DanielRomero

$NVDA networking chief Gilad Shainer:
“Training was complicated, but inference is harder.”
The reason is that training is relatively predictable and synchronized, while inference is more dynamic, with latency-sensitive traffic across GPUs, CPUs, storage and networks
Shainer said that Nvidia’s advantage isn’t one switch or protocol. It’s the integration of GPUs, NVLink, Spectrum-X, ConnectX, BlueField, storage and software into one synchronized system
Spectrum-X uses open Ethernet standards, but the performance comes from Nvidia’s proprietary coordination between switches, NICs and GPUs:
“This

3 Fed hawks push for another rate hike
Three Fed officials who dissented at the July FOMC meeting warned that inflation could remain above the 2% target unless rates are raised soon
Cleveland Fed President Beth Hammack said:
“Now is the time for the FOMC to act to return the PCE inflation rate to the 2% target more quickly.”
She added:
“The longer high inflation persists, the more difficult and costly it becomes to lower it again.”
Minneapolis Fed President Neel Kashkari argued that gradual tightening now would reduce the risk of more aggressive action later:
“It is better to make a series of

Global investment bank Nomura Securities maintained its Buy rating and ₩670,000 target price for Samsung Electronics
The firm believes that, despite growing market concerns over the memory cycle, memory supply shortages are likely to persist through 2027–2028. Combined with Samsung's large-scale shareholder return program, Nomura expects this to drive a re-rating of the company's valuation
C.W. Jung, a Nomura analyst, wrote in a report on July 31:
"While market concerns regarding memory market conditions are growing, we maintain our positive outlook on both the memory market and Samsung Electr

$SPCX traded at a 15% higher market cap than $AMZN at its peak
Absurd

Andy Jassy, CEO of $AMZN
“We expect to have double the power capacity by the end of 2027 that we had in 2025, and we continue to be on that track.”

Andy Jassy, CEO of $AMZN
“We have so much demand right now. The lion’s share of the capacity we are adding in 2027 is largely reserved, and quite a bit of our 2028 capacity has already been reserved.”

Andy Jassy, CEO of $AMZN
“We are still in the relatively early stages of understanding how much demand there is going to be for AI.”

Andy Jassy, CEO of $AMZN
“We now believe we will spend approximately $220 billion in cash CapEx in 2026. The higher cost of memory is pushing this number up from our prior estimate of approximately $200 billion.”

Andy Jassy, CEO of Amazon
“We expect to have double the power capacity by the end of 2027 that we had in 2025, and we continue to be on that track.”

Leopold is great at spotting tech trends
However, the stock market isn’t driven solely by earnings, tech, and potential
There are share price swings nobody can see coming
The market can stay irrational longer than you can stay solvent, and he didn't account for that

In a sea of celebrations,
$META is down 9%

Inflation data is very favorable for a rebound in the markets. The trend supports rate cuts, as long as the war in Iran allows oil prices to come back down
The Personal Consumption Expenditures (PCE) Price Index increased 3.7% in June from a year earlier, following a 4.1% increase in May. That marked the slowest annual pace in three months
The core PCE Price Index, which excludes food and energy, rose 3.3% over the past twelve months, down from 3.4% last month and matching the levels seen in March and April
Meanwhile, personal income rose 0.2% in June. This growth was led by increases in compe

This is insane
Leopold really did get liquidated

Samsung’s earnings call couldn’t possibly be more bullish
Samsung Electronics Memory EVP Jaejune Kim:
▪ “Despite our efforts to increase production, our customers’ demand is outgrowing our supply.”
▪ “Inventory levels for both DRAM and NAND are significantly low.”
▪ “Additional demand for server DRAM, SSDs, and HBM is far exceeding the moderation in mobile and PC demand.”
▪ “We are witnessing robust demand not only for AI servers, but also for general computing servers.”
▪ “Looking forward, we expect this trend to accelerate further.”
▪ “Available supply across the industry remains significant

The Financial Times with a low blow on Leopold:
“Situational Awareness has operated with only four investment professionals and a total of eight employees. Aschenbrenner had no prior trading experience before starting the fund.”