Google Cloud has far outpaced AWS and Azure in terms of YoY Revenue growth.
This is a great chart from MS. Source: Ayesha Tariq, CFA
320 companies out of the S&P500 have reported earnings this season.
Of the 320, the average earnings surprise has been 20% so far, the US seeing the biggest beats in years. Source: Bloomberg, Negligible Capital
Investing at the time of high nominal growth...g all this money to build data centers with no revenue models. It's all going bust." (Clone)
BofA writes that nominal GDP is in the midst of a 75% boom in 7 years, from $20tn in ‘20 to $35tn in ‘27... In that kind of macro context, equities historically outperformed bonds. Period. Source: BofA, zerohedge
"AI is a fad, they are spending all this money to build data centers with no revenue models. It's all going bust."
Source: Lance Roberts, The Daily Shot, A16Z
$GOOGL Alphabet owns ~6% of SpaceX and 14% of Anthropic with its long-term investment portfolio now above $100B.
That portfolio was marked up by ~$40B this quarter as Google now has direct ownership in two of the hottest potential IPOs in market history. Source: Shay Boloor, Fiscal.ai
If the rumored Anthropic at $900 billion round goes through, Anthropic will be the first company in history to cross the $900 billion mark with negative Free Cash Flow.
Source: Packy McCormick
Trump just announced "Project Freedom," a U.S.-led operation to escort trapped ships out of the Strait of Hormuz starting Monday.
- Dozens of neutral vessels from countries with no role in the conflict have been stuck in the Strait, running low on food and supplies - Trump says the U.S. will guide them safely out as a humanitarian gesture - Trump warned that any interference with the process "will have to be dealt with forcefully" - He added that U.S. representatives are having "very positive discussions" with Iran and that talks could lead to something positive for all sides Will Iran allow this or will they start firing on ships crossing and talking up their mines again?
CHINA HAS NEVER DONE THIS BEFORE.
China just officially told its companies to ignore US sanctions on Iranian oil and keep buying. China bought more than 80% of all oil Iran exported in 2025. The US sanctioned five Chinese refineries and froze their assets to stop this. China's response was to issue a formal government order stating the sanctions "shall not be recognised, implemented, or complied with." The US is trying to cut off Iran's oil revenue to pressure Tehran. China just made that strategy impossible to enforce. Source: Bull Theory
