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This ARK 21Shares Bitcoin ETF (ARKB 6.24%), you see, proposes a rather simple, if somewhat extravagant, scheme: to hold actual Bitcoins – those ethereal coins existing only in the digital realm – and then distribute shares representing ownership of these…intangibles. A most ingenious way, it would seem, to allow the uninitiated to partake in the frenzy without the bother of actually understanding where these ‘coins’ reside or how they are secured. One might almost call it…a distraction.

The thing is, UPS is down, yes. Double-digit percentage down, which is roughly the same number of sweaters my mother insists I donate every spring. Meanwhile, the S&P 500 is soaring. It’s infuriatingly buoyant. It feels like everyone else got the memo about a good time, and I’m stuck auditing the receipts. And they’re paying out more in dividends than they’re actually earning. Which, if you’re a person who likes things to make sense, is deeply unsettling. It’s like your aunt sending you a fruitcake and then asking for a loan.

Tesla, with its Cybercab – a vessel named with a peculiar blend of futurism and austerity – has become the visible symbol of this ambition. Yet, to focus solely on the vehicle itself is to succumb to a dangerous simplification. The true contest will not be won by the builder of the most polished machine, but by the entity that commands the network, the one who possesses the indispensable infrastructure and, crucially, the trust – or, more accurately, the acquiescence – of the traveling public.

Recent figures suggest that nearly half of all retail spending in the United States is originating from the top ten percent of earners. A most significant statistic! It indicates that while some are being rather frugal, others are cheerfully splashing the cash. Consequently, one must consider that businesses catering to the more affluent are likely to fare considerably better than those relying on the spending habits of those who are, shall we say, a bit more cautious with their pennies.

The current enthusiasm centres, predictably, on a handful of companies poised to capitalize on this new technology. The sums involved are, as always, astronomical – a ‘multitrillion-dollar addressable market,’ one hears repeatedly, as if mere utterance will conjure it into being. Wall Street, ever the magpie, has identified its favoured beneficiaries, and is now engaged in the delicate art of justifying prices that bear little relation to earthly fundamentals.

To understand CoreWeave is to understand the peculiar needs of the modern artisan. The company does not make anything in the traditional sense; rather, it provides the very space in which creation occurs. It offers access to computational capacity, a digital atelier for those who work with the ethereal clay of algorithms. It operates in the realm of GPUs-as-a-service, allowing clients to rent the power necessary to bring their projects to life. A flexibility that appeals, of course, allowing for hourly or extended use, a liberation from the burden of owning and maintaining such powerful instruments. A prudent choice, one might observe, for those who prefer to spend their energies on invention rather than infrastructure.

Micron, they make the things that remember for the machines—the fleeting thoughts, the stored knowledge. DRAM, NAND—fancy names for little plates that hold the ones and zeros. They serve the computers, the phones, the big server farms, even the metal horses we drive. They aren’t the biggest, not yet. Samsung and SK Hynix still hold the lion’s share, but Micron is gaining, a slow tide creeping in. They’ve taken a bit of ground, ten percentage points in this new HBM stuff, the kind that feeds the artificial minds.

But hold on! They had a quarter! A record quarter! Sort of. They’re claiming records, which, let’s be honest, in this business, is like claiming you’ve invented sliced bread. Everyone’s done it. They trimmed their losses, which is good. It’s like a guy who was losing $100 a day now only loses $90. Still losing, folks! Still losing! Is this a turnaround? Maybe. Is it a sign from the heavens? Don’t hold your breath.

Now, they’re whispering about quantum computing. Another potential revolution. Generative AI is getting all the attention, sure. But quantum…quantum feels different. Like something that could genuinely scramble the rules. Three companies, at least, seem to be positioning themselves for this scramble. And, as a fellow traveler on this planet, I’ve been looking at their numbers. Because even revolutions need a price tag.