Trump just confirmed that Nvidia CEO Jensen Huang is traveling with him to China aboard Air Force One.
According to TruthSocial, a potential US–China semiconductor deal is being discussed around a high-level tech summit involving major industry figures, with Nvidia CEO Jensen Huang’s late inclusion seen as a signal that advanced chip sales (especially H200 chips) could be on the agenda. The Trump administration has already outlined a conditional framework for allowing some China-bound chip exports, and broader comments suggest market access is part of negotiations. However, political resistance from China hawks, pending legislation to review chip exports, and analyst skepticism make a full breakthrough unlikely. The most probable outcome is limited, conditional progress rather than a broad deal. Source: TruthSocial
Renaissance Technologies filed their Q4 2025 holdings with the SEC in February.
This is the fund built by Jim Simons, a mathematician who beat Wall Street for 40 years using pure math and zero emotion. Their Medallion Fund averaged 66% annual returns before fees for over 20 years. The best track record in the history of investing. Here's what they were holding at December 31, 2025, and what those positions are worth today. MU – held $859M worth at ~$186/share. Now ~$768. Up 312%. BE – held $22.6M worth at ~$87/share. Now ~$287. Up 230%. AMD – held $267M worth at ~$211/share. Now ~$455. Up 116%. Source: The Assembly
Everyone says they want AI adoption. Until metrics become the goal instead of the outcome.
Amazon employees are using AI agents to automate unnecessary work, by how AI usage is tracked through token consumption metrics, leaderboards, and adoption targets. This creates incentives to optimize for measured activity rather than real value, a classic case of people gaming whatever is being measured. As a result, employees focus on using AI—and being seen using it—rather than improving outcomes, leading to behaviors sometimes called “tokenmaxxing.” The situation mirrors past cases like vanity KPIs, meeting overload, and lines-of-code metrics. The key lesson is that AI adoption should be measured by business impact, not usage. Source: FT
Europe is running out of jet fuel.
Source: Hedgeye
Republicans surge past Democrats in Senate midterm odds projected to remain in power.
Source: Polymarket
World's Largest Data Centers ▶️
Source: Mack
World Cup in one chart
Source: Zerohedge, BofA
This is such an important chart.
Where the cost of labor is cheaper, it doesn't make much sense yet to use AI. AI can probably augment some of the work, but replacing the human is just not cost effective. But this will probably not be the case forever. The simpler tasks will become cost effective from an AI perspective at some point, as AI models become more efficient. Source: Ayesha Tariq, CFA
