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It appears our Californian friends have decided to establish an advanced research and development facility in Israel. A bright idea, what! Not merely a workshop for tinkering with wires and whatnot, but a dedicated space for pushing the boundaries of artificial intelligence. They’ve been touting this as a means to accelerate the development of their “scale-up fabrics” – a rather technical term, but one assumes it involves making things connect with a bit more pep. Apparently, it’s all about addressing those pesky memory bottlenecks in AI training and inference. A most commendable ambition, and one that, as a portfolio manager, I find rather appealing.

The filing with the SEC tells us this much: they sold. Eighteen million dollars, give or take. Money changing hands. It always does. But looking back, MapleBear, or Instacart as some remember it, represented a brief, bright flicker in the ongoing saga of getting groceries to people. A logistical puzzle solved, momentarily, with apps and personal shoppers. We thought, for a time, that this was the future. The future, of course, has other plans.

The question, then, is this: should one abandon this glittering, yet potentially treacherous, landscape, or view these recent declines as a rare opportunity to acquire a piece of the future? Is this a moment for caution, or a chance to seize a bargain that may not present itself again in a decade? Let us, with a touch of detached amusement, examine the matter.

The numerical ascent, a staggering 1,200% in a mere half-year, is, undeniably, arresting. A modest investment of $8,000, transformed into a sum bordering on the fantastical – approximately $105,000 – is the kind of arithmetic that fuels both dreams and bubbles. But let us not be seduced by the glitter. The recent earnings report – $6.20 per share, eclipsing the analyst consensus of $3.62, and a revenue of $3.03 billion against the anticipated $2.69 billion – was, yes, impressive. But it was also, in a sense, expected. The market, after all, is remarkably adept at anticipating future earnings, even if it consistently misprices the present. The upward revision of guidance only confirms the trajectory, not necessarily its sustainability.

It seems the firm benefited from a rather astute analysis by the gentlemen at Morgan Stanley, who, with admirable foresight, flagged nine software companies as rather attractive buys, given their temporarily deflated share prices. Microsoft, naturally, was amongst them, proving once again that a bit of pessimism can create a splendid opportunity for the discerning investor.

Most folks haven’t the time nor the inclination to pore over balance sheets and chase after the latest Wall Street whispers. They’d rather be tendin’ to their gardens, or fishin’ down by the creek. And that’s as it should be. But a man still wants his savings to grow, doesn’t he? That’s where these “index funds” come in handy. An index fund, see, is like a basket. It holds a piece of nearly every company listed on a particular index – in this case, the S&P 500. It aims to mirror the index’s performance, less a wee little fee for the trouble. A clever contraption, if you ask me.

The S&P 500 (SNPINDEX: ^GSPC) waddled up 0.45% to 6,964, and the Nasdaq Composite (NASDAQINDEX: ^IXIC) did a little jig, gaining 0.90% to close at 23,239. Meanwhile, in the software infrastructure arena, Microsoft (MSFT +3.24%) closed at $413.71 (+3.13%) and SAP (SAP +3.58%) finished at $210.41 (+3.48%). It’s a whole chorus line of tech giants, all kicking their legs and generally being… buoyant. A broad strength, they call it. I call it a good day to own stock. Don’t tell anyone I said that.

A volume of 64.4 million shares traded hands – a feverish exchange, nearly 94% above the three-month average. One wonders, is this genuine conviction, or merely the restless shifting of capital, searching for the next illusion? TeraWulf, born in 1994, has witnessed a growth of 1,276% since its inception. A staggering figure, yet what does it signify? A triumph of ingenuity, or a testament to the intoxicating power of speculation? The weight of such numbers is… oppressive.

The chronicles of commerce often mistake momentum for destiny. It is sufficient to note that Roblox has, for now, achieved a certain scale. The true inquiry lies in whether this scale is merely extensive—a sprawling, undifferentiated surface—or intensive, capable of yielding a coherent economic logic. As the apocryphal scholar, Master Elmsworth, once posited: “The measure of a universe is not its size, but the density of its meaning.”