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the shoemaker prospers while the emperor parades in borrowed finery.

Nu Holdings, a Brazilian institution, presents itself as a disruptor, a liberator from the archaic bonds of traditional banking. But observe closely: it is merely a new form of creditor, extending lines of credit to a populace increasingly reliant on borrowed time. Its growth is undeniable – a proliferation of accounts, a swelling of revenue. Yet, this expansion occurs within a system predicated on indebtedness. The addition of 4.3 million customers in a single quarter is not a triumph of financial inclusion, but a testament to the ever-widening net of obligation. They report ‘flawless’ results, a phrase that should always raise a skeptical eyebrow. Such pronouncements rarely withstand the scrutiny of years, or the inevitable onset of systemic stress.

There is a veritable menagerie of these digital tokens, each promising salvation, each vying for attention like desperate petitioners before a capricious Tsar. Yet, amidst this clamor, one name persists, a name that, for better or worse, seems destined to endure. A fleeting opportunity, perhaps, though opportunities, like stray dogs, are rarely what they seem.

Brent Thill at Jefferies, a perfectly sensible chap, suggests Palantir might find itself trading at a more realistic $70 per share. A decline of 57%? Rather dramatic, of course, but not entirely unexpected given the current valuation. Harlan Sur at J.P. Morgan is equally unimpressed with Sandisk, proposing a target of $235 – a fall of 53%. One begins to wonder if these analysts have actually seen the numbers.

They call it a membership model. A quaint euphemism for a remarkably effective system of controlled scarcity and cultivated loyalty. It’s not about selling goods; it’s about selling the privilege of buying goods. A subtle distinction, yet one that separates Costco from the teeming masses of retailers. They’ve discovered a truth lost on most: people don’t simply desire products; they desire belonging. And belonging, as any seasoned swindler will tell you, carries a price.

One may invest, you see, in these fledgling ventures, these hopeful sparks in the darkness. Or, one may attach oneself to a leviathan, a creature already established, already…comfortable. A choice, really, between betting on a spirited but likely doomed racehorse, or a rather portly, well-fed ox. The cautious, naturally, prefer the ox. And so do I, being a man who appreciates a solid foundation, even if that foundation is built upon the shifting sands of speculative finance.

Three decades prior, the world had been remade by the invisible threads of the internet, a network that connected not just machines, but the very aspirations of humankind. It was a time when fortunes were built on the ether, and the boundaries between reality and speculation blurred with each passing tick of the market. The retail investor, once a quiet observer, rose like a restless tide, empowered by access and emboldened by the illusion of control. That revolution, born of dial-up modems and pixelated screens, had left its ghosts upon the landscape of finance, and those specters now stirred with the arrival of something new – a promise of intelligence unbound.

For a decade past, software has enjoyed a period of relative calm, a steady climb fueled by the insatiable demands of a world increasingly reliant on digital artifice. But now, a new force is at play: Artificial Intelligence. Not as a tool to enhance existing endeavors, but as a potential usurper. Investors, those ever-watchful sentinels of capital, fear that AI will dismantle the established order, rendering many a once-profitable enterprise obsolete. It is a fear not entirely without merit, for progress, like a relentless tide, washes away the old to make way for the new. Yet, to succumb to panic is to forfeit opportunity.

Many a hopeful entrepreneur has, in recent times, attempted to simplify the purchase and sale of homes, envisioning a world where transactions occur with the swiftness of a courtly exchange. Most, however, have discovered the inherent difficulties – the expense, the fluctuating fortunes of the market – and have retreated, chastened. Opendoor, remarkably, persists. It stands as a lone player in a game abandoned by its peers, a testament either to its fortitude or, perhaps, its folly.