You’re right to expect to see the detail. The all important money is there. Nik and I are pushing the update. It is in progress.

Micron 512GB DDR5 RDIMM Micron has just demonstrated the world’s first 512GB DDR5 RDIMM, aimed squarely at next-generation AI/data-centre servers. It is a significant step up in memory density: one module holds 512GB, with speeds of up to 9,200 MT/s. Micron expects volume production in H2 2027. AMD and Intel are already validating it on future server platforms. The power saving is particularly striking. One 512GB module consumes approximately 16W, versus 44.2W for four 128GB modules providing the same capacity — a reduction of more than 60%. The key fact to add is that Micron's memory opportunity isn't solely an AI/HBM story. The new 512GB DDR5 module targets the much broader non-AI data-centre/server market, while HBM4/HBM4E captures the AI accelerator market. That gives MU two separate demand drivers. Even at $15k per module, you're looking at $360k of DRAM per server. Validation of durability!

@Ducati996R said in Performance: Anyone watch those film with Arnie in Yes, perhaps in future they will look back on those as documentaries ...Musk already has production capacity for a million robots per year and expanding to 10 million at his plant in Texas ...and each one need hundreds of GB of memory. I dont think global memory supply is going to be fulfilled for many years yet....

Hi R, I've left you a voice mail. Im looking into whether the heading total needs updating-as discussed subsequently everything contributed is invested as it should be. Will revert re the Total

Double or die....always a favoured motto!

Hi As per my email yesterday the CGT reports are generated by the custodian and we are waiting for the API links form the new custodian to be finalised. Once that is done the reports will be back on the portal. In the meantime just drop me a message and I will run a manual report for you Cheers

The facts are that Nvidia is increasing its market share across the entire AI infrastructure. So despite 'news' of various competitors and partners developing new XPU/Asics etc, Nvidia is becoming more embedded within the stack. Jensen commented on OpenAi's Jalapeno, saying 'he's pleased for his partners and wishes then every success-we didn't wake up losers'. If you look at their latest results, their revenue is 10X the size of AMD and almost 30X the net income! Nvidia generate AMDs annual profit in 21 days(and falling). And the bit that most have forgotten, AMD has given away 20% of the entire company to its customers(for zero $) just to get them to buy their product. Long live the King

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

Hi O, I think if they are spending to deal with unmet need, and that is being sold at considerable profit (30% margins) then you look at overall growth and this segments contribution to EPS. Cashflow matters in the long term but to dismiss capex spending when the spend is building a capital intensive business(profitable) makes no sense to me. Google is gigantic so one wouldn't ordinarily buy the entire business just because of one blockbuster, rather you'd weigh the contribution. Fundamentally, and a rather simplistic view, they are growing their entire business at a similar clip to their multiples. And not only that, they are increasingly becoming much more than search/advertising-if you go back a few years we discussed this very point. Referencing 'value', margin of safety and attractiveness, you only need to look at Cloudfare/Palo Alto et al to see growth rates of 15% and sky high multiples(100/150+) vs a company like GOOG with 20%+ growth rates and multiples sub 25. Investing is about relativity. Where is my capital best deployed given a certain risk profile which I am willing to accept.

The comments from Google DeepMind executives suggest the company believes a significant AI capability leap is approaching. The current wave of AI investment is not simply about expanding existing applications; it is aimed at reaching the next stage where AI systems increasingly help create better AI systems through recursive self-improvement (RSI). RSI means AI models assisting with research, software development, optimisation, training methods and data generation, creating a feedback loop where improved AI accelerates the development of even better AI. Google’s view is that the foundations of this process are already emerging, and betting against the current AI buildout would be unwise. The scale of spending reinforces this confidence. The major technology companies are committing hundreds of billions of dollars to AI infrastructure. Industry AI capital expenditure is expected to exceed $700bn in 2026 after more than $400bn in 2025, with Google alone forecasting around $195bn-$205bn of 2026 capex. This investment covers GPUs, advanced memory, networking, data centres and power infrastructure required for the next generation of AI. While revenues currently lag behind investment, this reflects a transition phase where infrastructure is being built ahead of widespread adoption. The comparison with previous industrial revolutions suggests the largest economic benefits may appear after the technology platform is established. The next 12-36 months are likely to see major improvements in AI agents, coding ability, research assistance and automation. If AI systems begin materially accelerating AI development itself, progress could become much faster later this decade, potentially marking one of the biggest technological shifts in history.

@oliviasteven scroll down to contributions and then select "add new" top right of the contributions section in blue Let me know if you need any help Cheers

@Slow-Horses As Adam says on the dashboard, scroll down to transfers and add new transfer and follow the process If you need any help drop me a message, nik.burrows@cobensdirect.co.uk Cheers

Hi C, Ive been told you will be in receipt of the ££, tomorrow Regards Adam

ok thanks M

@Adam-Kay said in KLA: It does and we paid $33 +821.1% RTQ

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

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

@Adam-Kay ouch! That is a hefty price ramp for those of us who are into the Apple ecosystem Luckily we refreshed some kit a year ago….I was toying with replacing my aging iPad, but perhaps I will bludgeon on for another 10 years Or maybe cash in some of the ISA to “use the profits”