The bulls will tell you it’s locked-in cash flow, a sure thing. And honestly? That’s a lovely story. It’s just… I tend to prefer stories with a little grit, a little acknowledgement that things can go wrong. And oh, darling, can they go wrong here.
There are, of course, those who chase the ephemeral, the promise of quick returns. But for those who understand that time is a river, not a race, there are reasons to consider a long vigil with this particular company.
And if that wasn’t enough to ruin the party, MARA’s revenue slid down the hill like a banana peel-down 6% to $202.3 million. Adjusted EBITDA? Negative $1.49 billion. Yikes. It’s almost as if their entire business model was hinged on crypto doing… well, something other than crumbling like a house of cards. But, they’re still holding on tight to their precious Bitcoin stash-53,822 BTC, to be exact. Oh, and about 28% of that is loaned or pledged. Because when you’re knee-deep in crypto, why not make things even more interesting by mixing in a little bit of risk?
The trouble, as near as I can tell, started with these GLP-1 weight-loss concoctions. They tried their hand at a copycat of Wegovy, a pill for shedding pounds, and ran afoul of the authorities. The FDA Commissioner, a fellow named Marty Makary, threatened to come down on them like a ton of bricks, and Novo Nordisk, the folks who actually invented the thing, filed a lawsuit. Seems they were selling these compounded versions while the genuine article was in short supply, a bit of opportunism that backfired, wouldn’t you say? A fella can’t just go around copying other folks’ recipes, even if they are for slimming down.
It strikes me as perfectly clear that we’re on the cusp of another boom, and it’s those providing the foundational hardware who stand to benefit most handsomely. Two firms, in particular, have caught my discerning eye: Micron Technology (MU 3.20%) and Jabil (JBL 1.73%). Rather like a resourceful valet anticipating his master’s every need, these companies are poised to profit from the surging demand. Let’s have a closer look, shall we?
Ole Andreas Halvorsen, a custodian of $37 billion at Viking Global Investors, has recently adjusted his portfolio. A diversified collection, naturally, spanning the predictable spectrum of industries – technology, finance, healthcare – a testament to the futility of seeking true isolation in a fundamentally interconnected system. He emerged, some years ago, from the now-legendary Tiger Management, a breeding ground for those who believe they can predict the unpredictable. He is now categorized as one of the “Tiger cubs,” a designation which implies both lineage and, inevitably, a degree of inherited delusion.
One observes that the portfolio, a considerable assemblage of capital amounting to some $318 billion, is not merely large, but remarkably concentrated. A vulgar man might call it a lack of diversification; a discerning eye recognizes it as a deliberate assertion of conviction. Nearly 61% of these funds reside within a mere five equities, a testament to the enduring power of – and, dare I say, the stubbornness of – focused investment. Let us examine these chosen few, these pillars of the Abel inheritance.
The figures for 2025 are, on the surface, encouraging. Orders increased by a respectable 34%, the backlog swelled to $31.2 billion, and revenue experienced a 9% lift. Vernova’s management, predictably, has raised its guidance for 2026 and beyond. One is tempted to inquire, however, whether these projections are based on genuine economic momentum or simply a collective delusion fueled by the prevailing narrative of energy scarcity. The market, it seems, prefers a story to a balance sheet.
To describe Hims & Hers as a ‘drug company’ is to diminish its ambition. It does, of course, deal in compounds intended to alter the human condition. But its innovation lies not in the creation of these substances, but in the architecture of access. It has bypassed the labyrinthine corridors of traditional healthcare, establishing a direct line to the consumer – a feat not unlike the legendary Library of Babel, attempting to contain all possible formulations of wellness within its digital walls.
Anthropic has recently secured a rather substantial injection of funds – a cool $30 billion, if you please – and the whispers suggest an IPO is imminent. A pity for those of us who enjoy a bargain, as direct investment is, for the moment, out of the question. However, a perfectly serviceable proxy exists, and it goes by the name of Amazon. Yes, Amazon (AMZN 1.31%) is rather cleverly positioned to benefit from all this AI fuss.