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Intel’s been a bit like a family member struggling with a mid-life crisis. A lot of grand pronouncements, some questionable purchases, and a general air of being slightly behind the curve. Pat Gelsinger, the former CEO, laid out this ambitious “five nodes in four years” plan. Sounded good on paper. My father had a similar plan for his vegetable garden, involving heirloom tomatoes and a complex irrigation system. It lasted approximately three weeks. But Intel, surprisingly, started to deliver. The Panther Lake CPU, built on this 18A node, was the first real test. A lot was riding on it, more than just stock prices. It was a matter of pride, really. A sort of “we used to be good at this” statement.

Privium, it seems, reduced its stake in Arrowhead during the final quarter. However, and this is the amusing bit, the overall value of their remaining holding actually increased by a rather startling $10.09 million. A delightful paradox, wouldn’t you agree? The market, it appears, has been rather enthusiastic about Arrowhead’s prospects. One suspects a good deal of champagne flowed in certain boardrooms.

They make memory, these folks. Not the kind that clings to a man’s heart, but the silicon kind, the flash memory that holds the ghosts of our data. A few years back, the market was flooded, prices fell, and the margins withered. It was a hard time for everyone. Then came the hunger for more—a hunger born not of need, but of this new god, Artificial Intelligence. These AI ‘data centers,’ they require vast storehouses of memory, mountains of it, to feed their insatiable appetite.

VCIT, the more…spirited of the two, focuses on corporate bonds of intermediate maturity. A calculated risk, you might say. BND, in contrast, casts a wider net, encompassing the entirety of the U.S. taxable bond market. It’s the difference between a specialist and a general practitioner. One promises a swift, precise cure; the other, a comprehensive, if somewhat slower, approach. The truly astute investor, naturally, understands that neither is a panacea, and that the devil, as always, resides in the details.

The fund’s stake now totals two hundred and forty-eight thousand, two hundred and fifty-nine shares, valued at seventeen million, six hundred and seventy thousand dollars. An increase of nearly ten million from the previous quarter. One imagines the portfolio managers, seated in their quiet offices, charting these ascensions and descents. It’s a game of inches, really. A slow, relentless accumulation, or a quiet, unnoticed erosion.

The shareholders are leaning toward Netflix, which is… predictable. People usually want more money. But there’s a hitch. A big, regulatory hitch. It’s never as simple as just handing over the keys, is it?