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$CRM Director bought 2,570 shares for $500,178 Price reported: $194.62

Japanese PM Sanae Takaichi's reaction as Trump says "Who knows better about surprise than Japan? Why didn't you tell me about Pearl Habour?" Undoubtedly the worst American diplomatic gaffe in post-war US-Japan history.

Today, my work over the years received another validation. The DoJ, together with the FBI, announced charges against three executives of SuperMicro (SMCI) for Conspiracy to Violate the Export Control Reform Act. Since at least early 2024, SMCI's executives built a sophisticated, systematic scheme to illegally divert billions of dollars worth of high-performance AI servers containing restricted Nvidia GPUs to China, using a pass-through company in Southeast Asia to evade U.S. export controls. I was the first to call out this smuggling phenomenon in late 2023, when it was just beginning to pick up volume. I tracked the flow of chips across Southeast Asia, including their final destinations in China, and identified the key participants, SMCI among them, documenting how the sophisticated, systemic scheme operated. What the DoJ described in its charging documents is precisely what I wrote about numerous times: the mechanics of how it works, the routes the GPUs travel from origin to their final destination in China, and the volume of the smuggling, which I estimated at tens of billions of dollars worth of GPUs. SMCI is a significant catch, but it is far from the only player in this smuggling ecosystem. Others remain uncharged. What has been equally troubling is that many companies, including public companies and their executives, have had knowing or willful blindness to this phenomenon, looking the other way in order to hit sales targets and meet Wall Street estimates. Meanwhile, the smuggling network has evolved in parallel with one of the fastest datacenter buildouts in Southeast Asia, involving numerous subsidiaries, local companies, and datacenter operators who have absorbed every lesson from the smuggling playbook and are now working around the clock to build a datacenter empire across the SEA region.

California golden poppies as far as the eye can see

UPDATE: Elon Musk says the driver of this Cybertruck disengaged Autopilot four seconds before crashing, which means the driver was manually driving during this entire clip that Fox shared. Elon: "As anyone knows who uses it, that video is not how Autopilot drives."

日本に定住したい外国人には １　日本語（N1レベル以上） ２　日本史、日本文化 ３　日本の法律 に関する試験を行い、合格した者に許可を出す。 でいいのでは。 今の野放図な状態では国民の負担が大きすぎる。

Paging Marcus Aurelius… (“Look within. Within is the fountain of the good, and it will ever bubble up, if thou wilt ever dig.”)

JUST IN: 🇺🇸 President Trump says the United States no longer needs NATO.

Interesting research on whether free cash flow generation is "real" because of SBC. The results are not what most would think or may want to hear. SBC doesn't matter to free cash flow. And in fact, unadjusted FCF metrics have generated better alpha than adjusting out SBC.