Dong Ming

Virtually nobody is pricing in what's coming in AI. I wrote an essay series on the AGI strategic picture: from the trendlines in deep learning and counting the OOMs, to the international situation and The Project. SITUATIONAL AWARENESS: The Decade Ahead

OpenAI’s GPT-5.5 is the second model to complete one of our multi-step cyber-attack simulations end-to-end 🧵

This happens literally every single $meta earnings lol. The stock sells off because capex is higher than expected. When will people realize that Zuck will keep on capexing? Where do you think the 26% rev growth comes from?!

The $GOOG numbers were absolutely MIND-BLOWING. Revenue +22%. Cloud +63% (WTF???) up from +48% in Q4, with record margin at 33% despite huge capex. Search accelerated yet again to +19%. The opposite of dead! Total Op margin at 36.1% (+200bps) = staying lean! Just STUNNING. 🤯

Codex is winning because it’s trained with more powerful compute, running on more efficient compute and its compute is reliably scalable…

Premarket movers: OpenAI partners such as CoreWeave (CRWV -7%) and Oracle (ORCL -7%) tumble after the WSJ reported that the AI startup recently failed to meet targets for sales and new users, reviving worries about spending ahead of tech earnings. Stocks linked to the buildout of AI infrastructure — from computing providers to the makers of semiconductors and power equipment used in data centers — are also down after the Wall Street Journal report on OpenAI. Magnificent Seven stocks are also mostly lower: Nvidia falls 2% on the OpenAI report (Apple +0.4%, Alphabet -0.1%, Amazon -0.9%, Meta Platforms -0.8%, Microsoft -1.2%, Tesla -1.2%) Celestica (CLS) falls 13% after the maker of electronic components reported first-quarter results that featured smaller upside to expectations than in recent quarters. While it raised its full-year forecast, analysts said the company had been facing high expectations. Dynatrace (DT) gains 4% on a report that Starboard Value LP took a stake and is pushing the company to better capitalize on the shift to artificial intelligence. Erasca (ERAS) slides 40% after the biotech said one patient withdrew from the trial after a severe treatment-related adverse event and later died, according to a filing. General Motors (GM) rises 4% after raising its profit outlook for the year by $500 million, saying its pickups and sport utility vehicles continue to sell even as gasoline prices soar due to the war in Iran. LendingClub (LC) rises 9% after the online lender’s first-quarter revenue and net interest income beat the average analyst estimate. Nucor (NUE) rises 2% after the steelmaker reported first-quarter earnings per share that beat the average analyst estimate as steel shipments were stronger than expected. Rambus (RMBS) plunges 17% after the semiconductor device manufacturer reported first-quarter results that were largely in line with expectations, which analysts said was a disappointment in the wake of recent strength in the stock. Sanmina (SANM) rises 7% after the electronics contract manufacturing services company’s second-quarter results beat expectations and it gave a full-year outlook that is seen as positive. Solaris Energy (SEI) rallies 5% after the firm’s first-quarter Ebitda beat the average analyst estimate. Spotify Technology falls 11% after reporting results that underwhelmed Wall Street, forecasting operating income in the current quarter that missed analysts’ estimates. UPS (UPS) falls 3% after the courier left financial guidance unchanged. Its profit beat expectations in the first quarter.