Read @jonkeegan.com on Hyperion:
Tax “breaks afforded to Meta on just the sales tax of GPUs would come out to more than $3.3B”
Equal to:
-33 new high schools
-public teacher salaries for > 1Y
-more than 7 years of the Louisiana State Police budget
sherwood.news/tech/hyperion/
Tax “breaks afforded to Meta on just the sales tax of GPUs would come out to more than $3.3B”
Equal to:
-33 new high schools
-public teacher salaries for > 1Y
-more than 7 years of the Louisiana State Police budget
sherwood.news/tech/hyperion/
December 15, 2025 at 2:21 PM
Read @jonkeegan.com on Hyperion:
Tax “breaks afforded to Meta on just the sales tax of GPUs would come out to more than $3.3B”
Equal to:
-33 new high schools
-public teacher salaries for > 1Y
-more than 7 years of the Louisiana State Police budget
sherwood.news/tech/hyperion/
Tax “breaks afforded to Meta on just the sales tax of GPUs would come out to more than $3.3B”
Equal to:
-33 new high schools
-public teacher salaries for > 1Y
-more than 7 years of the Louisiana State Police budget
sherwood.news/tech/hyperion/
Last one to leave the Roomba, please turn off the lights:
iRobot files for Chapter 11, plans to go private in restructuring deal with its manufacturer.
11 days ago it booked a record one-day gain on a report of Trump admin plans to boost robotics.
sherwood.news/markets/irob...
iRobot files for Chapter 11, plans to go private in restructuring deal with its manufacturer.
11 days ago it booked a record one-day gain on a report of Trump admin plans to boost robotics.
sherwood.news/markets/irob...
December 15, 2025 at 2:51 AM
Last one to leave the Roomba, please turn off the lights:
iRobot files for Chapter 11, plans to go private in restructuring deal with its manufacturer.
11 days ago it booked a record one-day gain on a report of Trump admin plans to boost robotics.
sherwood.news/markets/irob...
iRobot files for Chapter 11, plans to go private in restructuring deal with its manufacturer.
11 days ago it booked a record one-day gain on a report of Trump admin plans to boost robotics.
sherwood.news/markets/irob...
December 12, 2025 at 4:44 PM
So you’re going to spend more on capex than the Street expects...
Well, are you at least booking better than expected sales at the same time? No
Well, are you also going to get new projects up and running on schedule? Also no. $ORCL
sherwood.news/markets/orac...
Well, are you at least booking better than expected sales at the same time? No
Well, are you also going to get new projects up and running on schedule? Also no. $ORCL
sherwood.news/markets/orac...
December 12, 2025 at 4:36 PM
So you’re going to spend more on capex than the Street expects...
Well, are you at least booking better than expected sales at the same time? No
Well, are you also going to get new projects up and running on schedule? Also no. $ORCL
sherwood.news/markets/orac...
Well, are you at least booking better than expected sales at the same time? No
Well, are you also going to get new projects up and running on schedule? Also no. $ORCL
sherwood.news/markets/orac...
The most outlandish tech CEO quotes from 2025
sherwood.news/tech/the-mos...
sherwood.news/tech/the-mos...
The most outlandish tech CEO quotes from 2025
Tech CEOs have been nuttier than ever....
sherwood.news
December 12, 2025 at 3:27 PM
The most outlandish tech CEO quotes from 2025
sherwood.news/tech/the-mos...
sherwood.news/tech/the-mos...
BPI's Bill Nelson uses Fed bank discount-rate requests to identify who is behind the six dots that opposed Dec rate cut . Voters Goolsbee, Schmid are obvious. He thinks Hammack, Logan, Kashkari also favored no cut. The remaining no-cut dot, he figures, is Collins, who was persuaded not to dissent.
December 12, 2025 at 2:56 PM
I don’t think pegging any of the $AVGO decline on the 18 month AI backlog being “only” $73B makes any sense because:
a) Tan said that’s a minimum
b) The consensus estimate for next 6 Qs is a cumulative $69B
a) Tan said that’s a minimum
b) The consensus estimate for next 6 Qs is a cumulative $69B
December 11, 2025 at 10:54 PM
I don’t think pegging any of the $AVGO decline on the 18 month AI backlog being “only” $73B makes any sense because:
a) Tan said that’s a minimum
b) The consensus estimate for next 6 Qs is a cumulative $69B
a) Tan said that’s a minimum
b) The consensus estimate for next 6 Qs is a cumulative $69B
I would say one takeaway from this is that I’m not getting the impression that Broadcom has stolen any of Marvell’s Microsoft Maia biz, somewhat contrary to a report from The Information. $AVGO $MRVL
December 11, 2025 at 10:48 PM
I would say one takeaway from this is that I’m not getting the impression that Broadcom has stolen any of Marvell’s Microsoft Maia biz, somewhat contrary to a report from The Information. $AVGO $MRVL
Broadcom doesn’t expect much OpenAI business in 2026. $AVGO
December 11, 2025 at 10:43 PM
Broadcom doesn’t expect much OpenAI business in 2026. $AVGO
Anthropic was the $10 billion new customer from last quarter, says CEO Hock Tan
December 11, 2025 at 10:10 PM
Anthropic was the $10 billion new customer from last quarter, says CEO Hock Tan
Broadcom with the double beat and better than expected guidance $AVGO sherwood.news/markets/broa...
December 11, 2025 at 9:24 PM
Broadcom with the double beat and better than expected guidance $AVGO sherwood.news/markets/broa...
