Thanks Kiwi. That increased target from Piper is from today. There have been a couple of others in the last couple days. And Yes I have been following your feats with IREN. Yesterday I sold ALAB and CRDO for small profits. Looking to re-enter but concerned about so many stocks that have has monstrous gains this year. Lately I have been reading about all this circular financing wrt Nvidia and AI.
"As the article noted, this means Nvidia will ultimately have to bear the depreciation costs. “What’s more,” it continued, “Nvidia will also take on the risks of being stuck with an inventory of GPUs no one wants if demand for AI workloads don’t match Nvidia CEO Jensen Huang’s rosy predictions.”The Nvidia arrangements bear a close resemblance to those engaged in by telecom equipment makers 25 years ago. Firms such as Nortel, Lucent and Cisco lent money to telecom companies. But the bubble collapsed because the supply of equipment exceeded the demand, and the networking companies lost as much as 90 percent of their value over the next decade.In a comment to , Jay Goldberg, an analyst at Seaport Global, said the Nvidia deals had a whiff of circular financing and were symptomatic of “bubble-like behaviour.”Stacy Rasgon, an analyst at Bernstein Research, wrote in a note to investors that the Nvidia-OpenAI deal would “clearly fuel ‘circular’ concerns.” He said that while it was a long way for concern about a crisis, the distance was starting to close. There is also a macroeconomic dimension to circularity. According to calculations by Harvard economist Jason Furman, reported by the FT, investment in processing equipment and software comprises some 4 percent of GDP and was responsible for 92 percent of growth in the first half of the year. Investment in AI and other technologies, accompanied by a share market surge, is being carried out because it is claimed the economy is “strong.” But outside that investment, growth is essentially zero.This situation was underscored by a report from the payroll assessor ADP yesterday, which said private sector employment in the US fell by 32,000 last month, the largest drop in two and a half years, after economists’ predictions were for a 50,000 increase.The Nvidia-OpenAI deal needs to be viewed within the framework of the speculative binge, powered by ultra-cheap money which has powered the rise of Wall Street since the 2008 global financial crisis. The S&P 500 index is at around 6,688. At its nadir after the crisis, it was 666 in March 2009. There has been a 100-fold increase in the index since then, underlining the growing divorce between the stock market and an underlying real economy on which it ultimately depends. The growth of US GDP over the same period has been from $14.48 trillion in 2009 to $30.5 trillion today—little more than double."
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