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The question of another split hangs in the air, a minor irritation. Management, one assumes, has more pressing concerns than catering to the whims of those who believe a larger number of shares equates to greater wealth. Still, it is worth examining the history. Nvidia has split its stock six times since its inception, a habit not entirely unlike a nervous tick. Microsoft, with nine splits, appears positively frantic. A company’s past behavior, however, is seldom a reliable predictor of its future composure.

Sixty-nine million shares changed hands, a considerable sum, yet merely a ripple in the vast ocean of commerce. One recalls the company’s genesis in the year 1972, a time of boundless optimism, and the subsequent five-fold increase in its value. But such growth, like all earthly things, is subject to the laws of entropy. The market, ever fickle, offers no guarantees, only the illusion of control.

Artificial intelligence. A phrase bandied about with the recklessness of a gambler discarding rubles. It’s still in its infancy, you understand, though the hype suggests a fully grown, demanding adolescent. The hyperscalers—those digital behemoths—are throwing money at it with the enthusiasm of a nouveau riche attempting to impress a countess. Hundreds of billions, they say. And where does all this capital ultimately land? Precisely. At TSM’s doorstep.

Last week, Anthropic unveiled a new plugin for its Claude Cowork platform, capable of performing legal tasks with unsettling efficiency.² This, naturally, has caused a frisson of panic amongst the scribes and parchment-pushers. Then, on February 5th, Anthropic released Claude Opus 4.6 – its latest iteration. This model, we are told, excels at coding, ‘agentic tasks’ (whatever those are – sounds suspiciously like golems), and the creation of documents, spreadsheets, and presentations. In short, it threatens to automate the very things that keep middle management employed. A dangerous precedent, indeed.

The company tallied nearly $3.92 billion in revenue for the last quarter, a nine percent increase. Not bad, not bad at all. One might even call it a respectable haul. Net income, calculated by methods that would likely confound a tax inspector, grew by twelve percent, reaching $1.3 billion, or $4.30 per share. A tidy sum, certainly.

Sixty-six million shares traded hands. That’s a lot of shares. Enough to wallpaper a small country, probably. Amazon went public in ’97. A long time ago, in a galaxy not so far away. It’s up 211,201% since then. Which is… a number. A big number. Makes you think about the heat death of the universe, really.

Let’s look at those numbers. Just to confirm they actually happened. And to try and figure out if it’s too late to join the party. Or if the party’s already over, and we’re just cleaning up the confetti.

In the final quarter of 2025, Iradimed amassed $22.7 million in revenue – a seventeen percent improvement over the previous year. Their non-GAAP net income, a rather fanciful accounting measure, ascended by twenty-three percent to $0.54 per share. They surpassed the analysts’ expectations by a mere $0.06. A triumph, no doubt, but one built upon the shifting sands of expectation. After all, to consistently meet expectations is merely to avoid failure, not to achieve brilliance.