Kindness

Jane Street just showed the inside of their AI training data center in Texas. 4,032 GPUs. 56 racks. 8,000 km of fiber. liquid cooling running through every server because air cooling can't handle the heat anymore. but the part that got me was the origin story. Ron Minsky, who co-heads their technology group. said their first compute cluster was literally six Dell boxes stacked on top of each other at the end of a desk row. they called it "the hive." the trading systems sat out in the room with the traders because they wanted to be able to unplug them if something went wrong. at one point, someone vacuuming the office unplugged a live trading system in the middle of the day. from six Dell boxes and a vacuum cleaner incident to a liquid-cooled GPU data center processing trades in under 100 nanoseconds. that's a 20-year arc.

The most important thing in life is having true friends.

SpaceX is aiming to go public on June 12, setting the stage for what is expected to be the biggest IPO of all time. on.wsj.com/4dLZBxd

I’ve mentioned something like this before, but, if any of my companies goes public, we will prioritize other longtime shareholders of my other companies, including Tesla. Loyalty deserves loyalty.

As Chair Jerome H. Powell's term as chair concludes, and with the swearing in of Kevin M. Warsh as his successor pending, the Federal Reserve Board on Friday named Powell as chair pro tempore. This temporary action to name the incumbent as chair pro tempore is consistent with past practice during similar transitions between chairs. Powell will serve as chair pro tempore until Warsh is sworn in as the new chair. federalreserve.gov/newsevents/pre…

@JohnLoc18 If you are going to do this again and take it seriously please start here: youtube.com/watch?v=PxDq7E…

JUST IN: ALL THE TOP INVESTORS IN THE WORLD JUST UPDATED THEIR PORTFOLIOS HERE’S EXACTLY WHAT THEY’RE HOLDING AND HAVE BEEN BUYING 🧵⬇️

了解一下总统车队的分工和细节。

Leopold Aschenbrenner’s 13F for Situational Awareness will be available on the SEC’s website soon Here’s a link to follow along: sec.gov/edgar/browse/?… Previous 13F period ending 12/31/2025 sec.gov/Archives/edgar…

And this is why you pay $30,000 a year for a Bloomberg terminal. Founder of the Bloomberg Terminal explaining here the functions. The most elite information and analytical tools are still nowhere near the hands of the everyday public.

A young Xi Jinping in America:

STANLEY DRUCKENMILLER JUST EXITED ALPHABET ENTIRELY AND LOADED UP ON ARGENTINA Here are their updated largest holdings and every move they made in Q1 2026, as per @ralliesai Top 10 equity holdings: 🥇 Natera $NTRA: $613M 🥈 Insmed $INSM: $189M 🥉 Taiwan Semiconductor $TSM: $167M 4. YPF $REPYY: $150M (+433% shares) 5. iShares MSCI Brazil ETF: $132M 6. BBB Foods $TBBB: $110M 7. Alcoa $AA: $99M 8. NewAmsterdam Pharma: $98M 9. Sea Ltd $SE: $91M 10. STMicroelectronics $STM: $90M (+238% shares) New positions: - RSP S&P 500 Equal Weight calls: $158M - Broadcom $AVGO: $61M - Global X Argentina ETF $ARGT: $36M - Caris Life Sciences $CAI: $34M - Revolution Medicines $RVMD: $31M - Sandisk $SNDK: $24M - Humana $HUM: $24M - Twilio $TWLO: $23M - Jabil $JBL: $22M - Linde $LIN: $20M - Seagate $STX: $20M - Intel $INTC: $18M - ARM Holdings $ARM: $16M - Cloudflare $NET: $11M - Micron $MU: $8M Biggest adds: - Adma Biologics: +513% shares - YPF: +433% - STMicroelectronics $STM: +238% - Amazon $AMZN calls: +100% - Unity Software $U: +80% - Cleveland-Cliffs $CLF: +33% - Roku $ROKU: +29% - Natera $NTRA: +22% - Sea Ltd $SE: +17% Biggest trims: - Amazon $AMZN common: -94% (but added to call position) - MercadoLibre $MELI: -94% - Bloom Energy $BE: -82% - Wabtec: -68% - Purecycle $PCT: -66% - Lattice Semiconductor: -65% - Woodward: -64% - Restaurant Brands $QSR: -62% - Coupang: -61% - Teva Pharmaceutical: -59% Full exits: - Financial Sector $XLF: $301M (closed all financials ETF exposure) - S&P 500 Equal Weight common: $225M (rotated into calls) - Alphabet $GOOGL: $120M - Cogent Biosciences $COGT: $79M - Entegris: $71M - Docusign $DOCU: $70M - iShares EM ETF: $49M - Delta Airlines $DAL: $45M - ON Semiconductor $ON: $29M - Flutter Entertainment: $25M - Goldman Sachs: $24M - Chipotle $CMG: $14M - Philip Morris $PM: $11M - American Airlines: $9.8M - DoorDash: $8M The rotation: out of $GOOGL, $XLF, and airlines. Into Argentina ($YPF, $ARGT, $VIST), semis ($STM, $AVGO, $INTC, $ARM, $MU), and biotech.

