AI SPENDING IS SLOWING: Token spending grew by just +1.05% in August and +0.22% in September, marking 2 consecutive months of virtually no growth. Declining prices are behind the slowdown, with Anthropic’s realized token price falling by more than -51% in just 1 month, to $0.83 per million tokens, the lowest on record, while OpenAI’s equivalent price stands at just $0.45. Meanwhile, just 1% of companies account for 80% of business spending on OpenAI and Anthropic, while Anthropic’s top 1% of customers generated 46% of its revenue in August, up from 25% a year earlier. The largest AI spenders are also showing signs of slowing, with spending up +11.7% MoM $9,568 per employee in September, but still -3.1% below July’s peak of $9,873. Furthermore, paid AI adoption across Ramp’s corporate network rose by just +0.62 percentage points, to 55.9% in September, suggesting growth increasingly depends on existing customers spending more rather than new customers adopting AI. The slowdown challenges the assumption that cheaper tokens will automatically generate enough additional demand to offset falling prices, as frontier-model token demand has grown only half as fast as overall token demand. The AI growth narrative is looking increasingly vulnerable.

Neo-Clouds can no longer access conventional bond markets. Neither can $META or $ORCL $CRWV $NBIS $IREN Jensen knew and lied. He knew Coreweave was going bankrupt when he refused to back them.

This is crazy‼️ The $SPX is ~1% off its highs. Goldman's High Beta Momentum basket is -41%. We’ve never seen anything like this.

$TSLA financial trajectory update through Q3 2026 (more of same): Operating income: 2022 - $13.7 Billion 2023 - $8.9 Billion 2024 - $7.1 Billion 2025 - $4.4 Billion 2026 to Q3 - $2.1 Billion Operating margin: 2022 - 16.8% 2023 - 9.2% 2024 - 7.2% 2025 - 4.4% 2026 to Q3 - 2.7%

LOL $TSLA free cash flow of $1.53 billion, partially thanks to heavily reduced capex, BUT accrued liabilities and accounts payable were up $3.86 BILLION sequentially. Tesla stiffed suppliers again! @GordonJohnson19

$SPCX normalized $3B/qtr profit ($12B ann.) compounding at 25% yields $15B next year. At 20-25x PE, intrinsic value is $22-$28/share ($300-$375B cap). Vs today's ~160 price, that demands an 📉-85% drop from today’s price.

So $TSLA, now a mature non-growth company, earned .22/share GAAP = .88/share annualized which means at it's current $393 it has a PE of 446x. Carry on, suckers!

$SPCX Shareholders, you sure you want to buy this 5% ROIC business for $1.5T…?!

Only need to 18x quarterly revenue from here until $SPCX is at the 1tln ARR necessary to justify their current 2tln market cap. Keep at it!

Hedge funds are DUMPING AI stocks, while retail investors pour billions into leveraged semiconductor ETFs: Hedge funds sold global AI stocks for 5 straight sessions through October 14th. In just one week, they reversed all their cumulative net buying since the start of 2025. They also dumped the technology sector at the fastest pace in at least 10 years. Furthermore, hedge funds cut net leverage to 43.7%, its lowest level in 5 years, but gross leverage jumped to 213.9%, as managers increased short positions rather than significantly reducing their long exposure. Hedge funds are pulling back as concerns over AI financing intensify, with AI-related high-yield credit spreads widening +50 basis points to 371 bps, their highest in at least 12 months. Moreover, 9 AI data-center bonds now yield above 10% and 4 exceed 14.75%. The funding burden is set to grow, with Goldman projecting $720 billion in AI project financing and direct hyperscaler debt issuance in 2027. Notably, AI capital expenditure already accounts for ~50% of S&P 500 earnings growth. Meanwhile, leveraged ETFs attracted nearly $10 billion in weekly inflows, including a record $7 billion into the 3x semiconductor ETF, $SOXL, and another $1.3 billion into the 3x Nasdaq ETF, $TQQQ, driven by retail investors. Hedge funds are dumping while retail investors are buying. Who will end up being right?

The "unlimited AI demand" story just hit a wall. Corporate token spending growth collapsed from 42% in July to 0.2% in September, per Ramp data. Meanwhile, return on invested capital at the five biggest hyperscalers fell from 38% to 20% as capex outruns earnings. The infinite-demand thesis needs infinite returns. The returns are going the other way.

SoftBank CDS... That's almost a 30% default probability. Pretty amazing....

So $SPCX is forecasting $500B to $1T in AI ARR at YE 2027, on $500B of capex (10 GW increase)?! This is a 1-2x revenue/investment ratio as the entire industry is now at 0.3x. Their 3Q AI capex was only $16B. They had better get going…