Nitin Rao

[The Kobeissi Letter @KobeissiLetter]

Investors are no longer hedging against a tech stock crash.

The average 1-month put-to-call skew of the Nasdaq 100 index is down to 0 points, its 4th-lowest reading over the last 20 years.

This measures how much more investors are paying for downside protection through put options than for upside exposure through call options, with the current reading indicating historically low demand for Nasdaq put options.

This figure has dropped -0.25 points since March 2026, one of the largest 6-month declines on record.

By comparison, the long-term average of this metric is 0.11 points.

Meanwhile, the cost of options used to bet on or protect against large moves in the average Nasdaq 100 stock fell sharply last week, with 1-month implied volatility dropping -17 percentage points, to ~40%.

Investors are extremely bullish on tech.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Nvidia, $NVDA, is hiking prices of many servers containing its AI chips by more than 15% as memory costs soar, per Bloomberg.

The price hikes will go into effect on systems shipped early next year and will include those with the flagship Vera Rubin and Grace Blackwell chips.

“AI-flation” continues.

[Devendra Fadnavis @Dev_Fadnavis]

On National Space Day, we celebrate India’s growing strength in space exploration and honour the scientists whose knowledge, determination, and innovation continue to make the nation proud.

विकसित भारत 2047 च्या ध्येयाकडे झेपावणारी, संपूर्ण जगासमोर नव्या भारताचे सामर्थ्य अधोरेखित करणारी भारताची अंतराळ संशोधनयात्रा.
या विकासयात्रेत मोलाचे योगदान देणाऱ्या सर्व शास्त्रज्ञ, तंत्रज्ञ व तज्ज्ञांना मनःपूर्वक शुभेच्छा!

#राष्ट्रीय_अंतराळ_दिन #NationalSpaceDay #विकसित_भारत_2047 #ViksitBharat2047 #Maharashtra

[Neil Borate @ActusDei]

Saurabh Mukherjea gets a lot of hate but frankly a lot of what he has said in the book - the crisis of the Indian middle class is actually playing out.
1) Jobs have stalled. 8.7 crore youth not studying or working.
2) Going abroad isn't as easy as it once was. The West is making it harder to immigrate there.
2) Social media fuels unrealistic aspirations. So the youth borrow to finance consumption. Notice the incident in Chhatrapati Sambhajinagar about the boy taking his own life, seemingly over an iPhone EMI.
3) The youth turn to F&O. 43% of traders are below the age of 30. They lose money there as well (88% making loses, per the Sebi study).
4) A govt job is seen as another escape from poverty and unemployment. Except that paper leaks lay waste to months of effort.
The result? A tinder box. More protests over various (seemingly different) issues - paper leaks, reservations and much else. The underlying cause is the same, a 'fastest growing' economy that isn't creating enough jobs.

I don't know if there's a solution. Supply-side remedies that can solve it, take time to play out. Less red tape, free capital, labour and land reforms. Even if done now, I don't know if the youth of India have time on their hands.

[Porinju Veliyath @porinju]

Cost to Retire Comfortably.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: Jane Street posted a $15 billion loss in July amid the collapse of Situational Awareness, per FT.

The firm disclosed the loss to lenders as part of a deal to shift its $11 billion public debt pile to private investors.

[Aakash Gupta @aakashgupta]

Sergey Brin is the third richest person alive, worth roughly $240 billion, and he just took direct command of Gemini.

He retired in 2019. He owns around 6% of a $3.9 trillion company. He could spend the next 40 years on a yacht without ever checking a price tag.

Instead he's been at the office three to four days a week, in the weeds, writing code. Demis Hassabis confirmed it himself this year, "Sergey has been in the weeds, programming."

The last time Brin was this hands-on, Google was running out of a garage in Menlo Park.

And he fits a pattern. Zuck went founder mode on AI and reorganized all of Meta around superintelligence. Elon started xAI from scratch and built it into a frontier lab in two years. Now Brin, at 52, is personally running the model that decides whether Google wins the next 20 years.

That tells you everything about the size of the prize. Smartphones, cloud, crypto, none of it pulled a retired founder back onto a product team. AI did it in under two years.

A $240 billion man just gave himself a job. The AI war is fully on.

