Old Style Random Thoughts Update

Been a long week so far today

• Early credit look: credit derivativess up 1bp...noticeable but not notable; same for IG/HY cash spreads, +2/+14 (Noon update: they’ve been getting better pretty much since the open)

• If you think energy infrastructure lives and dies on data centers, you many want to revisit that theory...over and over; in 5 yrs you'll bid for GEV -4.78%↓ PRIM -14.45%↓ etc at 3x today’s prices; (Noon update: TX and CA can’t reliably keep the lights and the A/C on at the same time but only data centers need power?)

• Nuclear names: I am a huge bull on nukes..by early/mid 2030s.. and from prices 80% lower; (Noon update: 20% lower already in the bag :) )

• I'll leave to the science peeps the details, but AKRO -0.84%↓ EFX Ph2b 96wk look = home run;

• Not sure why they slamming "inference names" like $MU as hard as "computes"; QCOM -2.00%↓ +$1.50 in the midst of “chip carnage” makes sense though;

• QQQ -2.96%↓ at $500 is "nibblelable" for me; (Noon update: still don’t get the MU 0.00%↑ pasting; QCOM 0.00%↑ still acting pretty well)

• MDGL 4.54%↑ -$20 on AKRO -0.84%↓ results makes sense...ish for today, but not sure for how long; (Noon Update: seems like the right read so far)

• Names I’d like to be long from a lot lower: VRT -13.62%↓ ANET -8.95%↓ CEG -8.02%↓; (Noon Update: didn’t think was gonna be today’s story - nucking futz)

• Moves like this a.m. are what I meant when I tweeted this https://x.com/FZucchi/status/1878846117372174370 . These kind of events are the definition of “Fingers of Instability”. (Noon update: I’d suggest getting used to them - it may be THE story of the next 4 years).

  Good luck!