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Has deepseek been secretly using nvidia h100 chips?
So what is the real story and reason behind NVIDIA’s stock being hammered over the last couple of days. Ostensibly, it is being presented that a small AI start-up in China (DeepSeek) has single handedly undermined the entire US AI industry by training its AI model for a mere $6m using old Nvidia 800 chips. […]
Continue readingNVIDIA – an anatomy of a valuation
Since the start of the year, NVIDIA’s stock price has trebled, while the consensus EBITDA has ‘merely’ doubled, even reaching out to FY25. While inevitably reflecting a medium term multiple expansion to bridge that gap, the actual mechanism is not some sort of opaque PEG type ratio, but the systematic relationship between growth and the […]
Continue readingPelosi’s stake in NVIDIA: Front running, or trying to close an eroding position?
Is anyone really that surprised that Nancy Pelosi’s husband (Paul) may have been front-running a $52bn CHIPS Plus bill that his wife was promoting a couple of days after the disclosure of his substantial investments in a potential beneficiary, NVIDIA? Unfortunately, such behaviour has become all too normalised in the US’s two-tiered judicial system. What […]
Continue readingIf MARTIN NIEMÖLLER was on social media
First they banned Alex Jones, and I did not speak out—because I had never heard of him. Then they banned Louis Farrakhan, and I did not speak out— because I’m not Snoop Dog. Then they banned the climate change ‘deniers’, and I did not speak out—because I was cold. Then they came for me—but I […]
Continue readingGoogle CEO dumps more stock – Something he’d like to share with us?
Is there something else, Google’s CEO, Sundar Pichai would like to share with us? While in the news recently defending the integrity of Google’s services before the House Judiciary Committee, perhaps less well known has been his recent director stock sales, which this quarter alone (up to 6th Dec) have already amounted to -50k Alphabet shares, to […]
Continue readingFacebook shareholders finally get the message
What is it about the warning that advertising growth was going to “come down meaningfully”, that markets didn’t understand from last year’s guidance? Perhaps it was our old friend ‘recency bias’ at work, given the sustained high rates of top line growth through both the second half of last year and into the first half […]
Continue readingZuckerberg keeps digging
Facebook is “responsible for the content” on its platform, Zuckerberg says Wow, now that’s quite an admission! Zuckerberg, by implication no longer sees Facebook as an open social platform to enable users to connect and share their own content, but one where Facebook participates in the ownership of that content and can impose its own […]
Continue readingBitcoin pyramid – a child of its time
There’s something almost comical about the law of unintended consequences. After nearly a decade of central bank intervention and manipulation of the market pricing of capital, should we be surprised that Bitcoin is now worth more than Proctor & Gamble? Having destroyed the market’s pricing of risk and replaced it with the moral hazard of […]
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