Travis Bolster

[Josh Chavis @JoshChavis65]

So far this World Cup has been a great reminder that we make too many assumptions about one another, and that the vast majority of humanity is awesome.

It's been pretty damn refreshing, honestly.

[Michael McNair @michaeljmcnair]

Can someone help me wrap my head around the recent xAI/SpaceX compute deals with Anthropic and Google?

The implied price is something like 6x CoreWeave’s revenue per MW. According to SpaceX management the premium “reflects the current supply/demand environment”.

Maybe thats true. But if these are the real economics, why are the neoclouds like CoreWeave down 40% YoY? And why would OpenAI and Oracle just walk away from Stargate if theres anything close to these implied returns?

And what does this imply about the economics of the model providers? What kind of negative spread business is Anthropic running if it needs to pay $1.25 billion per month for 300mw of compute? I get that agentic demand is exploding, but is revenue growth actually outpacing the cost of serving it right now?

A cynic might also question the timing.

Anthropic and Google are raising enormous amounts of capital and they just signed deals for roughly $26 billion of annualized revenue for xAI, immediately ahead of the SpaceX IPO. That’s a massive step up relative to xAI’s $3.5Bn of revenue in 2025.

And remember SpaceX is mostly an AI company. On a SOTP basis, the implied AI valuation is probably larger than Anthropic and OpenAI. But the near term revenue ramp is from renting compute capacity to the companies that are actually winning the model race.

Maybe SpaceX simply built infrastructure that became exponentially more valuable at just the right time. But given how much capital everyone in the AI ecosystem needs to raise, it’s worth asking whether the industry is becoming increasingly reflexive. Raise enormous amounts of capital, then spend that money with other companies across the AI ecosystem, which book it as revenue, which supports valuations.

And everyone has an incentive to support industry wide valuations bc each company’s spending becomes another company’s revenue, and each company’s valuation helps validate the valuations of the others, and makes it easier to raise the next round of capital.

[Travis Bolster @travisbolster]

@wpmcgee Made me chuckle 🤣

[Travis Bolster @travisbolster]

@wpmcgee So Harris and Och?

[Travis Bolster @travisbolster]

@michaeljmcnair where does the $$$ go from oil sales at $100+ a barrel?

[Dandy Don's LSU Sports @dandydonlsu]

FINAL: LSU 24 Vandy 31

Out-coached, out-played, flat-out dominated far worse than the score indicates.

First loss to Vanderbilt in 35 years. Dark day for the LSU football program.

[Travis Bolster @travisbolster]

@market_sleuth @market_sleuth, you're one of my favorite followers on X. I love your market commentary and your grounded, faith-based approach to life with your family. Thanks for all you do for the town Square.

[Travis Bolster @travisbolster]

@market_sleuth @market_sleuth you dont think it was a simple 0DTE ramp into close?

[SpotGamma @spotgamma]

i mean, looks totally normal right

[Travis Bolster @travisbolster]

@Chartfest1 Trump Admin has eyes on Visa's 3% fee that merchants and ultimately consumers pay.

[Travis Bolster @travisbolster]

I spent a weekend in Vegas in June with my 21 year-old son. We stayed at the Palazzo went to the sphere to see Kenny Chesney. We left Vegas and went to Bryce Canyon and Zion national Park. We also had a helicopter tour to the Grand Canyon from Las Vegas. Honestly, one of the best vacations I've ever had. Yes walking down the strip is depressing but the hotel was great and there are incredible restaurants. Sidenote, we barely did any gambling..

[Travis Bolster @travisbolster]

@MelMattison1 Was there a calendar issue in May? Still higher Vs. 2024.

[Travis Bolster @travisbolster]

@16RobCooper @CanesBaseball @NCAABaseball @USMGoldenEagles As the local Franchisee for @qdoba and @SmoothieKing, we appreciate your visits while in town. Good luck next Weekend!

[Travis Bolster @travisbolster]

@CanesBaseball As the local Franchisee for @qdoba and @SmoothieKing, we appreciate your visits while in town. Good luck next Weekend!

[NCAA Baseball @NCAABaseball]

🚨 The host sites for the 2025 DI Baseball Regionals 🚨

Host sites are in alphabetical order.

#RoadToOmaha

[Travis Bolster @travisbolster]

@JC_Investment Down 1% LOL...stocks only go up

[Travis Bolster @travisbolster]

@LukeGromen @SecScottBessent attempted to achieve his goal using "ice" until the MOVE index exceeded its limit. Now, is he going with "fire"? I don't know where I read that line😂. It will be fun to watch.

[Travis Bolster @travisbolster]

@fkronawitter1 @SecScottBessent attempted to achieve his goal using "ice" until the MOVE index exceeded its limit. Now, is he going with "fire"? It will be fun to watch.

[Travis Bolster @travisbolster]

@StanphylCap https://t.co/ERlCvllIu0
@StanphylCap stealth QE is why yields are down.

[Luke Gromen @LukeGromen]

"Deregulation" does roll off the tongue a whole lot nicer than "Fed QE run through the banks", doesn't it?

🥳

[Travis Bolster @travisbolster]

@ces921 and @LukeGromen I'd love to hear your thoughts on @MelMattison1 latest article.

[Mel Mattison @MelMattison1]

As promised, here's that longer piece on why a 5% 10 year may be something to be welcomed, not feared.

Link here: https://t.co/EURcMODeKv

[Travis Bolster @travisbolster]

@MelMattison1 Also, if this leads to nominal growth and inflation, how can the Fed justify lowering rates, as outlined in the article? You are certainly thinking outside the box.