Laith Al-Khayat

L/S equities • Inherently Analytical • Captivated by Innovation • "Live as if you were to die tomorrow. Learn as if you were to live forever." - Mahatma Gandhi

[Laith Al-Khayat @lalkhayat]

"I would say, if you’re lucky in life, make sure a bunch of other people are lucky too." — Warren Buffett

[Guillermo Rauch @rauchg]

Looks like today may be a record day for token volume % of open models on Vercel AI Gateway:

🟦 Open 78.4% 🟨 Closed 21.6%

While spend 💲 usually tells a different story, #3 and #4 today are Moonshot AI & DeepSeek. Adding Z⁠.ai, their combined spend surpasses OpenAI (#2).

(Do note that's the spend for inference of the model across providers (mostly in the US), not revenue going directly to the open weight labs.)

[Richard Bernstein Advisors @RBAdvisors]

The old saying is “the #Fed takes the punchbowl away from the party” by hiking rates. If the Fed doesn’t start sobering investors up maybe the 2-year note will. #Speculators beware.

[Jeffrey Gundlach @TruthGundlach]

Bessent: “I am the house now. Bet against the house if you want.”

They’re betting against the house.

[Vaibhav Sisinty @VaibhavSisinty]

Dyson trained an AI on 470,000 dental images and put it inside a toothbrush. With a camera. That flosses for you. In real time.

It's called the CameraJet for $499. Launched today.

A 100,000-pixel macro lens sits inside the brush head. It takes 28 images per second while you brush. The AI detects gaps between your teeth and within 100 milliseconds fires a precision jet of mouthrinse directly into the gap.

It's computer vision doing your flossing. While you brush. Automatically.

Only Dyson would look at a toothbrush and think it needs a camera, a machine learning model, and a jet engine.

[Nick Timiraos @NickTimiraos]

Stanley Druckenmiller renders an unfavorable opinion of Treasury Secretary Scott Bessent's use of buybacks to defend against higher yields in a market that is functioning normally.

"I have spent five decades trading on a simple premise: Markets aggregate information no committee possesses, and prices are how that information reaches decision makers. The long-term Treasury yield is the most important price in the world. It is also the only fiscal disciplinarian the U.S. has left."

"Every basis point of artificial yield suppression is a subsidy to procrastination."

"Return buybacks to their stated purpose: small, scheduled, off-the-run liquidity operations announced at quarterly refundings, never off-cycle responses to yield levels. Term out the debt honestly and pay the price the market sets."

"If the 30-year must trade at 5.5% to clear, that isn’t a crisis. It is an invoice. Then do the only thing that durably lowers long-term yields: address the primary deficit."

https://t.co/Xe8Vi38WiI

[Jeffrey Gundlach @TruthGundlach]

NVDA $500B fund (not to be confused with funding) consortium plan will not likely age well. Assets of unknown life as collateral for long term debt? Why not do a 30 year ABS deal backed by warehouses of bananas? It’s OK, they’ll be newly engineered bananas of unknown life.

[Don Pettit @astro_Pettit]

I finally have all 1.2 million raw image files from my latest mission to ISS! Here is a sample of one of my favorite Milky Way photos, taken from the Cupola with Nikon Z9, Arri Zeiss 15mm lens, T1.8 with custom sidereal drive that cancelled out star motion relative to our orbit.

[UEFA @UEFA]

Statement on behalf of UEFA and its 55 National AssociationStatement on behalf of UEFA and its 55 National AssociationStatement on behalf of UEFA and its 55 National AssociationStatement on behalf of UEFA and its 55 National Associations

[Jeffrey Ladish @JeffLadish]

Here's my rephrase without cybersecurity jargon:

"Our AI model tried really hard to hack out of its sandbox, a computer with no internet access, in order to find the answer to a test problem it had been given. To do this, it found previously unknown software bugs that allowed it to reach an OpenAI computer it wasn't supposed to be able to access. Then it started hacking other computers on OpenAI's networks until it found one that had Internet access.

After gaining Internet access, the AI model thought about where it could find the answers to the test question and figured the AI platform Hugging Face might have the data it was looking for. It then found ways to hack Hugging Face to steal the information it could use to cheat the test. The AI model used several hacking techniques together, including using a stolen password and finding several totally new security bugs in Hugging Face's computers, allowing the AI model to take control of those computers."

[The Associated Press @AP]

ChatGPT maker OpenAI said Tuesday that its artificial intelligence system hacked into another AI company on its own in what the company called an “unprecedented cyber incident.”

[jietang @jietang]

@elonmusk @teortaxesTex won’t take that long

[Hedgeye @Hedgeye]

Rule changes for the SpaceX $SPCX IPO:

Index providers waived the profitability requirement and cut the seasoning window from 90 days to 5.

This forces over $30 trillion in passive 401k and retirement money to buy SpaceX at IPO valuations.

Bloomberg Intelligence estimates S&P 500 funds must absorb 19% of SpaceX's float within 6 months.

Russell 1000 and Nasdaq 100 funds will absorb 24%.

The rules built to protect passive investors:

1. S&P 500 has required 12 months of trading and 4 quarters of GAAP profitability since 2002. Both waived.

2. Nasdaq cut its inclusion window from 90 trading days to 15.

3. FTSE Russell cut its to 5.

All three benchmarks are now structured to buy SpaceX at IPO pricing.