JUST IN: Stanley Druckenmiller just updated his portfolio This is everything Duquesne Family and Stanley Druckenmiller owned as of the end of Q1 Natera $NTRA: $576.7M Taiwan Semiconductor $TSM: $201.2M STMicroelectronics $STM: $161.1M YPF Sociedad Anonima $YPF: $142.0M Insmed $INSM: $126.3M Brazil ETF $EWZ: $124.6M BBB Foods $TBBB: $113.6M NewAmsterdam Pharma $NAMS: $109.2M Sea Limited $SE: $96.8M Roku $ROKU: $93.2M Alcoa $AA: $92.9M Broadcom $AVGO: $83.7M Teva Pharmaceutical $TEVA: $82.1M Woodward $WWD: $73.6M Sandisk $SNDK: $54.1M Figure Technology $FIGR: $51.2M Revolution Medicines $RVMD: $46.0M Intel $INTC: $44.9M Coupang $CPNG: $43.5M Humana $HUM: $42.1M Seagate $STX: $40.6M CRH $CRH: $39.0M Lattice Semiconductor $LSCC: $39.0M Bloom Energy $BE: $38.6M Option Care Health $OPCH: $36.5M Twilio $TWLO: $36.0M Restaurant Brands $QSR: $34.6M Global X MSCI Argentina ETF $ARGT: $33.7M Jabil $JBL: $28.2M Caris Life Sciences $CAI: $28.1M Wabtec $WAB: $25.0M United Airlines $UAL: $24.6M Cleveland-Cliffs $CLF: $23.8M Arm Holdings $ARM: $22.5M iShares GSCI Commodity $GSG: $22.0M Southern Copper $SCCO: $21.7M Linde $LIN: $20.9M Unity Software $U: $20.4M Nuvation Bio $NUVB: $20.1M Qnity Electronics $Q: $19.8M Micron Technology $MU: $17.2M Protagonist Therapeutics $PTGX: $16.4M Coherent $COHR: $15.8M Belite Bio $BLTE: $15.2M Olema Pharmaceuticals $OLMA: $13.4M Xenon Pharmaceuticals $XENE: $13.0M ADMA Biologics $ADMA: $12.8M StubHub Holdings $STUB: $12.2M PureCycle Technologies $PCT: $12.1M Amazon $AMZN: $12.1M Celestica CLS: $12.0M Daktronics DAKT: $10.7M Cloudflare NET: $10.4M Twist Bioscience TWST: $10.1M LyondellBasell LYB: $9.9M Vista Energy VIST: $9.8M JBS JBS: $8.9M EchoStar SATS: $8.3M Almonty Industries ALM: $8.2M DBV Technologies DBVT: $7.5M Lumentum LITE: $6.8M Solstice Advanced Materials SOLS: $5.3M MercadoLibre MELI: $4.3M Westlake WLK: $1.9M Wave Life Sciences WVE: $1.2M

All eyes on Leopold today. I didn’t realize he owns almost 4% of $BE (not including calls)

China "is one of the most incredible economies in the world," Nvidia CEO Jensen Huang says.

Saying goodbye to Powell's purple tie. 💜

LEON COOPERMAN JUST UPDATED THEIR $3 BILLION STOCK PORTFOLIO This is everything he held as of the end of Q1 2026 Vertiv $VRT: $800.8M Rocket Companies $RKT: $287.6M Energy Transfer $ET: $268.7M Pelagos Insurance $PLGO: $186.4M MP Materials $MP: $184.8M Apollo Global $APO: $181.7M Mirion $MIR: $154.8M Sunoco $SUN: $115.0M OneMain $OMF: $107.0M WillScot $WSC: $99.4M Cigna $CI: $93.5M Ashland $ASH: $92.7M Lithia Motors $LAD: $91.1M Elevance Health $ELV: $90.0M Atlas Energy $AESI: $77.4M Capital One $COF: $69.4M KBR $KBR: $64.3M SunOpta $STKL: $60.5M Manchester United $MANU: $56.8M Enterprise Products $EPD: $53.9M Motorola Solutions $MSI: $53.0M USA TODAY $TDAY: $45.8M Amazon $AMZN: $44.7M GE HealthCare $GEHC: $41.1M Google $GOOGL: $29.8M Vanguard S&P 500 $VOO: $29.8M Sea Limited $SE: $29.0M Finance of America $FOA: $25.6M DiaMedica $DMAC: $12.3M Arbor Realty Trust $ABR: $9.2M EAFE Index $EFA: $5.9M iShares Core MSCI Europe $IEUR: $2.8M Vanguard FTSE Europe $VGK: $2.1M Japan ETF $EWJ: $1.9M Vanguard Intermediate $VGIT: $1.5M iShares MSCI Canada $EWC: $720K Vanguard Tax-Exempt $VTEB: $641K iShares MSCI Pacific $EPP: $419K Franklin FTSE Canada $FLCA: $296K Horizon Space Acquisition $HSPT: $10K (Source @ralliesai)

A bond market spooked by fears of accelerating inflation will be an early test for incoming Federal Reserve Chair Kevin Warsh, according to the head of research for Societe Generale Americas bloomberg.com/news/articles/…

14 years ago Coinbase was a simple Bitcoin wallet. Today, we offer millions of assets (including non-crypto like equities and commodities), and provide better financial services to millions of people, builders, and institutions. Grateful to our team, customers, and the community that's been part of the ride. Our goal is to help 1b people access an open financial system.

Cerebras CEO Andrew Feldman joins Bloomberg Tech after the AI chipmaker and data center firm raised $5.55 billion in the year’s largest IPO bloom.bg/4ueSwLB