Sandeep Anand

🚨 Microsoft-requested change to networking equipment resulted in delays to a massive data center project in Childress, Texas. $IREN says it now expects to reach $4 billion in operating ARR by January or February, having previously targeted year-end THINGS had ALREADY STARTED TO SLIP !!

🚨 $NET just posted its best quarter ever — and it’s the biggest beneficiary of AI !! 📈Revenue $782.5M, +39% YoY — fastest growth in nearly 4 years. EPS $0.38 vs $0.34. Net retention 122% RPO $2.877B (+34%) Q4 guide $845–846M vs $796M street. 🚀FY guide raised to $2.96B / $1.35 EPS — 3rd raise this year (wow… ) GAAP profitability pulled forward to Q4 (was end-2028) 🚨Why Cloudflare is biggest ‘toll-taker’ of AI: -> Non-human traffic just crossed 50% of Cloudflare's network for the first time. -> AI agents are the new customers — and they don't sleep don't churn and keep spending Listen to CEO Matthew Prince talking about this jus 2 weeks back 👇

There are 3 bottlenecks weighing on AI CAPEX: 1/ Dem approvals 2/ Cost of Capital (FCF turning -ve) and 3/ Power availability Example: The chart splits the MAG8 into three camps: 1. Self-funding: $AAPL ($137B FCF on $10B capex) and $NVDA ($127B on $7B) — they sell the picks and shovels, they don't have to buy them. Together they're $264B, 2.4x the other 6 combined. $AVGO ($39B on $1B capex) sits here too. 2. Squeezed: $MSFT still makes $60B, but on $136B of capex $GOOGL's TTM FCF is down to $20B — its last two quarters were FCF-negative (−$9.1B, −$5.9B) $META at $29B, with Q3 FCF already negative 3. FCF-negative: $AMZN at −$42B TTM, with 2027 capex guided "meaningfully more" than $220 billion My take: this is cost-of-capital thesis in one picture. - At 0% rates FCF didn't matter — debt was free. - At a 4.9% 10-year, every capex dollar beyond FCF costs real money or dilution, which is why the tape is now watching the funding, not the growth: $META's up-to-$95B equity raise, MSFT's 25B of bonds, $GOOGL's $6B of bonds.

$NBIS IS AT A SERIOUS ADVANTAGE WITH INTERNATIONAL GW AVAILABILITY. US: Vineland NJ 300 MW + Pennsylvania up to 1.2 GW + Birmingham 300 MW International: Finland 75 MW live on cheap green power, Paris, UK, Iceland, Israel colos. >2.5 GW contracted by end-2026, 5 GW target 🚨 AI spending is a 1% game — the top 1% with GW does the land-grab from here. Power, not chips, is the constraint. And $NBIS clearly headed to be that 1% 📈

🚨 AI spending is a 1% game Ramp AI Index October Summary: In October 2026, Anthropic $ANT captured the largest share of AI token spending among businesses on Ramp, at 60.5%. 📈Total token spending rose 8.9% compared with the same week last month. In September 2026, AI adoption reached 55.9% of US businesses on Ramp, up 0.6 % points from August and 12.1 points from a year earlier Top 1% of firms: $9,567/employee/month on AI. Median firm: $15.70 — a 609x gap. 1% of companies drive 80% of all business spend on OpenAI + Anthropic, and 80% of those whales are VC-backed startups. The "enterprise AI boom" is venture money, not the S&P 493. $SPY $QQQ

🚨2 RESONS WHY $PLTR HAS HIGH P/E ?? 1. High Gross Margins (GAAP) : At 83% !! Palantir sells Gotham/Foundry/AIP as a platform — once the code exists, each incremental license dollar costs almost nothing. COGS is basically cloud hosting, customer support and some deployment cost. 2. Revenue Visibility: Rapid acceleration of Commercial revenue gives ‘visibility ’ of earnings potential . Commercial was a sideshow at $284M in Q4 2023 and has 4x'd to $1,168M — overtaking Government for the first time in Q3 2026 After fall today it’s treading at 104x Fwd earnings ie a PEG < 1

