usdaed

First up, Nvidia. They make these…chips. Apparently, they’re the good ones, the ones that actually do the AI stuff. It’s all very technical, and frankly, makes my head spin. But the numbers are good. Really good. Like, “I could maybe afford a weekend away if I’d bought in six months ago” good. They’re already making a fortune, which is… reassuring. It’s nice when a company actually does something, rather than just promising to disrupt everything with blockchain and avocado toast. Their revenue is soaring, apparently up in the triple digits. It’s all very impressive, but also a little intimidating. It feels…established. Like a sensible pair of shoes. Which, let’s be honest, isn’t really my style, but maybe I’m getting old.

Whenever a new enthusiasm sweeps through the financial district – be it for electric vehicles, dot-coms, or, indeed, tulip bulbs – a certain predictable spectacle unfolds. Companies, eager to bask in the reflected glory of the truly innovative, rush to adorn themselves with the trappings of the trend. It is a performance, naturally, and one rarely sustained beyond the initial applause. The initial public offering, once a dignified affair, has become a rather vulgar scramble for capital, with companies venturing forth before they have even mastered the art of walking.

The threat – the acquisition, by force or persuasion, of a vast, icy territory – hung over us like a premonition. The imposition of tariffs, a ten percent levy upon the economies of Europe, was the instrument of this dread. Yet, the specter has dissipated, replaced by an agreement – a concession, perhaps – allowing for the establishment of… outposts. Military bases, they call them. Small pieces of land exchanged for a semblance of peace. It is a transaction steeped in the peculiar logic of power, a dance between nations where dignity is often the first casualty.

Circle’s reported revenue growth, a figure of fifty-nine percent year over year for the first nine months of 2025, is, on the surface, impressive. But numbers, divorced from context, are easily misinterpreted. The crucial detail is the source of this revenue: ninety-six percent derives from reserve income. In simpler terms, Circle profits from holding money – a practice not unknown, of course, but one that renders the company less an innovator and more a sophisticated form of banking. This model is vulnerable. A decline in interest rates, or an increase in the amount of USDC in circulation, are the levers upon which this entire structure rests. The recent doubling of USDC in circulation is not a sign of strength, but a temporary boost to income – a tide that will inevitably recede.

Revenue ascended to $2.9 billion, a figure that, while impressive, feels… insufficient to truly capture the scale of the ambition at play. Net income swelled to $795 million, a sum large enough to purchase a small principality, or perhaps, a particularly well-equipped operating theatre. One can almost hear the whirring of the machines, tirelessly accumulating wealth, while the rest of us grapple with more mundane concerns.

Altria. It’s got this huge dividend yield, 6.9% at last count. Which, on paper, is fabulous. It’s the sort of number that makes you think, “Yes! Financial security! Early retirement! Maybe a small yacht!” But then you actually look at the company, and it’s like realizing that gorgeous guy at the party works as a professional mime. It’s…a warning sign. 89% of their sales come from nicotine. Cigarettes, specifically. And 97% of that is cigarettes. And 85% of that is Marlboro. It’s…a pyramid scheme of puffing, isn’t it? One brand, one habit, slowly…disappearing.

Yet, the market, as it always does, has begun to murmur its discontent. Over the past year, the stock has retreated, a subtle decline of some 26%, fueled by anxieties regarding slowing sales, diminishing margins, and a cautious outlook. It is in such moments, when the exuberance fades and a quiet apprehension descends, that the discerning investor might find opportunity. The present dip, I believe, is not a harbinger of decline, but rather a temporary obscuring of a fundamentally sound enterprise.

Dozens of headlines clamored for attention, each one a distraction. Strip away the noise, and what remains? Four stark realities for those who watch these giants – not as admirers, but as those who feel the weight of their decisions.

The landscape of communication, it appears, is undergoing a subtle, yet significant, reshaping. This test, involving the transmission of messages via Iridium’s network of low-Earth orbit satellites, hints at a future where the limitations of terrestrial networks are gracefully circumvented. A space-based platform, capable of facilitating direct communication between devices – a vision once relegated to the realm of speculative fiction – is drawing nearer to realization.

Some $6.4 billion, disbursed across six holdings in the third quarter – a sum that speaks not of bold expansion, but of careful preservation, of seeking shelter from the winds. The filings with the Securities and Exchange Commission reveal a pattern – not a gambler’s reckless abandon, but a gardener’s selective pruning and planting. Six new shoots, nurtured with a practiced hand.