This prompts a consideration of the “Buffett Indicator,” a metric favored by the late Mr. Warren Buffett, whose investment strategies, though often lauded, were ultimately subject to the same temporal limitations as all human endeavors. The Indicator, in its elegant simplicity, measures the capitalization of the entire U.S. stock market against the nation’s gross domestic product. A ratio, really, a shadow cast by economic activity upon the speculative realm.
Like its brethren Bitcoin and Ethereum, XRP failed to keep above $1.5320 and descended into a short-term bearish mood, slipping below $1.5250 and $1.50 with the elegance of a misplaced sparkler.
The pursuit of the qubit, that elusive phantom of calculation, is not for the faint of heart. Years, perhaps decades, may pass before these fragile states yield practical fruit. Many will stumble, many will fall silent. But within this nascent field, one name resonates with a peculiar clarity: IonQ. It is not merely a company; it is a fragile bloom pushing through the concrete of conventional computation.
Old John Zito, a fellow with Apollo Global Management – a name that suggests they’re aiming for the heavens, though I suspect they’re mostly concerned with earthly gains – he posed the question: “Is software dead?” A dramatic query, to be sure. The iShares Expanded Tech-Software ETF has taken a proper drubbing, down twenty-one percent this year, and a good portion of that in the last week. Seems investors are spooked, and rightly so, when they see a shiny new toy threaten the old. But a wise man doesn’t throw out the baby with the bathwater, does he?
Snowflake’s fiscal third-quarter revenue reached $1.21 billion, representing a 29% year-over-year increase. However, a disaggregation of revenue streams reveals that product revenue, constituting the vast majority of total revenue at $1.16 billion, expanded at a rate of 29%, a deceleration from prior periods. This moderation in growth, while not entirely unexpected given the law of large numbers, warrants close monitoring.
The iShares Expanded Tech-Software Sector ETF (IGV), a cartographic representation of this digital terrain, has experienced a decline – a fall of twenty-two percent from its zenith. The ostensible cause? A fear – a phantom, perhaps – that the emergence of artificial intelligence, specifically those generative engines originating with OpenAI and Anthropic, might dismantle the established order of software-as-a-service. It is a curiously swift judgment. The market, it seems, anticipates disruption before disruption itself has fully manifested. One recalls the apocryphal Library of Babel, where all possible books exist, including those detailing the precise moment of a sector’s obsolescence. Yet, no such definitive text has yet been revealed.
Lilly’s fourth-quarter revenue hit $19.3 billion. Forty-three percent year-over-year. Let that sink in. They’re basically printing money with those GLP-1 drugs – Mounjaro and Zepbound. Sales surged 110% and 123% respectively, totaling $7.4 billion and $4.3 billion. It’s…aggressive. And let’s be real, it’s fuelled by a society simultaneously obsessed with instant gratification and terrified of aging. Don’t judge me, I’m already pre-ordering the anti-gravity cream.
Microsoft, that purveyor of operating systems and office suites, now presents itself as a cloud computing pioneer. Azure, its cloud division, is the object of particular fascination, a sort of digital oracle consulted by those seeking the secrets of artificial intelligence. The logic is simple, or so it seems: abundant cloud capacity equals abundant AI spending. Clients, eager to dabble in the wonders of machine learning, flock to Azure, eschewing the messy business of maintaining their own data centers. A convenient arrangement, to be sure, but one cannot help but wonder if this entire enterprise is not merely a grand illusion, a shimmering mirage in the desert of technological progress.
The ambition is admirable, truly. Tesla is building castles in the air, magnificent structures of engineering and software. But even the most beautiful castle needs foundations, and a solid treasury. And that, at the moment, is looking a bit like a bog. Vehicle sales have stumbled, profits are heading south, and the company is about to embark on a spending spree that would make Croesus blush.2
In a recent post on X, Glassnode analyst Chris Beamish groans with the latest trend in the Bitcoin MVRV Z-Score, an indicator meant to judge whether the asset wears overvaluation like a fashionable coat or clutches undervaluation like a desperate, worn scarf. It compares market cap toRealized Cap in a way that only a statistician could love and a skeptic could tolerate.
