Davis Wilson:

Post Nvidia Earnings: "I'm Speechless"

Nvidia just reported earnings on Wednesday evening that showed revenue of $68.13B vs. $66.21B expected, earnings per share of $1.62 vs. $1.53 expected, and next quarter guidance of $78B – well above estimates.

These are record numbers for the most dominant AI company on the planet. And CEO Jensen Huang didn’t hold back when talking about future demand.

“Computing demand is growing exponentially… Enterprise adoption of agents is skyrocketing. Our customers are racing to invest in AI compute," he said. 

Nvidia has everything going for it except the valuation. The stock now trades at just 17.6x next year’s earnings.

For perspective, companies trading at higher forward valuations than Nvidia include Coca-Cola, McDonald’s, and Walmart. Are any of these businesses expected to grow earnings 70% this year?

If valuation is supposed to reflect future earnings power, profitability, and industry positioning, then Nvidia does not deserve to be trading alongside slow-growth retail and industrial brands.

Either Nvidia’s growth is about to collapse, margins are about to compress, and AI demand is about to evaporate – or the market is temporarily mispricing the most important AI company in the world. I know which outcome I’m betting on.

Own the stock.

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Enrique Abeyta:

In Defense-Anthropic Clash, AI Is Real-Time Testing the Balance of Power in Future of Warfare

The Department of Defense’s clash with Anthropic over the integration of artificial intelligence into military operations, and who sets the limits on usage, reached a peak this week with Defense Secretary Pete Hegseth giving the AI company until 5:01 p.m. ET Friday to cede to the government’s demands. 

Anthropic has not budged, to date at least, but the battle between military and industry over AI is just getting started. The Pentagon is colliding with the private companies that control AI in a way that has not been tested in the post-World War II era. 

On Thursday, Anthropic refused Defense Secretary Pete Hegseth’s demand to loosen certain safeguards of its models for military use, including mass domestic surveillance or fully autonomous weapons, because it violates company policies. CEO Dario Amodei’s decision comes after the Pentagon warned it could terminate the partnership if the company refuses to support “all lawful uses.”

The standoff highlights the emerging reality that private firms developing frontier AI may seek to set their own limits on how the technology is deployed, even in national security contexts.

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James Altucher:

Crypto's Quantum Challenges & Optical as the True Quantum-Class Winner – Martin Shkreli

In Part 1 of James Altucher's interview with controversial businessman Martin Shkreli, the two talked about whether Martin really deserves the label of “most hated man in America.”

In Part 2, James and Martin explore the future of technology – from crypto vulnerabilities to optical computing, GPU scaling, and the potential energy crisis driven by artificial intelligence. What happens when AI demand collides with the limits of computing power and energy?

They discuss whether Bitcoin can survive quantum computing, why stablecoins solve real-world financial problems, and how computing architecture may shift beyond traditional silicon chips. The conversation then moves into AI economics: why companies might spend billions on compute to make better decisions, how energy constraints could shape innovation, and why optical computing could become the next major breakthrough.

This episode isn’t about controversy – it’s about technological leverage, incentives, and where computation is heading next. Click the link below to listen.

⇒ Listen Here