General News
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Exactly-and with a twist. It’s carrying ‘everything’ with it in related fields when many high flyers are not worthy imo. As mentioned, Cerebras, huge losses, many software names, never made a profit. Palo Alto trading 80x, AMD 70x, CRWD 130x without the growth. Our average multiple is closer to 20x.
5 years ago Nvidia traded at 40x with a 20% growth rate. Today it trades at 20x with a growth rate of 80%.
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Deal signed by both Iran/US- Asian markets opened before 'us' +4.8% lead by memory heavy weights SK/Samsung. Micron today will be interesting. Nasdaq futures +500.
I can model the Tech returns irrespective on any Migration/KLAC pricing niggles.
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Juneteenth federal holiday today-markets closed but we will reprice for FX tonight
And yes we expect valuations this morning!
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Futures are very strong this morning, Nasdaq +470-no doubt due to Microns phenomenal result
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I would expect down a bit, not much maybe 40-50bps. I havent looked at it. Today will be a monster for technology stocks, well ours anyway
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Kimi K3 open source China model hailed as 'awesome'-naysayers cite as evidence China catching up 'boo bad/sell' however just like Deepseek, it's nothing more than theft.
Moonshot built Kimi K3 through theft of Anthropic's Fable-distilling some else's work is nothing but cheating and not only that they didn't train them on China chips as they claimed-they used Blackwell B300s via a foreign cloud.
As always don't believe the FUD.
In other news an also ran Chinese DRAM manufacturer is apparently taking on the big boys-only problem with that is they are 4 years behind (the node) and can't produce any HBM nor will they-and even if they managed to do so their chips won't be allowed anywhere near a western data centre. The market doesn't seem to grasp that it's bleeding edge state of the art enterprise memory that is the gold. Not the sort you find in a memory stick from Argos. Beggars belief. Alas some fall for it.
