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Recently, however, the deferral has begun to fray. The absence of immediate, demonstrable engagement with the so-called ‘artificial intelligence’ – a phrase which itself feels like a bureaucratic evasion – has not gone unnoticed. It is as though Apple, rather than participating in the frenzy, has chosen to observe it from a distance, meticulously documenting the chaos as a detached anthropologist might. This restraint, while logically sound, has not been rewarded. The market, it seems, prefers enthusiasm, even if misplaced, to considered judgment. And the matter of production, tethered so inextricably to the geopolitical currents of a distant land, casts a long, unsettling shadow. The tariffs, though temporarily abated by assurances of investment in domestic production, remain a latent threat, a suspended judgment waiting to fall.

This, naturally, has caused a flutter amongst the financial birds. A jump, they call it. Four percent! As if a machine, proving it can navigate a thoroughfare without colliding with a fruit vendor, justifies such exuberance. It is as if the market, a creature of habit and easily distracted, believes these vehicles will suddenly begin churning out gold coins alongside passengers. The Robotaxi, you see, is not merely a mode of transport; it is a phantom, a promise whispered in the ears of investors, a justification for valuations that defy all reasonable accounting.

The filing reveals an addition of 360,223 shares, swelling Kaydan’s position to 415,493, valued at $24.9 million – a figure representing 7.2% of their reported AUM. One notes the rather delicate balance between active acquisition and market fluctuation; the quarter-end increase of $21.59 million is, of course, a blend of both. A perfectly respectable accumulation, though hardly the stuff of legend.

One is compelled to inquire into the currents which have steered this particular vessel so decidedly off course.

The acquisition, reported in a predictably dry SEC filing, elevates Century Aluminum to a commanding 48.39% of Glencore’s reported assets. A curious concentration, wouldn’t you agree? One recalls the cautionary tales of portfolios built on a single, glittering foundation. Still, one must admire the boldness, or perhaps the sheer lack of alternatives.

The numbers, when examined without the haze of promotional fervor, possess a certain melancholy. D-Wave, a pioneer burdened by the weight of its early promises, commands a market capitalization of ten billion dollars despite trailing twelve-month sales barely exceeding twenty-four million. Rigetti, a company that once dreamt of building a quantum fortress, has managed a modest twelve and a half million in revenue, yet its value hovers around eight and a half billion. Quantum Computing, a fledgling enterprise, boasts a market cap of nearly three billion dollars on a mere half a million in revenue. These are not valuations; they are prayers whispered into the void.

Last quarter’s earnings were, shall we say, adequate. Revenue grew by a respectable thirty-three percent to eighty-one million dollars. A figure that, in the grand scheme of things, is less a roaring fire and more a flickering candle. However, their backlog – a delightful accumulation of promised future revenue – swelled by an astonishing two hundred and sixteen percent to seven hundred and thirty-four million. A paper mountain of potential, if you will. More and more entities – both those dedicated to the art of war and those simply obsessed with quarterly reports – are turning to Planet Labs for their aerial perspectives. They even entertain notions of constructing data centers in orbit. The sheer audacity! One pictures a celestial bureaucracy, endlessly filing paperwork amongst the stars.

AMD shares, as of this morning, have gained a respectable 3.8%. The question isn’t that they’ve gone up, it’s why. It’s rarely about simple good news, is it? More often, it’s about someone else’s bad news looking particularly good by comparison. Like finding a slightly less mouldy loaf in a bakery fire.

According to a filing on January 20th, GraniteShares just… let it go. A $3.29 million decrease in their position. Zero stake remaining. It’s a bit dramatic, really. One minute you’re in, the next… poof. Makes you wonder if there was a fight. A financial fight, obviously.