Short sellers made ~$6B in paper profits this month betting against AI data centers: $CRWV $NBIS $IREN $APLD $CORZ (ORTEX). Was Michael Burry right? He shorted $MU above $1,000, then swapped to ~$500 puts for June. MU now ~$886. Needs another ~44% drop.

Elon Musk: "the 200+ neoclouds are going to see guppy-level death and consolidation." His case: debt markets have "almost entirely shut off." His own SpaceX just closed $40B of GPU debt. $CRWV fell as much as ~5% this morning. BofA: "more sentiment driven," $140 target. $NBIS $IREN $SPCX

Rare earth stocks just hit 52-week lows. William Blair's basket of seven rare earth miners fell about 30% in a month, the VanEck $REMX ETF is down more than half from its May peak, and MP Materials $MP is about 50% below its high. The market seems to be betting a U.S.-China deal will ease supply before Trump and Xi meet again in November and December. William Blair analyst Neal Dingmann calls that "incorrect." His top picks: MP Materials (price floors, offtake deals) and Lynas (little new funding needed). The risk: cheaper shares make new funding more painful for smaller miners.

Canada is closer to China than any US port Shanghai → Prince Rupert: ~17.8 days, faster than any U.S. West Coast port. LNG Canada is doubling. But Trans Mountain is full and Canadian heavy sells ~$25 under WTI. $CNI $SHEL $CNQ $SU

Berkshire Hathaway has $365 billion in cash, enough to buy 472 of the 500 S&P 500 companies (per Exec Sum). The number is real, but it's from June 30, and the pile is shrinking. Cash and T-bills fell from a record $397.4B in March to $365.5B in June as new CEO Greg Abel became a net buyer of stocks for the first time in over three years (+$20B in Q2). He put $10B into Alphabet, bought homebuilder Taylor Morrison for $6.8B, and lifted buybacks to $4.53B from $234M. Q3 results in early November will show how much is left. $BRK.B

$BOLT jumped 63% and the VCs paid even more 🧬 Here's the deal, the drug and the catch. Not investment advice.

Gold just broke below $4,000 for the first time since July (low ~$3,987). Silver: ~$54, an 11-month low, ~56% below January's $121.67 record. Drivers: oil >$110, Fed hike bets for December, and the tech selloff. Fed decides Wednesday.

$RKLB dipped below $50 this week, ~66% off its $151 high, after its worst week ever (-23%). Why: Neutron delayed to 2027 + an FCC challenge to the $8B Iridium deal. Bulls: 81% of revenue isn't launches, $2.36B backlog. Bears: still unprofitable, ~32x sales.

$AAPL briefly passed $NVDA again Friday. Both ~$5.1T. Since the Oct 6 peak: Apple +4.3%, Nvidia -11.3%. Only megacap in the green.

$MRNA down ~25% today after what looks like an early leak of its Phase 3 melanoma vaccine data with $MRK. Reported: 42% lower risk of recurrence or death vs Keytruda alone (beats UBS's ~35% bar). Unconfirmed. Official results Sat at ESMO.

$META beat on sales ($64.6B, +26%) and guidance, then fell ~6%. Why: $34.9B capex in one quarter pushed free cash flow to -$2.1B, first negative quarter since the 2012 IPO (per Benzinga). Plus a new non-voting Class C share, effective Jan 19, 2027.

CoreWeave's Biggest Bear Just Got More Bearish $CRWV Yesterday, SpaceX earnings cooled bets on a CoreWeave bankruptcy. Today, the other side: Bernstein's Madison Rezaei kept her Underperform rating and cut her price target to $51 from $74, below the $56 she started with seven months ago. She says the fundamentals are "probably stuck," but that CoreWeave is "not a 0," pointing to its large backlog and a likely Nvidia backstop. Shares fell about 8% intraday to a new 52-week low near $56.62. Polymarket odds of bankruptcy by end-2028: 16%. Next test: Q3 earnings in November (date not yet announced). Not investment advice. Prediction-market odds are thinly traded. Do your own research.

About 21% of Energy Fuels’ float is sold short, and at average volume the shorts would need roughly 8 days to cover. Energy Fuels $UUUU runs the only conventional uranium mill in the U.S. and is building a mine-to-magnet rare earth supply chain. Hedge funds are using it as the short side of uranium trades. The bear case: the stock is down about 27% this year, and the VAC magnet deal adds ~66M new shares. The other side: ~$1B in working capital and a $725M Pentagon loan commitment. Next catalyst: Q3 results, expected early November. Not investment advice. Do your own research.

A rocket company just cut an AI giant’s bankruptcy odds by a third 🚀 $CRWV 2028 bankruptcy odds on Polymarket: 22.5% → ~15% after $SPCX earnings. The debt’s still there. 👇