Ah, Hyperliquid, that quiet achiever, has become the most liquid platform for crypto price discovery. Founder Jeff, in a moment of unparalleled modesty, marked this milestone with a tweet in 2026, presenting a side-by-side comparison of Bitcoin perpetual liquidity on Binance and Hyperliquid. How quaint.
They’re sayin’ Mirum is at an “inflection point.” Fancy words, folks. What it means is they actually made some money from operations in 2025. Cash flow! Can you believe it? In biotech, that’s like finding a unicorn that pays taxes. They also snagged two FDA approvals. Ctexli for this rare thing called cerebrotendinous xanthomatosis – try saying that after a few martinis – and a tablet form of Livmarli for another rare liver condition. Look, I’m not a doctor, I play one on the internet, but rare diseases are good business. Fewer competitors, desperate patients…it’s the circle of life, folks, the liver circle of life.
One anticipates, with a degree of cautious optimism, that the coming year, 2026, will witness a further expansion of these distributions. Two names, in particular, stand out as likely leaders in this quiet ascent: Prologis, a titan of industrial real estate, and American Tower, a purveyor of the unseen networks that bind our modern world. These are not merely companies; they are, in a sense, custodians of the physical and digital foundations upon which so much of our prosperity rests.
But then I started thinking about Apple (AAPL +2.97%). And suddenly, the soufflé seemed a lot less appealing. Not because Apple isn’t also a bit of a behemoth – obviously it is – but because it’s a reliable behemoth. Like a good pair of boots. Or a sensible cardigan. And frankly, after the last few years, I’m craving sensible.
The wallet drama begins with a touch of bureaucratic sleepiness: a token approval, long forgotten, shrugged off its responsibilities until an attacker found it and proposed a sudden, extremely efficient heist. The funds arrived through an account abstraction transaction, and the trespasser moved with the punctuality of a clerk who actually enjoys their job.
The stock, despite a recent dip – a mere nine percent from its peak, a trifle in the grand scheme – has ascended a dizzying 540% over the past decade. A performance that ought to raise eyebrows, even those belonging to the most jaded of financial analysts. One suspects a touch of enchantment, a subtle sorcery woven into the very fabric of its business model. Let us, then, examine the workings of this peculiar establishment, focusing on three metrics that reveal its underlying strangeness.
Interactive Brokers operates a platform – a digital expanse where fortunes are made and unmade with the click of a button. It is a place where clients, anonymous figures trading in abstractions, buy and sell not merely stocks, but futures, options, even the ephemeral promise of cryptocurrency. The company’s ascent into the S&P 500, coupled with a market capitalization exceeding one hundred and thirty billion, feels less like an achievement and more like the inevitable consequence of a system that rewards growth, regardless of its underlying logic.
You see, there’s a heap of speculation in this newfangled “quantum computing.” Folks are throwin’ money at it like it’s the cure for boredom. But a wise man—or a cautious investor—remembers that innovation ain’t always profitable. D-Wave, bless their ambitious hearts, is actually makin’ some revenue, which is a rare and pleasant surprise in this era of vaporware. They’ve got a bit of cash stashed away too, $836 million, which is enough to keep the lights on for a spell. They’re respected in the industry, which is sayin’ somethin’. I reckon it won’t fall to nothin’, but I’d wager a nickel it’ll be a bumpy ride for a good while yet.
They move stuff. Oil, gas, the occasional rogue beach ball. They’re in the “midstream” business, which sounds suspiciously like a spy novel, but it just means they own the pipelines and storage facilities that get energy from Point A to Point B. They charge a fee, which is nice, because nobody likes working for free. And here’s the beautiful part: the price of oil and gas going up or down? Schmaltz! Doesn’t matter much. As long as the stuff is moving, they’re making money. It’s like a toll booth on the highway of hydrocarbons. A surprisingly reliable business, wouldn’t you say? Even when the world is going bananas, people still need to heat their homes and drive their cars. It’s a basic need, like a good pastrami on rye.
SoundHound, it appears, is attempting to build a business on the premise that people will willingly converse with machines. A charming notion, perhaps, but one which relies heavily on the assumption that these machines will, in fact, be able to understand them. Their focus is, ostensibly, on consumer-facing applications – ordering meals, arranging travel – the sort of tasks one might delegate to a particularly efficient, if somewhat impertinent, secretary. Navitas, by contrast, manufactures the silicon required to keep the data centres humming – the unglamorous, but essential, infrastructure upon which this digital fantasy is built.