Look at Amazon... revenue up 53% since 2021 on the same number of people. Thats productivity.
Hyperscaler headcount has been basically flat for three years while earnings have gone exponential.
I wrote about exactly this a month ago in GMI. The issue is called The New Macro, and in it I address the bubble question
TLDR is that we're measuring the wrong things. Intelligence is getting 10x cheaper every year, and the gains are going to margins, not jobs. The issue lays out what that means for growth, demographics, liquidity and markets, where the real risks are, and the five numbers that would make me change my mind.
If you're trying to make sense of the noise this week, that's the one to read.
Now, GMI is normally only for hedge funds, family offices and serious investors. Its not public.
But for the next two days I'm giving it away free to anyone who pre-orders The Everything Code.
Details on how to get the full report below.
@noface_trdr@MidwestBTCBull@jbelizaireCEO needs to come out with a dilution end date and a deal for kati 2. Market pricing in a reverse stock split again until he does
@belbeleggers@MB_Hogan The claim that Nebius Group ($NBIS) sold capacity at an auction 15% above the highest price it had ever charged is accurate. This comes from the company’s Q2 2026 earnings (reported around August 12–13, 2026).
@blackhousecap@Mastacash They have no debt, cash and a 6.3GW pipeline that they could easily auction off if required. Stupid tweet. Oh and say 60+M revenue per annum.