LondonCryptoClub @LDNCryptoClub]

We’ve long advocated being long US assets (predominantly Nasdaq) over the rest of the world

The US is the secular growth and tech story, Europe, particularly, more like a “value” story

The cyclical windows for value to outperform growth are increasingly short and not worth trying to capture for longer term investors

The below sums it up perfectly:

“So the real investment implication is clear: U.S. assets keep attracting global capital because the U.S. still owns the future-facing engines. AI, defense, energy, software, capital markets, and hard-asset monetary escape routes remain American-centered.

Europe can rally cyclically.

America owns the structural premium”

[Aaron @Aaron_552]

@AndrgoMRT @HormuzLetter lol WHAT are you taking about

[Andreas Steno Larsen @AndreasSteno]

Semiconductor stocks are probably still too cheap

[Michael Saylor @saylor]

Strategy has acquired 24,869 BTC for ~$2.01 billion at ~$80,985 per bitcoin and has achieved BTC Yield of 12.6% YTD 2026. As of 5/17/2026, we hodl 843,738 $BTC acquired for ~$63.87 billion at ~$75,700 per bitcoin. $MSTR $STRC https://t.co/y1zvePEuym

[Aaron @Aaron_552]

Thank you! This guy gets it. People do not understand how re-ratings work. Sure we saw a 40-50% correction in NVDA but only after it had run 1000%….

[Hamid @hamids]

Takes like this drive me nuts. They ignore revenue and profits entirely and rely only on a price chart.

Over the next 24 months, $MU will likely generate $200 Billion+ in profits. But to a chart-watcher, the stock is "overvalued" no matter the market cap, purely because it ran up last year.

The question investors should be asking: what is a company generating $100B/year in profits worth, when that profit stream might grow OR shrink with roughly equal odds over the next 3-5 years?

Nobody knows exactly when AI demand (and the memory demand that goes hand-in-hand with it) slows. But "slows" doesn't mean "crashes." It could just as easily stabilize.

What we DO know:
- DRAM, HBM, and NAND demand is so backlogged that all capacity for the next year is sold out

- Prices of these products have gone vertical, which means margins are about to be enormous (80%+)

And we're supposed to take seriously a chart account saying "this stock will crash because it went up"?

Have you heard of AI? Turns out it's kind of popular!

[Danny cheng @dannycheng2022]

One thing I’ve noticed after scrolling through X is how many big influencers constantly contradict themselves. Bullish when the market is green, bearish the moment it turns red.

This daily or weekly flip-flopping doesn’t help anyone invest better — it only adds noise and confusion.

Real bull markets don’t last a month or two. They usually run for years. In today’s environment, bull cycles tend to be long and powerful, while bear markets are typically much shorter — often just a few months to a year.

My advice: Follow the voices who maintain a consistent bullish thesis through ups and downs, not the ones who change their stance every single day. Most flip-floppers are simply chasing attention and clicks. By switching sides constantly, they can always pretend they were right.

Stay disciplined.
Stay consistent.
Stay in the game.
Stay optimistic — and DCA aggressively when whales are handing out massive discounts next time!

[David Mattin @DMattin]

We're at the start, right now, of historic phase shift

For the first time inside modernity, the human population in industrialised countries will peak and then decline

meanwhile, billions of AI agents and tens of millions of humanoid robots are coming on stream.

So when we think demographically, we can no longer think only about the entities that are born: the humans. We need to count the entities that are made, too: the AIs and robots.

What's happening is an economic handoff from we humans to our new children: the intelligent machines.

And this handoff is an epoch-making transformation of the underlying logic of the economy

we move from an economy built on human inputs and conditions of scarcity to one built on automated inputs and conditions of radical abundance.

AI agents will eliminate scarcity across knowledge work. Coding, law, marketing, consulting, finance: production will be substantially automated. Instant, hyper-personalised, near-zero-cost output.

But abundant intelligence with collide with the physical world, too. Embodied intelligence in the form of next-generation robots, including humanoids, will decouple physical production from human labour.

This is the path to the economic singularity: the point where the old rules, categories, and very language we've always used to describe the economy no longer make sense. Growth, labour, productivity: these words start to break down.

Instead, everything is downstream of more abundant intelligence, and the final constraining input: energy. And the core metric in this post-human economy? It's about how much intelligence we can generate per unit of energy. In other words, it's about squeezing more intelligence out of every joule.

That's what this AI rally is really about. Not a tech trade. The early pricing of the most significant economic transition in human history.

And we're barely at the beginning.