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Cash Flow Lends. Valuation Doesn’t.
Three borrowers, three answers, seventy-two hours. The AI debt boom did not slow down last week. It got priced.
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Nvidia Won the Cloud. Now It Wants the Laptop.
Nvidia’s new laptop chip trails Apple where it counts and it was built to win anyway.
Jun 11
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Julien Simon
1
Macron Said Confirmed. SoftBank Said Up To.
The €93 billion headline is mostly one company's pledge. The pledge is mostly a ceiling. The balance sheet beneath it is the most concentrated in AI.
Jun 9
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Julien Simon
The Amendments Were Whispered
A deputy in the president's own party admitted who wrote his amendments. The moat just confessed.
Jun 3
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Julien Simon
The Overbuild Put
Meta is the only hyperscaler without a cloud business. It just told shareholders it might need one — and that is the most revealing thing it has said…
Jun 1
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Julien Simon
2
1
Two Chips, One Decade, One Winner
Two hyperscalers bet on custom AI silicon a decade ago. One built a chip that its own models run on. The other is buying the demand, renting the…
May 27
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Julien Simon
4
Huawei Can’t Buy EUV. It Says It Doesn’t Need To.
A new “scaling law” reframes the chip race from space to time. The export-control wall was built to deny the first. It has no answer for the second.
May 25
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Julien Simon
2
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