All right $META Muse is cooking. I can hear all the $AMD, $INTC, and $ARM CPUs vrrrring in the background. Along with the memory + components (NICs, SSDs, DRAM) needed for all the browsers/VMs When I ask it to do a bunch of long form tasks… Intel CEO also said recently that CPU demand is so strong they can only support 50% of what customers need, so there’s some signals there. I’m also curious how much $AMZN or $NBIS is involved with running Muse, or if Meta hosts everything inhouse. Kinda an ADHD post but Meta beat my expectations with this release. Will keep trying it out

Wow Bitcoin + Ethereum pulled pretty extreme recoveries. Looks like $HOOD / $COIN / Crypto is back? On-chain equities trading + regulator exemptions probably put a lot of fuel into the fire for the sector. That aside... crypto is usually a great indicator for high-beta AI equities believe it or not (they tend to frontrun broader market drops or rallies). So overall market risk appetite might be coming back despite the rate hikes.

$GOOGL reported earnings today: EPS: $9.11 actual vs $2.91 expected - retail reactions to EPS blowout is kinda just accounting noise, since $SPCX, Anthropic, and others were likely large contributors. Revenue: $119.7B actual vs. $116.98B expected Google Cloud Revenue: $24.77B +82% Y/Y, vs. 63-65% expected ($22.2-$22.6B) - this is a very large beat and most material part so far. Cloud Operating Income: ~$8.81B, implying 35.6% margin vs. 32.9% Q1. Capex: $44.92B vs ~$44.15B (basically in line). So initial read through is Google Cloud accelerating growth with expanding margins is genuinely bullish for AI demand. Their former $180-$190B capex guidance is already extremely large, and as long as we get around these numbers in the earnings call + forward projections... Should be good to go for $LITE and the other optics/networking trade. (eg. last earnings, they said DC and networking would be ~40% of capex spend). Hyperscaler earnings transcripts are probably the most important thing to pay attention to with the AI capex trade. And that should be in 3 minutes.

$INTC and $AMD to sign CPU LTAs with Chinese customers for AI DCs (Reuters). - Prices of some CPU products have risen more than 40% in China since the start of the year from sources. - Month-on-month increases topping 10% for some products CPUs were already a bottleneck, following CPU ratios due to AI inference... But the broader trend of LTAs seems to be appearing from: - Memory, with $MU, Samsung, $SNDK, and SK Hynix signing DRAM/NAND LTAs. - Photonics, with $LITE, $COHR signing EML LTAs. And recent Trendforce reports that $AMD and hyperscalers are now pursuing CW LTAs. And I'm sure there's many more from MLCCs to all the way to substrates. +1 for the bottleneck investors... hard to be a "bubble that pops" if you have take or pay demand spanning multiple years.