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Previously we updated the dashboard at around 9.30am. Going forward the system will be updated between 11am and midday. This is because the files from WBS don't arrive until 8.30am.

We need to remember we paid $90 18 months ago. To say it's been a fantastic investment is a huge understatement. My view is simple. Value is based on durable earnings and cashflow (and a bunch of other 'stuff). Are their earnings durable. Well, every piece of evidence, and I mean every, says yes. If their biggest customers are locking in supply agreements for 5 years they think so. Nvidia thinks so, TSM thinks so, Musk thinks so. Mehrotra, a veteran in the industry thinks so. The only ones who don't think so are a few shorts. And I don't believe they believe what they say. Anything that moves +10X can be knocked down a peg or two if you sew the seed of doubt. It's a simple but effective play on human nature. Fear and greed. And here is the icing on the cake. It's not like we are sitting here with a bubbly multiple, one in the 40s or 50s(or more). It's 5. Put another way, Micron will earn more money than Apple, MSFT and even Google in 27/28/29/30 but its valuation is 25% OF them. It may even catch Nvidia. I like the margin of safety

NVIDIA–AMAZON: MAJOR EXPANSION OF AI INFRASTRUCTURE DEAL NVIDIA and Amazon Web Services have dramatically expanded their AI partnership, with AWS committing to deploy an additional 2 million NVIDIA GPUs across its global infrastructure during 2027–28. This is on top of the more than 1 million NVIDIA GPUs already committed by AWS, taking the total deployment to more than 3 million GPUs. While the financial terms have not been disclosed, a reasonable estimate is that the additional 2 million GPUs could represent $70–100bn or more of hardware, once the GPUs, networking, NVLink, memory and complete NVIDIA systems are included. The overall AWS commitment could therefore ultimately represent well over $100bn of NVIDIA-related infrastructure spending. Importantly, this is not simply a GPU purchase. The expanded relationship covers NVIDIA's Blackwell Ultra, Rubin and Rubin Ultra platforms, Vera CPUs, networking, software and NVLink, with Amazon also becoming the first collaborator on NVIDIA's next-generation custom high-bandwidth memory technology (custom memory as mentioned by Micron only weeks ago). For NVIDIA, the announcement provides exceptional visibility into future demand and is another powerful confirmation that hyperscaler AI investment remains enormous. AWS is effectively doubling down on NVIDIA despite continuing to develop its own Trainium chips. The key takeaway: more than 3 million NVIDIA GPUs committed to AWS, with the incremental commitment alone potentially worth around $100bn once the complete infrastructure stack is included.

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Just to add to this so the tax "advantage is clear" In simple terms, so ignoring any NI for illustrative purposes If you sacrifice £10k as Adam has shown above then £10k is paid into your pension If you had taken it as salary then you would have received £6,000 and HMRC would have received £4,000

@n5tew Good morning, to answer your questions, yes there are a handful of lenders that still offer offset mortgages, though they’re relatively niche now. With these, you only pay interest on your mortgage minus what’s in a linked savings account, which can significantly reduce your interest costs if you hold a large savings balance. There are indeed fixed rate products although they will tend to be notably higher than your conventional fixed rate products. If you would like to discuss this in further detail, please let me know, my email is michael.searle@cobens.co.uk, or we can arrange a meeting to dive into specifics.

Should receive the cash by end of this week,Mike. It's a clearing down of trades post migration. Thanks for noting