[Elon Musk @elonmusk]

AI is a supersonic tsunami

[Semiconductor Insider @SemiconductorsX]

BofA released a major semiconductor update that memory investors should note carefully.

The key takeaway is a sharp upward revision in the AI capex outlook. 2026 is now seen rising 78% year over year and 2027 by 35%.

The four major US hyperscalers, Google, Microsoft, Amazon, and Meta, have reported stronger multi-year spending plans.

Hyperscale capex is tracking above $860 billion in 2026, up 80% year over year, and heading toward $1.2 trillion by 2027.

The spending is backed by more than $2.3 trillion in multi-year customer cloud commitments and backlog, which rose 16% quarter over quarter. That visibility is significant.

Free cash flow will face pressure as capital expenditures exceed operating cash flow. The big tech companies are funding it comfortably through debt and equity, and capital markets remain open.

The main beneficiaries are ranked as:
1Compute
2Memory (HBM, DRAM, SSD)
3Semiconductor equipment
4Power semiconductors
5Optics
As AI agents scale, memory demand is expected to grow even faster than GPU shipments.

Stronger cloud backlog leads to higher utilization, more accelerators, and ultimately more memory purchases.

This is not a short-term spike. It is a multi-year infrastructure buildout with improving return visibility.

Memory names have received another bullish signal.

How do you see this level of hyperscaler commitment affecting memory pricing and supply through 2027?
#semiconductors #AI

[The Kobeissi Letter @KobeissiLetter]

What just happened?

The S&P 500 just erased nearly -$2 TRILLION of market cap just hours after 3rd strongest US jobs report in 18 months.

Meanwhile, Bitcoin is officially down over -50% from its record high in October 2025.

What's happening? Let us explain.

(a thread)

[Nitin Rao @nitinraotweets]

Who had to be told status . Now will get cold food . Is this how a company works . Think concept of quality and checks does not exist and co needs to figure its strategy . May switch to another reliable partner now

[Nitin Rao @nitinraotweets]

@Swiggy problem of working with app based vendors . Order delayed fr long . Chat agent says will be delivered every 5 mins . Happened 2 times . Then called delivery boy . He said vehicle broken and not picking order , no one picking at Swiggy . Agent put to supervisor who had to

[InCred Wealth @IncredWealth]

Records broken.
Doubts silenced.

Team 🇮🇳India
World Champions.

#TeamIndia #WorldChampions #ChampionsAgain #RecordsBroken #DoubtsSilenced

[InCred Wealth @IncredWealth]

InCred Wealth wishes you a Republic Day filled with the spirit of sovereignty, the strength of unity, and the pursuit of excellence.

Happy Republic Day!

#RepublicDay2026 #IndiaAt77 #InCredWealth

[Sneha Mordani @snehamordani]

Passenger @ankitdewan attacked by a Pilot in Delhi Airport.
We needed just this for passengers to get respite from delays and cancellations at the Delhi Airport
Yahi bacha tha

Plus, Imagine this is the state of mind of the pilot who could be flying your plane

[InCred Capital @IncredCapital]

In a conversation with @bsindia , Yogesh Kalwani, Head – Investments at InCred Wealth, shared his 2026 outlook.

Read: https://t.co/uF68zPH2V0

#MarketOutlook #InvestmentStrategy #WealthManagement #EquityMarkets

[Uday Kotak @udaykotak]

₹@90. The proximate reason: foreign selling of Indian stocks both FPI & PE under FDI. Indian investors buying. Time will tell who is smarter. For now foreigners seem smarter. 1 year nifty $ return is 0. But this a long game. Time for Indian business to shake out of comfort zone.

[InCred Wealth @IncredWealth]

Wishing you a Diwali that lights up your life with happiness, prosperity, and boundless growth.

May every spark inspire new beginnings and lasting success!

#HappyDiwali #Diwali2025 #FestivalOfLights #SuccessAndProsperity #NewBeginnings

[InCred Capital @IncredCapital]

Wishing you a sparkling Diwali filled with success, happiness, and the glow of new opportunities.

May the festival of lights brighten your journey ahead!

#HappyDiwali #Diwali2025 #FestivalOfLights #JoyAndProsperity #NewBeginnings