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Two names are currently prominent: Micron Technology, a producer of dynamic random access memory and NAND solutions, and Sandisk, specializing in NAND flash storage. Both have experienced a surge in share price, fueled by the belief that they will benefit from the expansion of AI infrastructure. The question is not whether these companies will profit – they almost certainly will – but whether the current valuations are justified, and whether investors are once again being led into a bubble.

CoreWeave, a fast-growing provider of AI cloud services, saw revenue climb a respectable 110% to $1.57 billion. A good showing, on the surface. But a harvest isn’t measured by what’s grown, but by what’s left after the debts are paid, and the winter comes. The company flipped from a profit of $113 million to a loss of $89 million. A turn of the wheel, and a harsh one at that. They’re building something big, these folks, but big things require water, and in this digital desert, water costs dearly.

The entity known as Ripple, the architect of XRP, has indeed forged alliances with established financial institutions. They speak of streamlined settlement technologies, improvements upon the antiquated systems currently in place. The paradox, however, is this: most of these institutions utilize Ripple’s infrastructure without ever directly engaging with XRP itself. It is as if a complex machine is operating flawlessly, yet a crucial component remains perpetually unused, a silent observer of its own irrelevance.

It’s not that I begrudge Snowflake its successes, you understand. The top line is, without a doubt, exhibiting a cheerful robustness. However, there are a couple of small clouds on the otherwise bright horizon, and they concern the matter of profitability and, naturally, the valuation. The market, it seems, is banking on a future inflection point, a moment when the profits will suddenly blossom forth like a particularly enthusiastic rose bush. But, as I observe the situation, that moment appears to be lingering in the distant future, a bit like a train perpetually stuck in the station.

Anatole’s investment in JFrog constitutes 14.43% of the firm’s 13F reportable assets under management as of December 31, 2025. This allocation positions JFrog as the fund’s fourth-largest holding, a significant commitment suggesting a degree of conviction in the company’s prospects. As of the same date, Anatole’s top holdings included:

The notion of transforming a modest investment of $10,000 into a million dollars is, naturally, alluring. However, it is a calculation that demands a degree of realism often absent in market speculation. Such a return requires not merely growth, but exponential growth, and a starting valuation that is, to put it mildly, favorable.

The markets, naturally, reacted with the kind of illogical exuberance one might expect from a collection of algorithms and emotionally-driven humans. Netflix shares opened Friday up 11.6%, Warner Bros. stock dipped by a modest 2%, and Paramount soared a rather alarming 18%. All this shuffling of numbers added up to approximately $40 billion in market value. Which, when you think about it, is a lot of money. Enough to buy a small planet, probably. (Although the paperwork for that would be truly terrifying.)

But what of the rest of us, the merely mortal investors? How does one acquire a piece of this digital deity before the inevitable IPO, rumored to be a spectacle of unprecedented proportions? The answer, as often happens, is… indirect. One must seek out the shadows, the hidden connections. And in this particular case, the path leads to Zoom Communications (ZM 1.85%).

The numbers don’t lie. Since 2010, stocks have tended to do rather well – averaging an 18.3% return in the 12 months after a split, compared to the S&P 500’s rather pedestrian 13.3%. Which is…interesting. But here’s the kicker: Booking Holdings (BKNG 0.72%) just announced a 25-for-1 split, and the stock’s down 5% since. Five percent! It’s practically begging for someone to take a look. And, naturally, I obliged. Don’t judge me.

Here’s the thing. That $186 million? It wasn’t exactly a windfall. More of a…reallocation of funds. A pre-approved slice of a larger, $990 million Pentagon deal from earlier this year. Think of it as the Army finally deciding which flavour of drone they wanted. They always had the money set aside. It’s not like someone suddenly found a spare $186 million under the sofa cushions. AeroVironment’s Brian Young, VP of Loitering Munitions (a fantastic job title, by the way), called it a “confirmation of confidence.” Which, translated from corporate-speak, means “we’re still in the running.” It doesn’t actually add anything to the future bottom line. It’s…sustaining, shall we say?