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The pipeline stock’s ascent to a ten-year high is not a validation of its intrinsic worth, but a symptom. A symptom of what, precisely, remains unclear. Perhaps it is merely the result of inertia, a momentum sustained by the sheer weight of accumulated distributions, a self-perpetuating cycle that defies logical analysis. The promise of a larger payout looms, not as a reward for astute investment, but as an obligation, a continuation of the aforementioned sequence, an expectation that must, by some inexplicable mechanism, be met.

The year 2025, now receding into the mists of memory, saw a feverish bloom in AI stocks. A bubble, some whispered. A revolution, others proclaimed. The froth has settled somewhat, leaving behind a residue of…opportunity, perhaps? The point is not whether these companies will deliver on their promises, but that the underlying trend—the relentless march of the algorithm—is undeniable. And where there is a trend, there are funds eager to capitalize on it. Let us, then, examine a few of these offerings, and attempt to discern, amidst the hype and the hyperbole, a glimmer of…something.

The premise is simple: more AI = more power needed. It’s not exactly rocket science, but try telling that to the people still arguing about whether Pluto is a planet. We’re talking about a power surge so big, companies are literally dusting off old nuclear reactors. Decommissioned! Like, they thought they were done with those. Now they’re saying, “Hold the phone, we need all the electrons we can get!” It’s a bit like finding out your high school crush is now a surprisingly relevant TikTok star.

The filing, dated February 5th, confirms this minor divestment. The fund’s overall position in GATX experienced a decline – a combined effect of the share sale and, dare we say, the stock’s inherent fluctuations. A mere $11.28 million, of course, in the grand scheme of things, but one always prefers to see a tidy balance sheet.

Okay, so they build software. Not just any software, though. It’s the kind that helps large organisations make sense of their data. Apparently, it’s like an operating system for information. They have two main products: Gotham, which is for governments and defence (sounds…intense), and Foundry, for commercial clients. The idea is to integrate everything – all the scattered bits and pieces – into one usable platform. Then, with the help of AI, people can spot patterns, predict outcomes, and generally run things more efficiently. It all sounds very…competent. And competence is good. Isn’t it?

The recent earnings report, while hardly catastrophic, revealed a truth universally acknowledged: even the most formidable businesses have their vulnerabilities. Investors, those fickle creatures driven by rumor and spreadsheet projections, reacted with the predictable drama of a flock of startled pigeons. A modest slowdown in cloud growth, a slight hesitation in the adoption of their AI assistant, Copilot… enough to trigger a sell-off that would make a Moscow flea market look orderly.

For a long time, Wall Street kept its secrets, or at least pretended to. Now? Everyone has access to the same information, which mostly proves that nobody knows what they’re doing. Financial statements, breaking news… it’s all just noise, really. A distraction from the inevitable.

The current rally… it is not merely a matter of supply and demand, though those forces certainly play their part. It is a fever dream, fueled by the insatiable hunger of data centers, the ceaseless chatter of smartphones, the quiet desperation of personal computers. A world demanding more memory, more storage, more… something to fill the void. And Micron, it seems, is positioned to answer that desperate call.

A return of 1,600% over three years is, admittedly, a spectacle. One might almost believe in alchemy. But to mistake a soaring share price for a secure investment is, shall we say, a vulgar error. It is a triumph of hope over experience, and a rather alarming demonstration of the market’s capacity for self-deception. The current valuation, I suspect, is built upon little more than air and the fervent imaginings of those who believe that tomorrow’s profits can absolve today’s lack of them.