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One is compelled to ask: was this expected? The quarterly reports, replete with figures of growth, possessed a seductive logic. Revenue ascended, profits bloomed, and the rate of increase itself accelerated. Yet, to focus solely on these metrics is to navigate a labyrinth with eyes fixed only on the immediate turn, neglecting the broader architecture. A valuation of 222 times earnings demands a scrutiny beyond mere increment; it demands a cartography of potential decline.

Let’s break it down. DRAM is your short-term memory – what your computer uses to, you know, compute. NAND is long-term storage, like the digital equivalent of your aunt Mildred’s photo albums. Both are currently experiencing a supply situation so tight, it makes getting Hamilton tickets look easy. And it’s all because of AI’s insatiable appetite.

Units of BSX Sold in Moment of Weakness: 25. Deeply Regretted: Immediately. Hours Spent Refreshing Portfolio: 6. Attempts to Rationalize Decision: 14.

MSA Safety, for those unfamiliar, provides safety equipment. Rather essential, one gathers, if one wishes to avoid unpleasant incidents. They deal in helmets, protective apparel, and various devices to detect noxious fumes. A practical business, if lacking in glamour.

Five years have passed, and Dutch Bros stands revealed—not as a mere purveyor of caffeinated beverages, but as a scaled, evolving organism, camouflaged in the guise of ‘early stage’ ambition. The market, it seems, persists in viewing it through a lens of provisionality, as if doubting the solidity of its roots. A curious blindness, when the very ground beneath its foundations is demonstrably firm.

The news arrived, as these things often do, via the wires – Bloomberg, in this instance. The Treasury Department, they report, expects an announcement soon, and the possibility of multiple trustees. The air is thick with the scent of potential contracts, of fees and managed assets. It’s a dance as old as capital itself, this preening and positioning for a slice of the public purse.

Verizon, bless their predictable hearts, have maintained their dividend at $0.69 per share. A rather uninspired figure, admittedly, but they’ve been doing it for twenty years, which, in the grand scheme of things, is practically an eternity. A yield of 6.2% is, shall we say, remarkably generous in this rather stingy climate. Six times the S&P 500 average? One almost suspects a miscalculation, but no. It appears to be quite genuine.

But let us not dismiss their caution entirely. Beneath the polished chrome and promises of autonomous driving, a rather audacious transformation is underway. It’s a spectacle, really, akin to a magician rearranging his props mid-performance, hoping the audience won’t notice the rabbits are missing.

Three matters, each of a distinctly troublesome nature, contributed to this regrettable state of affairs: a legal contest brought by bondholders, a series of revisions to analyst estimations, and a general disposition within the market towards a more cautious view of investments in artificial intelligence infrastructure.

The company, it appears, derives some 46% of its revenue from the pedestrian world of general engineering. The remaining portion is divided amongst transportation, aerospace & defense, energy, and earthworks – a portfolio diversified enough to be interesting, but not, perhaps, to inspire poetry. Given the prevailing weakness in the industrial sector – one observes that even 3M has adopted a rather cautious outlook – one might have anticipated a more subdued performance. Indeed, anticipating disappointment is often the safest investment strategy.