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It is within this climate of expectation that one finds oneself compelled to examine Celestica (CLS +0.07%). The company has, it is true, enjoyed a most remarkable year, its stock having ascended by a considerable margin. One observes, however, that popularity is not invariably synonymous with prudence, and a healthy skepticism is rarely misplaced. The question, therefore, is not merely whether Celestica may prosper, but whether its current valuation adequately reflects the inherent uncertainties of this rapidly evolving landscape.

Investing, naturally, is the favored method of this pursuit. Not because it is inherently logical – the stock market, after all, operates on a blend of hope, fear, and the occasional stroke of inexplicable luck – but because it offers the appearance of control. One can, at least, pretend to be master of their own financial fate, even as the market dances to a tune composed by forces beyond comprehension. The goal, let us suppose, is two million dollars. A sum sufficient to purchase a modest measure of peace, or perhaps a particularly extravagant collection of porcelain cats.

Buffett, in a moment of uncharacteristic exuberance (for him, anyway – a slight nod counts as a rave), declared Abel could manage his money better than anyone. Anyone! That’s a bold statement. I mean, has he seen my portfolio? Just kidding… mostly. But it does suggest Abel has the green light to shake things up. And shake things up he might. Now, I’ve been staring at spreadsheets and financial statements for longer than I care to admit, and I’m predicting two things. Two glorious, potentially lucrative things.

As of 2:25 p.m. ET, the stock had relinquished 13.4% of its value. A sum, incidentally, that could purchase a rather respectable collection of antique telescopes—or, failing that, a moderately sized asteroid.

Viking Therapeutics (VKTX 1.91%) and PayPal (PYPL +1.95%) represent, in their respective spheres, a gamble. One a speculative flutter on the whims of pharmaceutical approval, the other a slightly bruised, but still substantial, titan of the digital transaction. Both, however, offer a prospect of return that exceeds the tedium of a savings account.

Nvidia, once content to amuse with digital worlds, now powers the engines of calculation that shape our realities. They feed on data, and the hunger is insatiable. OpenAI, Microsoft, Meta, even Google – they all kneel before the altar of Nvidia’s GPUs. It’s a comfortable position, a monopoly built on silicon and CUDA, a proprietary language that locks customers in like serfs to a lord. AMD attempts to challenge, but it’s a slow climb against a fortified wall. The big companies build their own, of course, but even they find it cheaper to rent the tools than to forge them anew.

Let’s be clear. Mr. Abel isn’t Warren Buffett. A rather obvious statement, wouldn’t you agree? But the notion that Berkshire is about to veer wildly off course is simply dramatic. The gentleman spent decades under the old regime, absorbing the… eccentricities. He’s not likely to dismantle a perfectly functional, if somewhat antiquated, system overnight. And, rather crucially, he’s still answerable to the Oracle himself, who remains on the board, presumably to ensure things don’t become too terribly modern.

The impatience of the market is a familiar affliction. Investors, ever seeking immediate gratification, have questioned the magnitude of Amazon’s capital expenditures, a sum exceeding one hundred and twenty-five billion dollars for the past year. Such a commitment, unprecedented in its scale, has been viewed by some as reckless, a dissipation of resources. Yet, it is precisely this willingness to invest beyond the immediate horizon that defines Amazon’s character. While others reap the superficial rewards of readily available technologies, Amazon is constructing the very foundations upon which the future will be built. The difference is subtle, but profound, like the distinction between harvesting fruit from an existing tree and cultivating an orchard for generations to come.