Aditya mujumdar

Live Long & Prosper! 🖖 #MUFC #FPL #PremierLeague #snooker #food #running #foodandbeverage industry and lastly #marketing.

[Upamanyu Acharya @upamanyuacharya]

India will never produce an NVIDIA, and it has nothing to do with talent. R&D is the purest form of investment, and the central bank has spent decades making investment the dumbest thing you can do with a rupee.

I've been surfing the semiconductor wave for a while now, reading 10-Ks for fun. Spent last month in the Bay Area and the gap between India and the US is not a gap; it's a different universe. Conversations about agentic AI and the next decade of hardware, with my boomer relatives Waymo-ing around SF and self-driving home on Tesla FSD like it's normal. Nobody there thinks any of this is remarkable; they already live in the future.

NVIDIA spends nearly twice as much on R&D as every listed company in India combined. Silicon Motion, the world's leading maker of NAND flash controllers and around since 1995, ploughs 29.7% of revenue back into R&D. Micron runs 10.2%, NVIDIA 9.9%, on revenue bases that dwarf anything we have. India Inc? 0.85% of turnover, and half our listed companies report zero R&D at all.

The easy move is to lambast our promoters and the dhandomaxxing capitalist class, or the foreign MNCs running India as a glorified offshoring unit, or the babus who fund nothing useful. Satisfying. But Wrong. The reason no rational Indian founder pours money into frontier R&D is that there is genuinely no payoff at the end of it. Why?

1. R&D compounds, and compounding punishes laggards. At the edge of science a 1-2% gain is a moat; Intel spent 20+ years performing impossible physics every 24 months because Moore's Law was the business model, and that consistency makes them one of the goated companies of all time even after they got mogged recently. NVIDIA lives the same way today: invent at the limit or cease to exist. If you're 50% behind, no quantum of innovation closes that. You never touch the high end. You stay a mass-market producer of things that already exist. India is precisely there.

2. The supply side is the real thesis, and it's monetary. Two decades of high inflation, high money-printing, high nominal rates. That regime subsidises consumption and taxes patience. R&D is the longest-duration, highest-variance bet on the board; it is the first thing a 8% risk-free rate kills. Frontier R&D only ever gets funded two ways: a psychopathically risk-tolerant capitalist with cheap capital, or a state with Stalin-grade control. The USSR took agrarian peasants to the first man in space in 20 years; China built its own version. India has neither the state capacity, the political will, nor the balance sheet to do that. So nobody does it.

Talent was never the bottleneck. Capital structure was. If you want a SpaceX or a TSMC born here, you need an environment where a conglomerate can deploy $10B and sleep at night: a low-rate regime that makes long-duration investment rational, IP and patent courts that actually function, and policy that doesn't get rewritten every 2-3 years on a minister's whim. Stability is the input. Innovation is the output.

Bay Area versus Bombay, we are several universes apart, and you cannot print your way across that distance; you can only compound your way there, and we've spent years optimising for the opposite. The gap won't be bridged. With luck, it narrows.

[Gaurav Toshniwal @gauravtoshniwal]

The CISO isn't happy that litellm dependency was not pinned.

[Aditya mujumdar @adymojo]

@shachinb @IT_Kabootar Exactly. Even here in dubai, it’s the same, get the car number and report it to the police. I did the same when I met with a minor accident 6 months ago.

[Akshat Shrivastava @Akshat_World]

There is a lot of politics going on regarding the Adani & LIC nexus.

Let's understand the facts.

[A thread...]

[Aditya mujumdar @adymojo]

@aditya_kondawar Adidas

[anand mahindra @anandmahindra]

Global media is speculating whether current challenges in the business sector will trip India’s ambitions to be a global economic force. I’ve lived long enough to see us face earthquakes, droughts, recessions, wars, terror attacks. All I will say is: never, ever bet against India

[Dave Portnoy @stoolpresidente]

I’ve watched this a billion times and I still don’t get it

[Aditya mujumdar @adymojo]

How can Croatia manage to play 2 back to back games of 120+ min and win in penalties? A lot of credit goes to the keeper. #FIFAWorldCup #brazilvscroatia

[Aditya mujumdar @adymojo]

What a game what a stunner! #brazilvscroatia #FIFAWorldCup

[Aditya mujumdar @adymojo]

@shachinb How’s the drive?

[Aditya mujumdar @adymojo]

@asportstvpk Shame on you for disrespecting and showcasing the Indian flag wrongly in your show. @BCCI #INDvsBAN

[MATT GRAY @matt_gray_]

9 TED Talks in 9 days that will change your life:

[Aditya mujumdar @adymojo]

@shachinb How was it?

[Aditya mujumdar @adymojo]

@emirates 🇮🇳

[Aditya mujumdar @adymojo]

@fundaboy @TurkishAirlines Kidhar jaa rahe ho?

[Aditya mujumdar @adymojo]

@fundaboy @TurkishAirlines Turkey jaa rahe ho?

[Growth @GrwthPartner]

10 clever websites powered by AI that will make your jaw drop (Don't miss them):

[Harsha Bhogle @bhogleharsha]

I find it very disturbing that a very large section of the media in England is asking questions of a girl who played by the laws of the game & none at all of another who was gaining an illegal advantage and was a habitual offender. That includes reasonable people & I think (1/n)

[Aditya mujumdar @adymojo]

@TheBarmyArmy This is the spirit of the game you talking about?

[ميرزا ​​مولليك מירזה מוליק @MirzaMullick]

@PeterDellaPenna England does not have moral right to question anything