FYI: PNL changes for yesterday: Equity +2% Tech +0.18% Lifestyle +0.67%

No fees other than the 0.35% annual management fee, applied monthly

FWIW, it seems to me that in the world of investing then taking our hands off the wheel is often the route to the best results. On that basis then a slight hiatus is perhaps no bad thing, presuming that we all remain invested in the things that we thought worthwhile in the first place.

Thanks again Adam - email sent.

@Nik-Burrows Thanks Nik. Son 2 needs one soon so will look and see what exists

Sorry I meant 20% not 25%

The drug cost > $1B to develop so the price (in the US $3.1M) needs to recover this cost and make a profit. Sickle Cell disease is a terrible illness(genetic) often leading to poor quality of life and shortened life expectancy . Many who suffer from it have regular hospitalisation so you need to factor in the large cost over a number of years vs the upfront cost now coupled with the pain and suffering. The reality is, you've read the headline. They will probably only process a handful of patients a year-there will be a budget. Vertex is not like most drug companies. Their charter is to work in the field of transformative medicines. Medicines that improve healthcare outcomes through discovery and technology. The hard stuff.

@Adam-Kay Thanks, the immediate problem (in my mind) has been resolved. It's now a different problem, which I trust that Nik is resolving off line. Thanks for lowering my blood pressure with the reassurances about the legitimacy of the e-mail. That was my main concern. G

Yeah I'm currently not paying anything into my ISA each year, but that's sat at around £110k, with my pension pots amounting to around £225k. Wanted to get a chunk more into my pension until that is on track to grow comfortably with just my workplace contributions, then look to focus a bit more on the ISA to bridge any potential gap and leave some flexibility if I decide to change careers as I begin to wind down.

@pete_esp Hi Pete Drop me a message and we can set a call up. Let me know when you're in the Valley and we can get a couple of laps in. Cheers Nik

@Ducati996R Hi Clive drop me a message nik.burrows@cobensdirect.co.uk Cheers

Which is what I said over on PH. Discussed with Nik and it was something outside of IM control. Processes of the Custodians I think, maybe it can be fixed now

@dingg said in Micron report and general tech news: Thanks Adam Wondered why klac was looking a bit perky on the premarket. As are some others, could be a bit of a good day if it carries through to the close Ah well, another kick in the balls, smci potential dodgy dealings pulling the rug on semis, this time next year Rodney

@slatermethuen I'll let the Dev team know and we will take a look at MoneyHub Given the work we have the go I would think it will be a new year task, but we will keep it on the radar Nik

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From JP Morgan: AMZN has grown its Advertising Services revenue from ~$13B in 2019 to ~$56B in 2024, implying a +39% CAGR. The success of Amazon’s Advertising Services business highlights key advantages AMZN & retailers have over GOOGL & META. According to WSJ, AMZN has deployed more than one million robots in facilities, which is the most it has ever had and near the count of human workers at the facilities.

The previously posted tables containing predicted min Blackwell (packaged) chips has proven very accurate in fact we also said TSMC would likely find additional capacity(and apparently they have). And from that we forecast the revenue growth, knowing what they sell these chips for. The start of Blackwell was clunky due to the transition from Hopper because Hopper was packaged on the 'S' line and Blackwell on the 'L' line and there were some heating issues which is no surprise because it was all very new. We predicted about $10 billion Q o Q growth vs $4-5B during Hoppers reign. We are now at this point today. Blackwell is bug free and at ramping as fast as CoWoS will allow. This is the old schedule by quarter in 000's: [image: 1748798151117-screenshot-2025-06-01-at-18.14.59.png] . TSMC have indicated circa 500k chips per month and growing from June. They are all sold(5-10X). Losing China completely, and it wont be but let's just ignore it all together. All that has happened is we take the hit and next quarter they achieve $47B and the next $57, $67, $77 and so on. The only caveat is that when Rubin arrives at year end, Dec/Jan they will add further revenue to each quarter simply due to the ASP of Rubin being higher-so id expect $12-$13B q o q increases. Next year automotive will be meaningful as all car makers equip their cars with ADAS and robotics/omniverse will start adding revenues-the q o q rhythm will grow again. But this is exactly how I see their revenue grow over time. A very long time and yes I expect 100B+ per quarter some time at the end of next year or Q1 the following. And to anyone who thinks they will have transition issues again, well, Rubin and Rubin Ultra are all packaged on the same line so the transition will be seamless . It is not until 2027 that packaging will move to a new process called Sow-X which is when the real party starts. We are looking at racks 40X more powerful than today's. Racks containing 500 chips and consuming 1 megawatt each and could cost $20M or more. This is the roadmap from 2027 to 29. The experts have been predicting a plateau in revenue for over a year now-remember Cathy Wood and the 'Dean of Valuation'. They were all wrong and continue to be so. Cisco-look at Cisco. A very scientific analogy. Exciting times ahead imo.

Thanks Nik and of course I take on board your comments on Protection. In normal circumstances that would be the sensible approach. A Chancellor that has no qualms about shafting a Pensioner on £13k pa will not think twice about targeting people with larger pension pots.

Much better now thanks