Will Nutting

Meanwhile Microsoft Azure is growing 48%, chip equipment customers are reportedly discussing 2029 and 2030 capacity, and Anthropic revenue is accelerating. I write Nutstuff 2 to 3 times a week. Head to nutstuff.co.uk to receive it in your inbox. #ai

I think AI works the same way: the real demand is in electricity, copper, energy and machinery, not just the valuations everyone is watching. Horses vanished from the economy. The need for horsepower never did. My view is in the Nutstuff letter. #ai

Trump and Boris Johnson both discovered that getting people excited is considerably easier than leaving them satisfied. I'm absolutely not abandoning the AI trade. I write Nutstuff 2 to 3 times a week. Head to nutstuff.co.uk to receive it in your inbox. #ai

Nobody has ordered a new seventh-generation drillship in years, yet the world needs more energy. I write Nutstuff 2 to 3 times a week. Head to nutstuff.co.uk to receive it in your inbox. #oil

It still can't make another Bitcoin, a tonne of copper, or a gigawatt of power. AI can write a million apps overnight. I suspect Bitcoin becomes more relevant, not less. Relevant to what, exactly? My view is in the Nutstuff letter. #bitcoin

Artificial intelligence doesn't run on fresh air. I think AI is going to create this extraordinary demand for electricity and copper and energy and machinery. I'm focused on who's going to supply the horsepower, not the horses. #ai

Eli Lilly's obesity drug retatrutide is now in trials for the heart, the kidneys and chronic back pain. It hits three metabolic receptors together, not one. Why those two, specifically? My view is in the Nutstuff letter. #elililly

Exceptionally high rates of prediabetes reverting to normal glucose regulation. What else did the trial show? My view is in Friday's Nutstuff letter. For Professional Clients Only #glp1

Britain reportedly cancelled a major Essex data centre because it could not supply the electricity. AI is the fat kid that eats electricity, and Britain is still arguing about the menu while somebody has disconnected the kitchen. #datacenters

The Fed cannot quite bring itself to raise rates. Inflation is stubbornly above target. The US needs monetary discipline, but the system now depends on not having too much of it. #federalreserve

Well, well, well! CROX +23.5%! And the important bit isn't the share price. It's that HEYDUDE IS BACK TO GROWTH! Good shoes don't always make good stocks. And ugly shoes can make beautiful investments. #crocs

Buried on page 93, paragraph 4.27 of the OBR's latest fiscal forecasts, is a rather extraordinary admission. Official projections for future UK oil and gas production explicitly include "development of new fields, which includes Rosebank, and future discoveries." Read that again.

India has added more people in one generation than the entire population of the US, and the system barely holds together. Just back from Mumbai. Fix that, and this country has an enormous place to go. Follow for more of this, if you want my newsletter and portfolio, link in bio. #india

Anthropic's revenue is reportedly up 1,368% year on year to $11.6bn, compute costs up just 300%. Two AI giants could be worth $3.5trn combined. Perhaps only a few hundred billion of that is genuinely tradable. That's FOMO, pure and simple. The question is when investors stop paying for the revolution and start demanding a return. Your guesses are as good as mine....!!! #ai #spacex #Anthropic

Thirty years in markets, and until very recently, never held an Indian share. A tailor in Udaipur finished a garment in less than 24 hours. In Britain that's three days to get someone to answer the phone, a fortnight for a quote, six weeks to find the one person who knows the job's gone on holiday. Population doesn't create wealth. Productivity does. #india

I'm in Rajasthan right now and I'd rather look out the window than read the 150 page Goldman Sachs report I brought with me. 450 million people have arrived in India in one generation and the country still functions. Follow for more of this, link in bio. #india

India could be one of its biggest beneficiaries without having to build the bloody stuff! Wall Street is spending trillions building artificial intelligence. 8% normalised growth, one of the world's fastest growing major economies, 1.4 billion people, and the AI money has been going to Taiwan, Korea and anything with an Nvidia chip on it. #india

Refuse Jackdaw and Rosebank and you don't dodge the 43 billion pound North Sea decommissioning bill, you bring it forward, while paying foreigners for the gas the platforms could produce. Follow for more of this, if you want my newsletter and portfolio, link in bio. #northsea

Are you thinking big enough? We own it. SpaceX is reportedly approaching $60bn in annualised revenue, Starship's aiming for weekly launches, and I'm not sure we've even invented a category for what this business actually is. Follow for more of this, if you want my newsletter and portfolio, link in bio. #spacex

No air and no water up there, so heat has nowhere to go except as radiation off a panel! Space chips: the physics runs backwards from Earth. Letting the chip run hotter lets the panel radiate far more heat, built far smaller and lighter. The constraint isn't cooling, it's heat! #spacecompute