Blago Baychev

[zerohedge @zerohedge]

Elon fired 80% of Dorsey's last company before chatGPT was even out and it thrived.

may be more of a bloat thing than an AI thing

[zerohedge @zerohedge]

Premarket movers:

Mag 7 stocks are mixed: Nvidia is up 0.4% after sliding Thursday, other names are mostly lower (Alphabet little changed, Tesla -0.2%, Amazon -0.5%, Apple -0.5%, Meta Platforms -0.5%, Microsoft -0.8%).

Block (XYZ) rallies 18% after the financial technology company said it was reducing its workforce by nearly half in a bet on AI. Jack Dorsey’s firm also raised its full-year outlook for gross profit, which was already above the average analyst estimate.

CoreWeave (CRWV) slides 12% after the AI infrastructure software company reported a bigger-than-expected loss and boosted capital expenditures, spurring concerns about the company overspending on infrastructure.

Flutter (FLUT) is down 15% after the gambling company reported fourth-quarter results that fell short of Wall Street estimates. Guidance for 2026 was worse than expected, according to analysts, who pointed to increasing competitive pressures in the US sports-betting market as a key concern.

NCR Atleos (NATL) jumps 16% as The Brink’s Company said it will acquire the company in a cash and stock deal valued at about $6.6 billion.

Netflix (NFLX) is up 8% after the streaming giant dropped out of the fight to buy Warner Bros. Discovery, effectively ending the bidding war for the Hollywood studio.

Zscaler (ZS) is down 9% after the security software company’s second-quarter results weren’t seen as strong enough to reverse recent negative sentiment toward software companies.

[Patrick OShaughnessy @patrick_oshag]

"The most important thing in the next 3-4 years is data centers in space.

In every way, data centers in space, from a first principles perspective, are superior to data centers on earth.

In space, you can keep a satellite in the sun 24 hours a day. The sun is 30% more intense, which results in six times more irradiance than on Earth. So you don't need a battery.

The cooling in these data centers is incredibly complicated. Space cooling is free. You just put a radiator on the dark side of the satellite.

The only thing faster than a laser going through a fiber optic cable is a laser going through absolute vacuum. Link satellites with lasers, and you have a faster and more coherent network than any data center on Earth."

[Adi Oltean @AdiOltean]

We have just used the @Nvidia H100 onboard Starcloud-1 to train the first LLM in space!

We trained the nano-GPT model from Andrej @Karpathy on the complete works of Shakespeare and successfully ran inference on it.

We have also run inference on a preloaded Gemma model, and we plan to try more exciting models in the future.

Getting the first H100 to work in space required a lot of innovation and hard work from the incredible Starcloud team to make this breakthrough.

This is a significant first step toward moving almost all computing off Earth to reduce the burden on our energy supplies and take advantage of abundant solar energy in space! 🚀

[Bill Ackman @BillAckman]

Great advice

[litquidity @litcapital]

Liberating Capital Markets - available soon on all streaming platforms that survive the tariff war

[Gappy (Giuseppe Paleologo) @__paleologo]

After a Big Derisking, the question goes around: “who cut capital”? And *every* hedge fund manager answers “Who? Not me!! We went on the attack!”

This is like that priest who claimed chastity but got gonorrhea. And emorrhoids.

Good times. See you at the end of the month.

[Justina Lee @justinaknope]

I wrote about what has quietly appeared to be THE paper on what the rise of passive means for markets

The authors say active investors aren't trading aggressively enough to make up for the growth of index funds, making more markets more volatile and maybeeee less efficient

[Hedgeye @Hedgeye]

BREAKING: Fed Chair Jerome Powell calls emergency Fed meeting after watching Blackstone Holiday video.

Rate hikes back on table.

[Gappy (Giuseppe Paleologo) @__paleologo]

My email is on my book draft's first page; and on the https://t.co/QONPL5hq2Q page. If you can DM, DM me. If not interested, repost for max reach. Thanks. (6/5)

/cc @logup12, @jackschwager, @RealDayTrading , @theshortbear, @ChrisCamillo , @chatwithtraders, @stamatoudism, @moistmango12, @shortbelly

[David Senra @FoundersPodcast]

The simple genius of Sam Zell:

[Blago Baychev @BlagoBaychev]

@__paleologo The world needs a GappyGPT ! 😅

[Elon Musk @elonmusk]

Precisely

[The Kobeissi Letter @KobeissiLetter]

This is incredible:

Just about every time the Fed started CUTTING rates dating back to 1950, the unemployment rate has spiked.

Historically speaking, the first cut comes 3 months BEFORE the unemployment rate begins to spike, according to Reventure.

On average, the unemployment rate rises to ~7.5% in a Fed rate CUT cycle.

Meanwhile, the Fed just said they don't see unemployment rate rising higher than 4.1%.

That's just 0.4% above the current unemployment rate.

History says a "soft landing" is unlikely.

[litquidity @litcapital]

Three years ago today, Pfizer announced their covid vaccine

[Ray Dalio @RayDalio]

Opinions are a dime a dozen and nearly everyone will share theirs with you. Many will state them as if they are facts. Don't mistake opinions for facts. #principleoftheday

[Stat Arb @quant_arb]

The fact that neural networks judging the facial expressions of CEOs whilst on live TV (CNBC etc) has alpha goes to show that any morsel of alternative data can be used to make money

[Andrej Karpathy @karpathy]

ChatGPT "Advanced Data Analysis" (which doesn't really have anything to do with data specifically) is an awesome tool for creating diagrams. I could probably code these diagrams myself, but it's soo much better to just sit back, and iterate in English.

In this example, I was experimenting with a possible diagram to explain Supervised Finetuning in LLMs. The "document" at the origin (0,0) is the empty document, and eminating outwards are token streams. Highlighted in black are the high probability token streams of the base model. In red are the token streams corresponding to the conversational finetuning data. When we finetune, we are increasing the probabilities of the red paths and suppressing the black paths. I like this view because it emphasizes LLMs as "token simulators", with their own kind of statistical physics backed by datasets, bouncing around in the discrete token space.

The conversation where we built it in a few minutes:
https://t.co/BPYipeQWws
(Sadly I just remembered that ChatGPT sharing doesn't support images, but at least the text is there, of me iterating with the diagram in plain language, and needing to touch no code. Such a vibe of the future.)

I had a similar experience yesterday, was trying to create a plot that shows smoothing in n-gram language models. Again I could just have coded this manually, but this was 10X faster and so easy.

Conversation:
https://t.co/MTxD2YH6Kv

Posting because during these chats I was struck again by that feeling of what must be the future, where you just sit back and say stuff, and the computer is doing the hard work. And in some narrow pockets of tasks, you can already get that feeling today.

[Ray Dalio @RayDalio]

This applies to everything: when you’re buying something, asking for advice, reading the newspaper, watching the news, etc. That is because most people (though not all people) are trying to sell you something that will help them get the things they want. If you can keep this question in mind, and get the answer to it, you will be able to see things from a higher level and make better decisions. And, if you can identify the people who are true friends or those who are truly trying to help you, especially the smart ones, you will have a much better life than if you don’t. #principleoftheday

[Stat Arb @quant_arb]

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