dannny

Bleecker Street is short Via Transportation (VIA) Link: bleeckerstreetresearch.com/research/via

.@dylan522p forecasts that iPhones could get $250 more expensive for consumers. Smartphone sales could drop from 1.1 billion a year to 500-600 million over the next couple of years, with the low end getting crushed hardest. Around a third of big tech's $600 billion in CapEx this year is going to memory alone. And as AI labs lock up more and more of the world's memory production on long-term contracts at higher margins, there's simply less left for everyone else. The effects are even more extreme than you might think. AI accelerators use HBM, which is made from stacking the DRAM that goes into phones and laptops, but which takes about four times more wafer area per byte. So you have to destroy four bytes of consumer demand for every one byte given to AI. For the first time in decades, consumer computing is going to get incrementally worse year on year, not better. But the price will go up dramatically at the same time.

Rubric Capital, a hedge fund founded by a former Point72 manager David Rosen, wrote a private letter to their LPs effectively saying private credit is a fraudulent bubble. "Our key takeaway from this behavior is that distribution cuts are so worrisome that some bad actors are playing Enron-like accounting games" per the letter Letter called out Cliffwater, the biggest operator of interval funds and an aggressive player in selling private credit to individual investors. Cliffwater’s largest fund, started in June 2019, has since reported a total of just three negative months of investment performance. It now manages $33 billion. The first opportunity this year for investors to ask for their money back is next week. The note surmised that Cliffwater could be “a canary in a coal mine.” and the first domino of many The bubble might blow soon reuters.com/sustainability…

Rubric Capital, a hedge fund founded by a former Point72 manager David Rosen, wrote a private letter to their LPs effectively saying private credit is a fraudulent bubble. "Our key takeaway from this behavior is that distribution cuts are so worrisome that some bad actors are playing Enron-like accounting games" per the letter Letter called out Cliffwater, the biggest operator of interval funds and an aggressive player in selling private credit to individual investors. Cliffwater’s largest fund, started in June 2019, has since reported a total of just three negative months of investment performance. It now manages $33 billion. The first opportunity this year for investors to ask for their money back is next week. The note surmised that Cliffwater could be “a canary in a coal mine.” and the first domino of many The bubble might blow soon reuters.com/sustainability…

Rubric Capital, a hedge fund founded by a former Point72 manager David Rosen, wrote a private letter to their LPs effectively saying private credit is a fraudulent bubble. "Our key takeaway from this behavior is that distribution cuts are so worrisome that some bad actors are playing Enron-like accounting games" per the letter Letter called out Cliffwater, the biggest operator of interval funds and an aggressive player in selling private credit to individual investors. Cliffwater’s largest fund, started in June 2019, has since reported a total of just three negative months of investment performance. It now manages $33 billion. The first opportunity this year for investors to ask for their money back is next week. The note surmised that Cliffwater could be “a canary in a coal mine.” and the first domino of many The bubble might blow soon reuters.com/sustainability…