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Indeed, while the world fixates on distant skirmishes, a far more substantial upheaval is occurring within the server farms of a select few. The Nasdaq-100, that barometer of digital ambition, has been exhibiting a distinct lack of enthusiasm, down over 3% this year. And the cause? Not bombs, but bandwidth. Specifically, the insatiable appetite for capital expenditures (capex) in the realm of artificial intelligence. A veritable gold rush, only instead of nuggets, they’re digging for processing power.

The company continues to expand, and its dominance in the field of graphical processing units is undeniable. This is not a matter of mere marketing; the quality of their products is, by most accounts, superior. But the question is not whether Nvidia is a successful company, but whether its current valuation reflects a realistic appraisal of its future prospects.

I propose a strategy of cautious optimism, a focus on those entities which, while not entirely immune to the prevailing vulgarity, possess a certain… robustness. Stability, particularly in the disbursement of capital, is paramount. One wishes to participate in the current effervescence without entirely abandoning hope of preserving one’s principal. Three names, therefore, present themselves: Chevron, Energy Transfer LP, and ExxonMobil. Let us examine them, with a minimum of enthusiasm, if you please.

Recent fluctuations, the so-called ‘pullback’, are merely a symptom of a larger, cyclical pattern. One might consult the apocryphal ‘Treatise on Mercurial Fortunes’ – a text rumored to exist within the lost library of Alexandria – to find analogous movements. Silver, for a time, appeared the favored metal, its price ascending with a velocity exceeding that of gold. This, naturally, drew speculation, a flock of investors seeking to capture the fleeting brilliance. SSR Mining, by virtue of its exposure, became a vessel for this desire, a mirror reflecting the collective hope.

The figures themselves are… unsettling. Thirty-seven and a half billion dollars expended in a single quarter – a sum that could alleviate suffering in a dozen nations, yet is poured into silicon and electricity. Two-thirds of this vastness consumed by fleeting assets – GPUs and CPUs – a frantic grasping for processing power, as if attempting to cheat the inevitable entropy of time. The market, ever the pragmatist, demands immediate returns, failing to comprehend the long game, the potential for transcendence.

Carnival. Cruises. Remember those? Apparently, people still take them. And when they do, Carnival is usually the one taking their money. They’ve bounced back from the whole “boats as Petri dishes” phase, which is a win. But now oil prices are giving them the side-eye again. It’s a classic. You fix one problem, and another one shows up wearing a tiny, menacing hat. They just reported record operating income, which is great, until you remember that income is directly tied to the price of bunker fuel. It’s a bit like being a professional dog walker – great until a chihuahua decides to take you down. Still, at 12 times earnings? That’s practically a steal. Just don’t expect a complimentary mint on the pillow.

The fund’s increased holding represents 5.96% of its reported assets under management. As of December 31, 2025, the total value of the Spyre Therapeutics stake was $120.74 million. These figures, however, are less illuminating than the fact that a significant portion of a fund’s capital is tied to a company that, as we shall see, exists primarily in the realm of future possibilities.

This, naturally, has prompted a few worried glances in the direction of inflation. Because oil isn’t just for driving; it’s in things. Lots of things. The stuff gets shipped around, which requires…you guessed it…more oil. It’s a self-referential system, really. A bit like trying to understand the instructions for assembling flat-pack furniture, only with significantly higher stakes.

I’m not saying abandon ship, mind you. More like…pack a smaller bag. Consider a side trip. Alphabet and Broadcom, for instance. They’re not quite as flashy, but they offer a certain…stability. Like sensible shoes for a very volatile dance floor.