One has touched upon Taiwan Semiconductor before, in comparison to the rather plodding Intel, but the company truly warrants a moment’s undivided attention. It controls, as of Q3 2025, a staggering 72% of the pure foundry semiconductor market. Really, it’s almost frightfully dominant, isn’t it? One wonders if they’re not slightly bored with it all.
What we have is not a tale of code alone but a street brawl in the great courtyard of money. The civil war between Bitcoin zealots and the Ripple army has turned from a debate about central star-charts versus scattered sparks to a melee on a moral battlefield: reputations, not ledgers, are now the currency, and toxicity wears the armor.
The idea, as it drifts out of the capital, is simple enough. Gather these metals, hold them close. A shield against the whims of others, against the possibility of a cut-off, a closing of the hand. China, they say, holds most of the cards – sixty percent of the mining, over ninety percent of the refining, nearly all the magnets themselves. A heavy weight to bear, for those who rely on the flow.
Indeed, even the most esteemed amongst us – a Mr. Buffett, for instance – are occasionally misled by their own judgment. A miscalculated venture, or a hasty divestment, serves as a humbling reminder that prudence, though laudable, is no guarantee against error.
According to a document filed with the Securities and Exchange Commission – a body renowned for its fondness for paperwork – AIGH Capital relieved itself of every single share of MaxLinear during the last quarter of 2025. The value of their holdings, therefore, descended to the distinctly unromantic figure of zero. One pictures a clerk, pencil in hand, making a particularly emphatic stroke through the MaxLinear entry in the ledger. A touch dramatic, perhaps, but one must allow for a certain amount of theatrical flair in these financial affairs.
Initially, the visionaries at Plug Power imagined a world powered by hydrogen within the very walls of our homes. A charming notion, certainly, but one swiftly dashed against the rocks of practicality. Infrastructure costs, it transpired, were rather more substantial than anticipated, and the public, alas, displayed a distressing lack of enthusiasm for embracing a future they hadn’t requested. A pivot was necessary. They settled, quite sensibly, on selling fuel cells, electrolyzers, and storage systems – components, one might say, of a future that remains, stubbornly, just over the horizon.
Don’t get me wrong. It’s not like I like Microsoft. It’s just… it’s there. It’s like beige. No one’s excited about beige, but it doesn’t offend anyone either. And in this market, offensive is everywhere. You’d think a company that makes operating systems could figure out how to make a decent update process. It’s always, “Do you want to update now? Maybe later? Never?” It’s a commitment, is what it is! And I don’t want a commitment from my computer.
Warsh, for those keeping score, was the baby-faced wonder on the Fed board back in ’06. He’s also done time with Stanley Druckenmiller – which, let’s be honest, is like getting a financial pedigree from royalty. The market likes that. It likes things with a history of…not collapsing. It’s a low bar, really.
Which brings me to Wheaton Precious Metals (WPM 0.13%). I’ve been looking at it. Trying to be rational. It’s not exactly sexy, precious metals investing, but it’s…solid. And frankly, after the cryptocurrency debacle (Units of Cryptocurrency Lost: 12. Hours Spent Watching Charts: 9. Number of Panicked Texts to Friends: 24.), I need solid. Here’s why it’s currently winning the ‘least likely to cause a full-blown anxiety attack’ award in my portfolio.
So, what does the coming year hold for these digital soothsayers? Let us, with the detached amusement of a seasoned observer, venture a few predictions. Not of the future, mind you, but of the future of prediction.