$NVIDIA Corp(NVDA)$  I'm suspicious about why they seem to be doing deals with almost every tech company out there while Huang sells his shares every day. Are they going to miss their revenue target for next quarter (noting that $54bn is a big jump over last quarter of $46bn)?

This will probably be yet another rug pull. Bessant says they have a preliminary deal, gold goes down, all Trumps friends buy gold, then Trump throws a tantrum. 

$SPDR Gold Shares(GLD)$  Gold was up 10% in September and is still up 5% this month, so only recent buyers have lost out. I'll wait and see what happens but I'm not even considering selling any of my mining companies unless gold goes below $3500/oz, the price at the beginning of September.

Margin debt has reached new heights driving the market up. With so much leverage, it won't take much bad news to see it fall.  I'm buying gold mining stocks to hedge. All the benefits of gold but with leverage. 

I think gold still has a long way to go up as global political instability is going to continue.  But I prefer gold mining stocks to physical gold as the mining companies are leveraged to the gold price and pay dividends.  $BTG 20260116 2.5 CALL$  

$ASML Holding NV(ASML)$  Revenue and forward orders are both down slightly compared with last quarter. Revenue was €7.7b in Q2 and is €7.5b in Q3. Forward orders were €5.5b in Q2 and are €5.4b in Q3. Net income was €2.3b in Q2 and €2.1b in Q3.  Looking back to last year's revenue,  Q1 and Q2 were both up significantly on the same quarter the previous year but Q3 is flat. This is not a good sign for AI as chip makers see no need to expand their factories. 

$Advanced Micro Devices(AMD)$  is giving away 10% of its stock for publicity from an influencer (OpenAI). This is not good for shareholders, as businesses make purchasing decisions on a cost-benefit basis not celebrity power.

Big tech P/Es only look reasonable if you don't realise that their revenue increase isnt real. They are forcing the AI companies they invest in to buy their compute and wouldn't have revenue increases without this trick.

Current stock prices are divorced from reality and could drop if something bad happens. For example, $Tesla Motors(TSLA)$ car sales are falling fast yet the stock is up based on a promise of robots and taxis, even though they only have a few taxis operatinh and have sold zero robots to date.

Happy with the return, I only I wish I'd bought more. $BTG 20260116 2.5 CALL$