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Investors, as is their wont, are keeping a keen eye on CoreWeave’s ambitious plans to build out its AI data centers, aiming for a capacity of somewhere between 5 and 7.9 gigawatts by 2030. A rather impressive undertaking, wouldn’t you agree? Trading volume, too, was rather brisk, reaching 45.4 million shares – a good 55% above its recent average. Since its initial public offering, the stock has enjoyed a positively dizzying ascent, growing by 172% – a performance that would make even the most seasoned investor raise a delighted eyebrow.

The volume of shares changing hands – 65.3 million, a figure exceeding the three-month average by a factor of sixty-four – suggests a degree of panic not entirely unwarranted. One recalls, of course, the company’s inception in 1984, a time when such ventures seemed almost quaintly hopeful. Since then, a growth of 195,498% has been recorded, a statistic that now feels less a triumph of enterprise than a historical curiosity.

The numbers, they speak for themselves, though numbers alone are brittle things. Over the past year, a return of 48.3%. Over three years, 66.3%. That’s a good wind at your back, but the weather changes, and a smart sailor doesn’t rely on a constant breeze. It’s about preparing for the long voyage.

The Guild of Alchemists (that’s the financial analysts to you and me) are murmuring about 2026, a year so distant it may as well be populated by dragons and accountants with a sense of humor. They’re hoping for stronger earnings, revenue growth, and, frankly, a miracle. Trading volume hit 100.9 million shares, which is roughly equivalent to the number of pigeons attempting to land on a single breadcrumb. AAL, launched into the ether back in 2005, has seen a rather alarming 30% descent since its initial ascent. One begins to suspect the laws of gravity apply even to airlines.

The cause, whispered amongst the brokers, is a forecast. Not a prophecy etched in the stars, mind you, but a rather mundane prediction that profits shall not entirely dissolve into the ether. They anticipate reaching the upper echelons of their own projections – a feat akin to a bureaucrat discovering an unclaimed form. The stock, naturally, responded as if presented with a lifetime supply of pickled herring.

The source of this discomfiture? UnitedHealth Group, it appears, has suffered a most grievous disappointment in its recent pronouncements, prompting a decline of some twenty percent. A harsh judgment, to be sure, but one that serves as a potent reminder: even the most imposing structures can be brought low by a misstep. This misfortune, naturally, dragged the Dow along with it, a cautionary tale of interconnectedness. One might observe that a market index weighted by price, such as the Dow, is prone to such dramatic swings – a rather clumsy mechanism, if you ask me.

It’s secured deals with the likes of Microsoft and Meta, which is, admittedly, a good sign. Everyone likes being associated with the big boys. But Nebius operates a rather limited number of data centers – one actually owned, the rest leased. Expanding that footprint requires, shall we say, a significant outlay of capital. Analysts foresee losses, and when analysts foresee losses, one tends to listen. It’s a bit like building a magnificent castle on a foundation of hope and borrowed money. It might work, but one wouldn’t necessarily want to be holding the mortgage.

I’ve been eyeing two in particular: Microsoft (MSFT +2.23%) and Alphabet (GOOG +0.40%) (GOOGL +0.40%). They’re, like, everywhere. Billions of people are using their stuff daily. Which means, shockingly, they’re making a bit of money. And they’re smart enough to reinvest it. Which, frankly, is more than I can say for most people I know.

The problem isn’t that Lucid can’t build a car. They make perfectly fine EVs, apparently. People in the auto industry give them little pats on the back. But building a car and running a business? Two different universes. Lucid has been losing a lot of money. And they keep going back to the same well for more. Saudi Arabia’s Public Investment Fund. They’re good for a loan, those Saudis. A very, very large loan.

But don’t despair. Because while one technological behemoth appears to be navigating a particularly dense patch of space-time, another is quietly positioning itself for, well, not necessarily dominance, but a comfortably advantageous orbit. We’re talking about Qualcomm. A name that, for many, still conjures images of mobile phones. Which is a bit like judging a planet by its weather. They do rather more than just facilitate conversations and cat videos, you know.