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The Chairman, a man not given to flights of fancy, observed, with a precision that bordered on the prophetic, that these data centers, these monuments to the digital age, are not simply consuming energy, but actively contributing to the very inflation they were meant to transcend. It is a paradox, of course, as old as the desire to build. For every brick laid, every circuit etched, there is a corresponding demand, a ripple effect that touches everything, from the price of electricity to the availability of rare earth minerals. And those who believe artificial intelligence will be a purely deflationary force, a benevolent tide that lifts all boats, may find themselves adrift in a sea of unforeseen consequences.

Amazon remains the dominant player in consumer discretionary markets by capitalization. While e-commerce continues to represent a substantial portion of revenue, the rate of expansion is moderating as the market matures. The company’s operational efficiency – demonstrated by increased delivery speeds and a 70% increase in same-day deliveries in the US between 2024 and 2025 – is a key differentiator, though increasingly a necessity to maintain market share.

Apparently, this happened before. March 2025. Right after Trump started with the tariffs. You’d think people would learn. But no. They just keep repeating the same mistakes. It’s like watching a bad sitcom. And now everyone’s predicting doom and gloom. They’re saying it’s going to get worse. Of course it’s going to get worse. Things always get worse. That’s just…how it works. The question is, by how much? And will my cable company finally fix the remote?

As a portfolio manager, I’m supposed to be all cool-headed analysis and calculated risk. But let’s be honest: a little bit of inertia is involved. If a stock is already up, the easy thing is to just…leave it. It’s like finding a comfortable chair. But I’ve been doing this long enough to know that ignoring something simply because it’s already moved isn’t a strategy. It’s more of a personality quirk, really. And these two, despite their recent gains, still seem…reasonable. Not exactly bargains, but not teetering on the brink of absurdity either.

So, this company, The Trade Desk, is involved in digital advertising. Digital advertising! It’s already a headache just thinking about it. Billions of dollars spent on flashing images and targeted ads…it’s all so…aggressive. Apparently, they’re doing well because they help advertisers find people to show ads to. Groundbreaking. Statista says the market will be over $950 billion in 2026. Which just means more ads. More noise. They made $13 billion in gross spending last year, earning nearly $3 billion in revenue. An 18% increase. Impressive, I guess, if you’re into that sort of thing. It’s just…a lot of money changing hands for something that mostly annoys people.

The numbers? Let’s not get bogged down in boring details, but just to indulge you… MercadoLibre, DLocal, and Nu grew revenue by 45%, 65%, and 57% respectively, last quarter. Meanwhile, some of the US giants we’re all supposed to worship? A measly 4%. It’s almost…rude. And the best part? They’re all currently having a bit of a wobble, trading well off their highs. A wobble, my friends, is an opportunity. So, let’s head south and see what all the fuss is about, shall we?

Nvidia, designated as NVDA, presents itself as a leading provider of graphical processing units, a component essential to the acceleration of data. It is a cog, a precisely engineered piece within a larger, incomprehensible machine. The stock, for the past eight months, has maintained a curious stillness, a bureaucratic inertia that defies the relentless reporting of “stellar results.” One is reminded of a file, meticulously documented, yet perpetually lost within the archives.

France, it is observed, generates seventy percent of its electricity from these silent, contained fires, a testament to a long-held commitment. And now, even Japan, chastened by past misfortune yet ever mindful of its resource scarcity, stirs from its slumber, seeking to reclaim twenty percent of its power generation from the atom. South Korea, with its characteristic diligence, lays plans for reactors vast and new, envisioning a future powered by controlled fission. Here, in America, the Department of Energy speaks of tripling nuclear capacity, a goal ambitious, perhaps, but reflective of a growing realization that dependence on fuels of the past is a path to eventual impoverishment.

The fine print says it’s based on a weighted average purchase price of $13.78. $13.78! Who even uses decimal places like that for stock prices? It feels…artificial. And then they calculate the post-transaction value based on the market close on March 12th. March 12th! As if the market is some sort of static entity. It’s constantly shifting. It’s…it’s a moving target! They’re just picking a date to make the numbers look…neat.

But here’s the thing. Wall Street insiders – those people who, theoretically, know what they’re doing – haven’t entirely given up on it. There’s been some insider buying recently, a rather significant investment from General Atlantic, its biggest institutional shareholder. Which is…interesting. It’s like seeing your ex suddenly start leaving thoughtful gifts on your doorstep. You’re not entirely sure what they’re up to, but it’s definitely a signal.