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Management commentary highlighted a significant contribution from sovereign AI revenue, which tripled year-over-year. This segment, representing national-level investment in AI infrastructure, generated over $30 billion in fiscal 2026. This figure, while substantial, must be contextualized against total revenue of $215.9 billion and data center revenue of $193.7 billion. While the growth rate is impressive, the absolute contribution remains a relatively small portion of overall revenue, although a growing one.

This UltraPro S&P 500 ETF is what they call a “leveraged” ETF. A fancy word for a bit of financial hocus-pocus. The idea is to make three times the return of the S&P 500 each and every day. So, if the S&P 500 wiggles up by one percent, this UPRO thing aims to leap up by three. It uses some rather complicated gizmos and gadgets to achieve this, but the truly important bit is this: it’s only interested in one day. One measly little day.

They call it a tech stock. I call it a habit. Everyone’s hooked. And habits, well, they pay. The company’s fingers are in a lot of pies, and AI? That’s just the icing. It’s not about predicting the future; it’s about owning a piece of the present, and this one’s got a grip.

Meta announces an increase in projected expenditure, a swelling of the purse strings by seventy-three percent. Microsoft confesses to having poured over two hundred billion into this pursuit, a veritable river of capital flowing towards the machine. Amazon, ever the pragmatist, pledges another two hundred billion, a bold expansion of its digital holdings. And Alphabet, the most enigmatic of them all, speaks of a sum between one hundred and seventy-five and one hundred and eighty-five billion. It is a profusion, a blossoming of investment, but one must ask: what seeds are they sowing?

Down in the lands south of our borders, where the old ways still cling to the new, MercadoLibre has become more than just a marketplace. It’s a lifeline, a bridge between the scattered settlements and the wider world. These aren’t folks accustomed to abundance, so when opportunity arrives, they grasp it with both hands. And MercadoLibre, with its blend of commerce and credit, is offering just that. It’s not simply selling goods; it’s building trust, one transaction at a time.

Consider Micron. A name whispered with reverence these days, soaring like a favored son. 348% in a year. A testament, they say, to demand. But demand built on what? On the insatiable hunger of these data centers, these digital factories that consume power and privacy with equal indifference. Meanwhile, the titans – Oracle, Microsoft, even the seemingly invincible Nvidia – find themselves humbled, their valuations diminished. A gentle reminder that even the strongest bulls eventually stumble.

Investing, of course, is rarely about certainty. It’s about assessing the plausible, and then bracing for the inevitable deviation. The question isn’t merely whether Bitcoin can reach that price, but whether one is willing to participate in the fleeting possibility. A consideration best approached with a quiet cup of tea, and a resigned sigh.

They currently possess a rather lucrative potion – cabozantinib – that’s funding a pipeline of, shall we say, experimental concoctions. Shares have been doing rather well, up over 20% in the last year and a frankly alarming 97% over five. This isn’t just luck; it’s a sign that someone, somewhere, is doing something right. Or at least, something that convinces other someones to part with their money.

The year unfolded not as a series of dramatic events, but as a continuous iteration—a subtle, almost imperceptible, deepening of an existing pattern. One might envision it as a labyrinth, not of branching paths designed to confuse, but of perfectly aligned corridors, each reflecting the last, extending toward an unseen center. The firm’s methodology—relentless automation, austere cost control, global reach—is less a plan than a self-perpetuating axiom.

Everyone’s talking about AI, and falling interest rates, and unexpectedly decent corporate earnings. Which is lovely, of course. But I’m a worrier. It’s a gift, really. And a few things are niggling. It’s like being at a really good party and suddenly realizing you left the oven on. Or that you haven’t diversified enough. (Must add more bonds. Definitely.)