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In the most recent accounting, this Druckenmiller divested himself of holdings in Broadcom, a purveyor of the essential, if largely invisible, infrastructure of the digital realm. He simultaneously initiated a position in Sandisk, a manufacturer of flash memory. A thousand and fifty percent increase in valuation since its separation from Western Digital, they report. Such numbers possess a certain terrifying beauty, a testament to the capacity of the market to generate phantom wealth, divorced from tangible creation. It is a spectacle worthy of careful, if melancholy, observation.

There’s this one player, Amazon (AMZN +0.40%), that only went up about 5% last year. Which, in the current market, is practically a recession. But here’s the sneaky part: they were also growing, thanks to AI, e-commerce, and this weird thing called “cloud computing.” Amazon is a solid pick for both the aggressively optimistic and the cautiously pessimistic. The cautious types will appreciate that Amazon wasn’t built on AI; it was already a functioning business, which is a nice change of pace. Even Amazon Web Services (AWS), which does deal in AI chips and platforms, has a bunch of other stuff going on. It’s diversified. Like a sensible adult.

Now, Thiel Macro, his hedge fund (a sort of collective consciousness dedicated to making more money, which, when you think about it, is a rather alarming concept), has done something… curious. It’s sold all its Nvidia stock. All of it. This is like deciding you no longer require oxygen, or the continued structural integrity of your planet. Nvidia, you see, has been on a bit of a tear. A parabolic tear, to be precise. (A parabola, for those unfamiliar with the geometry of success, is a curve that goes up, up, up… and then, eventually, doesn’t.) It’s become, effectively, the most valuable company in the world, which, as any economist will tell you, is almost always a sign that something is about to become terribly complicated.

Now, Advanced Micro Devices, or AMD as the grown-ups call it, is a bit of a scoundrel, really. It’s been nipping at the heels of the big cheese, Nvidia, for quite some time. Nvidia, you see, is a bit of a bully, hoarding all the best bits and pieces for its fancy graphics cards. But AMD is no slouch. It’s been busy brewing up something special in its laboratories – a whole heap of clever chips for something called ‘artificial intelligence.’ A bit of a mouthful, that one. It’s like teaching a machine to think, only without the messy bits of having a brain.

Netflix, of course, has been everywhere. It’s the streaming pioneer, the disruptor, the reason I haven’t left the sofa in three days. Shares are up something ridiculous – 732% in the last decade, apparently. Which is… impressive. Though, let’s be honest, a lot of things were impressive in the last decade that turned out to be bubbles. I’m cautiously optimistic, but I’ve learned to distrust anything that sounds too good to be true. It’s a rule I break approximately every other Tuesday.

This document, a tome of 278 pages, builds upon the Clarity Act, a piece of legislation passed by the House which, as far as anyone can tell, aimed to divide digital assets into neat little boxes and assign them to various regulatory guardians. The main division, it seems, is between “ancillary assets” and “digital commodities.” A distinction as clear as mud, naturally.