Brett Nocerini

Take the lumpy 15% over the smooth 12

[Brett Nocerini @BrettNoc]

eddie lampert voted out all 6 directors at seritage $SRG. they stay until a shareholder meeting to appoint a new slate. https://t.co/x0qpkIRsM1

[Shanu Mathew @ShanuMathew93]

Oof looks like Crusoe got the boot? "The company is continuing to advance the project and is working directly with the potential large-load customer. While Crusoe is no longer the development partner for this project, the project continues to progress as planned and is tracking for service to begin in early 2028."

[Negligible Capital @negligible_cap]

Jane Street's invested in Situational Awareness, which has now seen AUM increase to over $20B. Leopold's investment in Anthropic also accounts for about 20% of their assets.

"Situational Awareness has gained about 270% after fees this year through May and is up more than 1,000% after fees since inception, one of the people said. One of the fund's most successful bets is a stake in Anthropic that today accounts for about one-fifth of its assets, the person said.

Its investors now include Jane Street, the savvy quant-trading firm that ranks among Wall Street's most profitable, some of the people said. Jane Street's investment in Situational Awareness is particularly notable because the firm rarely allocates capital to outside money managers."

[Brian Armstrong @brian_armstrong]

Good take

My guess is
- demand for intelligence is near infinite
- but 80% of workloads will be running on 99% cheaper models within 12-18 months
- 20% of workloads will still run on latest gen models where IQ maxing is important (scientific breakthroughs, higher level ochestrator agents?)
- rough analogy might be what % of macbooks or gaming PCs sold have the maxed out specs for CPU/GPU, prices are falling much faster than Moore's law here though
- this leads me to think the limiting factor will be energy and compute, not better models

At Coinbase we're working hard on routing prompts to cheaper models where appropriate, and in some cases have been able to keep costs roughly flat, while token usage continues to grow exponentially.

[Jim Belosic (SendCutSend) @jimbelosic]

Did you know that emergency showers have to be heated nowadays?

[Patrick Byrne @PatrickByrne]

Assume Pratt's support in that precinct = 1%.

Odds of going Z ballots with no Pratt vote:

Z =
1: 99%
2: 99%^2 = 98.01%
3: 99%^3 = 97.03%
4: 99%^4 = 96.05%
.
.
.
24,000: 99%^24,000 = 1.75659 × 10⁻¹⁰⁵

= .[105 zeros followed by] 17%

"So you're saying there's a chance?"😂🤣

[Steak 'n Shake @SteaknShake]

On our MAHA journey, we have introduced the following:

100% grass-fed, grass-finished beef ✅

100% beef tallow fries ✅

100% beef tallow tots ✅

Grade A Wisconsin butter ✅

A2 whole milk ✅

Cane-sugar Coca-Cola ✅

Elimination of all microwaves ✅

And we are working on changing our buns!

We are committed to becoming seed-oil free, because we are committed to making fast food the best it can be.

[Muhammad Zuhair @mzuhair123]

$TSM CEO Pushes Back on @GavinSBaker, Clarifying That TSMC's Bottlenecks Are Organic, Not Self-Imposed

"When asked by a reporter, Gavin Baker, a technology investor who previously managed over $17 billion in assets at Fidelity and is now the chief investment officer at Atreides Management, described TSMC as being managed by a group of very stubborn and experienced people in their 70s who had personally witnessed Taiwan's semiconductor industry go from lagging behind Intel to gradually establishing itself as a global leader. Therefore, they were very clear about the cost of tech bubbles and crashes.

In response to the above statement, TSMC's CEO stated that Baker originally meant that TSMC was applying the brakes because AI would not become a bubble. A group of experienced seniors were applying the brakes. But to be honest, TSMC did not deliberately control it, nor did TSMC intend to apply the brakes. They may be a bit stubborn and old, but they really did not deliberately apply the brakes.

TSMC's CEO said that his company tried its best to increase production capacity for its customers, but who knew that the customers' businesses would grow so fast? The development since the launch of GPT in 2023 has far exceeded expectations. C.C. Wei also revealed that he asked NVIDIA CEO Jensen Huang why he was so smart and hadn't told him earlier, but Huang replied that he didn't know either. No one, including TSMC, can predict this now, and all these demands are going to TSMC, which can't see it coming either.

C.C. Wei also stated frankly that TSMC has been increasing production, with more than a dozen construction sites underway in Taiwan."

It's actually interesting that Wei chose to discuss this narrative, and he specifically quoted Gavin's comments.

$NVDA

[Steak 'n Shake @SteaknShake]

News Alert: Steak n Shake's domestic same-store sales increased by over 12% in May, outpacing ALL other fast-food chains!

Thank you, Bitcoiners!
Thank you, MAHA!

We will keep reinvesting in food quality to make Steak n Shake the great differentiator in the fast-food industry!

Where else can you get 100% grass-fed, grass-finished Steakburgers with 100% beef tallow fries and a Patriot shake—paid with Bitcoin?!