🚨 Anthropic jus published amended S-1: 1/ Key Positives:: -> Q3 revenue $17B, up 12x YoY and +47% QoQ 🚀 -> Zero to $17B a quarter in 3.5 years — fastest enterprise adoption of any technology in history. -> Net loss fell to $23.29 billion in Q3 from $66.3 billion in Q2 2. Key negatives: -> GAAP swung from +$974M operating income in Q2 to a -$567M operating loss -> Compute costs hit $9.9B — 58 cents of every $1 revenue, up from 48 ‼️ -> Demand is running ahead of their contracts. $NBIS $AVGO $CRDO -> $ANT buying $5B of short-term compute at "significantly more" than contracted rates because they can't wait 12–18 months. 3. Key CAPEX item: -> $895B of compute commitments signed, $69.8B due in 12 months, against $131.9B of cash. -> Only $GOOG has bigger commitment than Anthropic !!

🚨 Howard Marks just said— “AI is still in 3rd innings of a long cycle” 🚀 💸UBS report shows — AI Debt is still only 25% of AI infrastructure spend — vs over 50% at the dotcom peak. 📈AI is still being built on equity, not leverage. Bubbles pop when leverage does. 1/ How big is the buildout vs history? AI capex is ~2.5% of US GDP today. Telecom hit 1.2% in 2000. Railroads peaked at 6% in the 1870s–80s. The biggest infrastructure boom in history ran 2.5x hotter than where we are now. 2/ The pipeline: $4.2T of future commitments from hyperscalers + AI labs -> Goldman sees $5.3T through 2030. There is still money to be made before the peak — but railroads made millionaires AND bankruptcies. Howard infirecyly pointed Weaker players in Neoclouds can fall out over the next 3 years. 3/ Where the money will go — key beneficiaries vs all-time highs, this morning: $NVDA -13%, $AVGO -32%, $MU -28%, $GOOGL -29%, $META -22%, $AMZN -12%, $MSFT -3%, $PLTR -12%, $TSM -17% $MRVL -30% , $CRDO -50% $LITE -20% $CRWD -11% 5/ The fallout candidates — leverage and weak balance sheets get crushed first: $SMCI -72%, $CRWV -72%, $IREN -70%

🚨 October scoreboard: Nasdaq -5.3% (worst since Mar '25), Semis -15.3% $SOXX $SMH $CRWV -39%, $NBIS -37% Meanwhile S&P 500 -0.9% ( $SPY) Dow +1.7%. Rotation to “Cash flows, Cash flows and Cash flows”

🚨 $5.6 TRILLION WIPED OUT — AI + TECH STOCKS OFF THEIR ALL-TIME HIGHS ⭐ = MAG 8. 🔻Biggest dollar damage: 1. Cipher Mining, $CIFR: -70% 2. Alibaba, $BABA: -66% 3. CoreWeave, $CRWV: -65% 4. Iren, $IREN: -62% 5. Credo Technology, $CRDO: -43% 6. Sandisk, $SNDK: -40% 7. Astera Labs, $ALAB: -39% 8. Nebius, $NBIS: -36% 9. Vertiv, $VRT: -35% 10. Silicon Motion, $SIMO: -35% 11. Vistra, $VST: -34% 12. Bloom Energy, $BE: -34% 13. Intel, $INTC: -32% 14. Alphabet, $GOOGL ⭐: -29% 15. Broadcom, $AVGO ⭐: -27% 16. GE Vernova, $GEV: -25% 17. Meta, $META ⭐: -21% 18. Marvell, $MRVL: -20% 19. Lumentum, $LITE: -19% 20. Micron, $MU: -19% 21. Tesla, $TSLA ⭐: -18% 22. Amazon, $AMZN ⭐: -14% 23. Cloudflare, $NET: -12% 24. Nvidia, $NVDA ⭐: -11% 25. TSMC, $TSM: -10% 26. Palo Alto Networks, $PANW: -6% 27. CrowdStrike, $CRWD: -4% 28. Microsoft, $MSFT ⭐: -2% 29. Reddit, $RDDT: -50% 30. AXT, $AXTI: -54% Leveraged AI ETFs: Semiconductor Bull 3x, $SOXL: -64% Korea Bull 3x, $KORU: -78% Nasdaq-100 Bull 3x, $TQQQ: -17% If this is not bear market what is it???