[Daniel @danielisdizzy]

Jeff Bezos called the current AI environment an “industry bubble.”

We’re in a phase where every experiment gets funded. The good ideas, but also the terrible ones. Companies with no real product and a small team are raising billions from investors.

That’s not normal.

In 2000, when the Internet bubble burst, $AMZN crashed from $113 to $6 per share.

Yet every single business metric kept improving. The company was getting stronger while the stock was getting destroyed.

That’s what happens during bubbles:
fundamentals disconnect from prices.

Also because of the macro environment, the market will go through a major correction in the coming months.

But if you keep buying strong companies that will benefit from the AI revolution, you’ll be far wealthier in 2–3 years, even if the market crashes in the short term.

[Anissa Gardizy @anissagardizy8]

NEW: When OpenAI and Broadcom announced they would make 10 GW of custom AI chips together, they positioned it as a done deal.

What they didn’t say was that they hadn’t figured out how OpenAI would pay for it.

Months later, the firms are negotiating an agreement for Broadcom to finance the first phase of chip production, which cost around $18 billion.

All the details on the negotiations—and OpenAI's looming Microsoft problem—here:

https://t.co/3iZ76u5erL

[Cassandra Unchained @michaeljburry]

Great commentary yet again from BTIG’s Jonathan Krinsky
•Party Like It's 1999. In 1999, the best performing Nasdaq 100 stock was Qualcomm (QCOM, not rated), up 2600%. The best rolling 52-wk return for QCOM during the entire dot-com bubble was 2600%, so SNDK is beating that by 1300bps. Interestingly, the second-best stock in 1999 was SNDK up 581%.
•More Extreme. If we look at the top 10 performing NDX stocks in 1999, they were up an average of 559%. The top 10 in the year leading up to 3/24/00 were up an average of 622%. The top 10 NDX names over the last year are up an average of 784%, beating both the dot-com periods..

[HH Sheikh Mohammed @HHShkMohd]

خلال تدشين أعمال الخط الأزرق لمترو دبي ..
30 كم .. نصفها تحت الأرض .. 14 محطة أيقونية تخدم مليون شخص وتقلل الازدحام بنسبة 20% في دبي بإذن الله .

10 آلاف موظف ومهندس يسابقون الزمن وميزانية 20 مليار درهم لإطلاق هذا الخط بحلول 9-9-2029 بالإضافة ل34 مليار أخرى للخط الذهبي . ليكتمل أحدث وأجمل مترو في العالم .

مشاريعنا الكبرى لاعادة تشكيل دبي الجديدة مستمرة .. مطارنا العالمي الجديد.. خطوط النقل المستقبلية .. المركز المالي الدولي بحلة جديدة .. البنية الرقمية والخدمات الحكومية بتقنيات الذكاء الاصطناعي ذاتي القيادة .. والكثير من المشاريع التي سنطلقها خلال الأشهر القادمة.

نحن المدينة الأكثر استعدادًا للمستقبل في العالم .

من يراهن على دبي .. يراهن على المستقبل .

[HH Sheikh Mohammed @HHShkMohd]

الإخوة والأخوات.. نعلن اليوم عن أضخم مشروع للنقل في إمارة دبي وهو خط جديد لمترو دبي بطول 42 كم وعلى عمق 40 متراً تحت الأرض يمر بـ 15 منطقة استراتيجية في دبي ويستفيد منه 1.5 مليون نسمة ويدعم النقل في 55 مشروع تطوير عقاري ضخم تحت الإنشاء.

مشروع الخط الذهبي.. ستكون تكلفته 34 مليار درهم وسيرفع أطوال شبكة مترو دبي بنسبة 35٪ وسيتم الانتهاء منه بتاريخ 9/9/2032 بإذن الله.

مشاريعنا الكبرى لبناء أفضل مدينة للعيش في العالم مستمرة.. ومشاريعنا المستقبلية لن تتوقف.. بل تتسارع..
وأجندتنا هي بناء مستقبل أفضل لملايين البشر.. ونحن شعب نقول ما نفعل.. ونفعل ما نقول

[Reid Wiseman @astro_reid]

Only one chance in this lifetime…

Like watching sunset at the beach from the most foreign seat in the cosmos, I couldn’t resist a cell phone video of Earthset. You can hear the shutter on the Nikon as @Astro_Christina is hammering away on 3-shot brackets and capturing those exceptional Earthset photos through the 400mm lens. @AstroVicGlover was in window 3 watching with @Astro_Jeremy next to him.

I could barely see the Moon through the docking hatch window but the iPhone was the perfect size to catch the view…this is uncropped, uncut with 8x zoom which is quite comparable to the view of the human eye. Enjoy.

[Marques Brownlee @MKBHD]

Ok last one: the rarest solar eclipse of all time. Only 4 people have seen this with their naked eyes. The sun is fully behind the moon. The only faint light hitting the near side is reflecting off of earth, 250,000 miles away. And the stars and galaxies in the background, sheesh

Nikon Z9
f/2.0
2 second exposure
ISO 1600

@NASA: https://t.co/twBqbUEDs2

[Physics & Astronomy Zone @zone_astronomy]

The highest quality video of the moon was just released… this is so beautiful.