$AVGO trading at record premium to $NVDA heading into earnings
December 11, 2025 at 8:39 PM
$AVGO trading at record premium to $NVDA heading into earnings
We all saw the 1281 analyses showing tariffs have a disproportionately negative impact on lower-income Americans.
Contingent on some degree of labor market stability, does this not imply a reasonable likelihood of real income (and spending) growth catch-up for the cohort next year?
Contingent on some degree of labor market stability, does this not imply a reasonable likelihood of real income (and spending) growth catch-up for the cohort next year?
December 11, 2025 at 8:13 PM
We all saw the 1281 analyses showing tariffs have a disproportionately negative impact on lower-income Americans.
Contingent on some degree of labor market stability, does this not imply a reasonable likelihood of real income (and spending) growth catch-up for the cohort next year?
Contingent on some degree of labor market stability, does this not imply a reasonable likelihood of real income (and spending) growth catch-up for the cohort next year?
Reposted by Luke Kawa
Somebody (it was @ed3d.net tbh) asked why ORCL’s bonds are selling off given they have a pretty unbeatable position in a number of software businesses. Here’s the math.
December 11, 2025 at 7:46 PM
Somebody (it was @ed3d.net tbh) asked why ORCL’s bonds are selling off given they have a pretty unbeatable position in a number of software businesses. Here’s the math.
Only one member of $SMH is negative since the S&P 500’s intermediate bottom on November 20:
Nvidia $NVDA
Nvidia $NVDA
December 11, 2025 at 3:15 PM
Only one member of $SMH is negative since the S&P 500’s intermediate bottom on November 20:
Nvidia $NVDA
Nvidia $NVDA
So:
Disney works with Google to keep networks on YouTube TV, then irons out OpenAI licensing deal, then sends cease-and-desist letter to Google (presumably relating to genAI videos)?
Amazing sequencing, no notes.
Disney works with Google to keep networks on YouTube TV, then irons out OpenAI licensing deal, then sends cease-and-desist letter to Google (presumably relating to genAI videos)?
Amazing sequencing, no notes.
December 11, 2025 at 2:34 PM
So:
Disney works with Google to keep networks on YouTube TV, then irons out OpenAI licensing deal, then sends cease-and-desist letter to Google (presumably relating to genAI videos)?
Amazing sequencing, no notes.
Disney works with Google to keep networks on YouTube TV, then irons out OpenAI licensing deal, then sends cease-and-desist letter to Google (presumably relating to genAI videos)?
Amazing sequencing, no notes.
Am I excited to make a short-form video of Mufasa scrambling back up the edge of the cliff and punting Scar to his death?
Yes. Yes I am.
openai.com/index/disney...
Yes. Yes I am.
openai.com/index/disney...
The Walt Disney Company and OpenAI reach landmark agreement to bring beloved characters from across Disney’s brands to Sora
Agreement marks a significant step in setting meaningful standards for responsible AI in entertainment.
openai.com
December 11, 2025 at 2:09 PM
Am I excited to make a short-form video of Mufasa scrambling back up the edge of the cliff and punting Scar to his death?
Yes. Yes I am.
openai.com/index/disney...
Yes. Yes I am.
openai.com/index/disney...
The K-Shaped Economy That Stole Christmas
(via BofA Institute)
(via BofA Institute)
December 11, 2025 at 1:21 PM
The K-Shaped Economy That Stole Christmas
(via BofA Institute)
(via BofA Institute)
THE REACCELERATION TRADE IN FULL FORCE
High beta > low vol & cyclicals > defensives for 13 straight sessions. $KRE 52-week high.
Many DM CBs priced for hikes, and long end selling off. sherwood.news/markets/inve...
High beta > low vol & cyclicals > defensives for 13 straight sessions. $KRE 52-week high.
Many DM CBs priced for hikes, and long end selling off. sherwood.news/markets/inve...
December 10, 2025 at 9:31 PM
THE REACCELERATION TRADE IN FULL FORCE
High beta > low vol & cyclicals > defensives for 13 straight sessions. $KRE 52-week high.
Many DM CBs priced for hikes, and long end selling off. sherwood.news/markets/inve...
High beta > low vol & cyclicals > defensives for 13 straight sessions. $KRE 52-week high.
Many DM CBs priced for hikes, and long end selling off. sherwood.news/markets/inve...
Powell with the Bartleby on courts question
December 10, 2025 at 7:58 PM
Powell with the Bartleby on courts question
Volcrush, plain and simple
December 10, 2025 at 7:51 PM
Volcrush, plain and simple
This is giving “I handed in my two weeks’ notice three days ago” energy so far.
December 10, 2025 at 7:37 PM
This is giving “I handed in my two weeks’ notice three days ago” energy so far.
Upgrading the 2026 growth outlook and still seeing the balance of risks to growth as having improved vs September after accounting for that.
Fed’s fairly bullish on the US economy.
Fed’s fairly bullish on the US economy.
December 10, 2025 at 7:36 PM
Upgrading the 2026 growth outlook and still seeing the balance of risks to growth as having improved vs September after accounting for that.
Fed’s fairly bullish on the US economy.
Fed’s fairly bullish on the US economy.
Everyone knows that the bond market is not the economy, the <stock> market is the economy.
AXIOS: Bessent is boasting about US treasuries’ performance, but ..:
“The best year for Treasuries this century? That would be 2008, when they returned 20.1% — because the global economy was falling off a cliff ..” 🤡
www.axios.com/newsletters/...
“The best year for Treasuries this century? That would be 2008, when they returned 20.1% — because the global economy was falling off a cliff ..” 🤡
www.axios.com/newsletters/...
December 10, 2025 at 6:47 PM
Everyone knows that the bond market is not the economy, the <stock> market is the economy.