Thank you for boosting our SBR🧡

[Michael Thomas @curious_founder]

Meta is building dozens of massive tents at campuses across the US, sticking billions of dollars of chips inside, and powering them with off-grid turbines.

The AI race has officially entered its Mad Max phase.

Over the last month, I reviewed hundreds of documents and satellite images for Cleanview's latest report on behind-the-meter data centers. Meta's data center strategy, which is very visible from space, was one of the weirder approaches I came across.

Mark Zuckerberg recently ditched the data center designs that Meta had perfected over the last decade and told his team to stick tens of thousands of chips in tents outside their data center in New Albany, Ohio. Each of these chips costs about $60,000. Zuckerberg plans to stick billions of dollars worth of them in the tents.

The strategy has helped cut the time to build compute in half. The first five buildings at Meta’s New Albany, Ohio data center took between two and three years to build. Meta started building five ~125,000 square foot tents between April and June of 2026, according to city permits. Satellite images show the structures have all been built.

To power those "rapid deployment structures", as they are officially named, Meta signed a 10-year deal with Williams to build a pair of 200 MW off-grid power plants. Those power plants began construction about a year ago and are nearly complete.

Meta is using the same strategy to build a data center in Tennessee, bringing the total count of tent data centers to three.

Strategies like this are part of the reason behind-the-meter data center capacity is growing so quickly.

In Cleanview's report, I found that there's currently about 2 GW of BTM capacity online today. By the end of the year, it will likely be 3 GW—equivalent to three nuclear power plants. By the end of 2027, it could be as high as 13 GW—more than the power demand of NYC.

I've been talking to a lot of reporters about this research. When I told one reporter about these tents and other companies powering their data centers with jet engines, he said, "It's like a scene out of the movie Mad Max."

[Marc Andreessen 🇺🇸 @pmarca]

We have moved on to entirely new moral panics, such as [squints, checks notes] water consumption in datacenters. And in a few years (or months, or weeks, or days), that will be completely forgotten too.

[Bill Ackman @BillAckman]

A must watch from Jamie Dimon.

[Elon Musk @elonmusk]

Something that perhaps isn’t clear is that, if this location works out (other locations are still in the running), SpaceX will still be paying an annual amount that increases tax revenue for Grimes County by ~25% and will be by far the biggest source of revenue for the county.

Taking into account taxes paid by SpaceX employees and contractors, Terafab will far exceed ALL revenue that Grimes County currently earns!

The reason SpaceX asked for this, which is standard practice for massive capital investments, is because Terafab will have a large number of extremely expensive machines for making chips. Property tax on these crazy money machines would put us at a serious competitive disadvantage relative to other chip fabs in the world.

[Kaz Nejatian @nejatian]

If you are an Opendoor shareholder, I have an ask.

Proxy advisors at ISS and Glass Lewis have recommended shareholders to vote against me at our Annual Meeting. I don’t take this personally. This is the fifth time in my career these same people have told people to vote against my team.

These proxy advisors have built no companies and are not meaningful shareholders of OPEN. They're a checkbox industry charging fees to tell other people what to do with shares that aren't theirs.

Usually most companies can’t do anything about this since many institutional shareholders will just vote the way ISS tells them to.

But Opendoor has the Open Army! It is important that we stand up against this separation of management from shareholders.

If you are so inclined, help tilt the world in favor of shareholders and away from bureaucrats.

Find out how (ask your broker, check your emails) and vote your shares. Our board is excellent. We are back on mission and we are winning.

Don't outsource your vote. Read the proxy. Vote your shares.

[Brett Nocerini @BrettNoc]

As part of our revised approach, I am discontinuing our voluntary divestment from all publicly traded oil and gas companies. The Trustee-mandated decision to divest from thermal coal and tar sands companies remains in effect. - the mind virus
https://t.co/1PW48GfUAq

[Julian Klymochko @JulianKlymochko]

Classic Buffett

Negotiated the $TMHC deal in 4 days (CA signed May 27th)

Paid 10x EBIT (10% pre-tax yield -> his favorite multiple)

Taylor Morrison Home didn't run a sale process

No buy-side advisor used and no reverse break fee payable

[Nigel Farage MP @Nigel_Farage]

This is the most shocking footage of discrimination that you will ever see.

A white boy being handcuffed by police officers more concerned by an accusation of racism than an act of murder.

This must be a turning point. White lives matter too.

[Joe Weisenthal @TheStalwart]

Wow, Berkshire Hathaway investing $10 billion into $GOOGL in a private placement as part of a broader $80 billion equity capital raise by the company to expand its AI infrastructure

[Steak 'n Shake @SteaknShake]

Starting today, all our beef comes from pasture-raised cattle. Our beef is 100% grass-fed and grass-finished — no antibiotics or hormones added, ever.

Steak n Shake is committed to serving the healthiest kind of beef at reasonable prices. It is simply the right thing to do.

Let us know what you think of our 100% grass-fed Steakburgers.

Go MAHA!