Hyperscaler net stock flow
Source: zerohedge
CPI software +21.2% y/y in July
Source: Kevin Gordon @KevRGordon on X Bloomberg
SpaceXAI just dropped Grok 4.6, and it just matched the absolute frontier - Claude Fable 5 Max & GPT-5.6 Sol Max - while being ~80% cheaper
According to Arena.ai @arena, this release by @SpaceXAI just landed in the Code Arena: WebDev at #7 with 1618 pts. Grok 4.6 (High) is a big jump from Grok 4.5, which sits at #13 with 1553 pts. It's now on par with GPT-5.6 Sol xHigh (1622 pts) and Claude Fable 5 (1627 pts). This is especially impressive once you remember that OpenAI and Anthropic already had multi-year leads when Grok launched in 2023. Yet, they’ve closed the gap in under 3 years through pure execution speed and focus. Never bet against Elon. Source: Linas Belunas, Arena.ai All three currently land in the #5-7 rank range with only 4-9 pts of separation. Expect the picture to sharpen as more votes roll in and CIs tighten.
Nebius surged +34% yesterday and +77% in just 14 days.
The reversal began right after Leopold Aschenbrenner’s fund was forced to liquidate its position. $NBIS was one of his largest holdings before Citadel took over the portfolio. Source: Bull Theory
Google is quietly turning into a giant investment portfolio.
Over the past two decades, Alphabet $GOOGL has made billions of dollars in private investments — and some of those bets are now reaching the public markets. 🚀 SpaceX $SPCX now represents roughly 95% of Google’s publicly traded investment portfolio. And there could be another major addition soon. 🤖 Anthropic, one of Google’s biggest private AI bets, is expected to go public in the coming months. Alphabet owns a significant stake in the company, potentially unlocking another substantial source of value. Google is therefore becoming more than just Search, YouTube, Cloud and AI. Its portfolio of early-stage investments could increasingly become a meaningful part of the Alphabet story. Is Google slowly becoming a hedge fund with a technology business attached? Graphic credit: Leverage Shares, Global Markets Investor
Coreweave $CRWV reported Q2 earnings yesterday after the close
- Revenue of $2.58B beating expectations of $2.56B 🟢 (up from $1.212B in the same period last year) - Adjusted operating income of $128M beating expectations of $66.6M 🟢 - Adjusted EBITDA margin of 59%, above expectations of 55.4% 🟢 Net loss of $626M, widening from a $290M net loss in the same period last year CoreWeave said its revenue backlog was now $104 Billion. Stock is up +8% after-hours Source: Wolf_Financial, Evan
Unitree Robotics' $900 million initial public offering on Shanghai’s STAR Market was oversubscribed by more than 8,000 times overall.
The retail tranche alone drew a staggering 5,526-fold oversubscription. Priced at 150.80 yuan ($22.36) per share, the landmark deal values China's first mainland-listed humanoid robot maker at roughly 61 billion yuan ($9 billion) For context, SpaceX’s much larger offering was approximately 4x oversubscribed ahead of its June debut, Snowflake’s 2020 IPO was 120x, and Facebook’s 2012 deal was 20x.
The world's largest sovereign wealth fund, the $2.3 trillion Norway Sovereign Wealth Fund, has disclosed for the first time that it holds a 0.05% stake in SpaceX.
The fund's stake in hashtag#SpaceX remains quite limited when compared to the other technology stocks in its portfolio. Source: ATA CAN
