To The Moon

The moat nobody notices until it leaks I think investors still underestimate how unusual Berkshire Hathaway’s insurance machine really is. Most conglomerates collect capital and then allocate it. Berkshire’s genius was that it collected capital while often being paid to hold it. That is the magic of float. Warren Buffett effectively turned insurance liabilities into one of the cheapest investment funding sources in financial history. The problem is that float only stays magical if underwriting discipline remains exceptional. Berkshire’s float machine still works — just slightly less flawlessly That is why I think Berkshire Hathaway’s insurance division is entering its first genuine post-Buffett stress test. Not because the business is broken, and certainly not because GEICO suddenly forgot

The Stablecoin, the Chain, and the Protocol Most investors still analyse Coinbase as though it lives and dies by whether Bitcoin is having a good hair day. That framing increasingly looks outdated. In 2026, Coinbase resembles less of a crypto casino and more of a digital toll road operator quietly building the financial plumbing for autonomous commerce. That distinction matters enormously. The market remains obsessed with Coinbase's trading revenue volatility, its lofty valuation multiples, and its tendency to behave like a caffeinated semiconductor stock whenever crypto sentiment swings. Yet beneath the noise, something far more interesting is happening: Coinbase is assembling an integrated stack around stablecoins, settlement infrastructure, and programmable payments that no other listed

For years, investors treated Amazon as a retailer with a cloud side hustle. Then they treated it as a cloud titan carrying an unruly retail operation on its back like an exhausted pack mule. I increasingly think both views miss what Amazon has become: an advertising machine disguised as civilisation’s most convenient delivery network. That distinction matters because markets often misprice companies during identity changes. Amazon’s business model has evolved faster than the valuation framework investors use to analyse it. Wall Street still debates retail margins and AWS growth rates while a higher-margin engine hums beneath the floorboards, subsidising nearly the entire empire. Advertising is no longer an accessory business for Amazon. It is becoming the economic glue holding the ecosyste

The Most Important Company in AI Isn’t the One Designing the Chips Wall Street spent the past three years obsessing over who could design the fastest AI accelerator. $NVIDIA(NVDA)$ became the poster child, $Advanced Micro Devices(AMD)$ became the challenger, and $Intel(INTC)$ continued its long-running hobby of promising turnarounds with the confidence of a man trying to restart a lawnmower in the rain. But by mid-2026, the market has quietly shifted to a more uncomfortable question: who can actually manufacture these chips at scale? That answer is Taiwan Semiconductor Manufacturing Company. The AI economy runs atop foundations most investors never see I think inv

Broadcom’s Quiet Empire The first wave of artificial intelligence created a simple investment story: buy the companies building the fastest chips and enjoy the ride. The second wave is becoming far more complicated — and, in my view, far more interesting. AI is now colliding with economic reality. Hyperscalers are discovering that training and deploying large language models at global scale requires far more than raw compute power. It demands lower energy costs, faster connectivity, optimised architectures, and infrastructure capable of moving staggering amounts of data without collapsing into latency chaos. That shift is precisely why I believe Broadcom has quietly become one of the most strategically important companies in the entire AI ecosystem. Broadcom is no longer simply benefiting

Why the Most Important AI Infrastructure Battle May Be Happening Far Below Big Tech’s Pay Grade For the past two years, the AI investment boom has revolved around giants. $NVIDIA(NVDA)$ sold the shovels, $Microsoft(MSFT)$ rented the mine, and $Amazon.com(AMZN)$ charged everybody extra for bringing their own wheelbarrow. Yet while Wall Street obsessed over trillion-dollar firms, a quieter shift began unfolding underneath them. DigitalOcean was never supposed to become one of the defining AI stocks of 2026. It lacked the scale, balance sheet and political gravity of hyperscalers. For years, it occupied a fairly unglamorous corner of the cloud market serving startup

Reinvention in Plain Sight Alphabet is no longer the market’s favourite ‘obvious’ company, which is precisely why I find it compelling. At just under $4.7 trillion in market capitalisation and trading near its highs, it looks fully appreciated on the surface. A trailing P/E of roughly 29 and a forward multiple above 30 do not scream bargain. Yet those numbers obscure a deeper transition: Alphabet is shifting from a predominantly advertising-driven enterprise into a vertically integrated AI infrastructure company. This is not a cosmetic pivot. It is a structural rewrite of how revenue is generated, how costs are controlled, and how competitive advantage is sustained. The market, in my view, is still pricing Alphabet as a highly efficient incumbent rather than a company attempting to control

A Utility Hiding in Plain Sight I think the mistake most investors are making with Cellebrite is not analytical—it’s categorical. The market is still trying to decide whether this is SaaS, AI, or cybersecurity, when in reality it is drifting into something closer to sovereign digital infrastructure. That framing matters upfront because it reframes everything else: revenue durability, pricing power, and competitive risk. Governments do not treat digital forensics as discretionary spend. They treat it like evidentiary plumbing—if it fails, the consequences are legal, not just operational. The broader 'DiSaaSter' narrative—that AI compresses software value by commoditising features—has merit in horizontal SaaS. But it is being applied far too bluntly. Cellebrite is not selling convenience; it

The AI Boom’s Most Uncomfortable Question Super Micro Computer has become the stock market equivalent of a Formula One car being rebuilt while still racing at 300 kilometres per hour. One side of the market sees an AI infrastructure champion powering the next phase of Nvidia’s Blackwell rollout. The other sees a company drowning in legal risk, collapsing margins, and geopolitical scrutiny. Personally, I think both camps are right — and that is precisely what makes $SUPER MICRO COMPUTER INC(SMCI)$ one of the most fascinating stocks in the market today. Most AI commentary still treats Nvidia as the sole protagonist of the artificial intelligence boom. Yet the uncomfortable truth is that GPUs are useless without the server infrastructure surrounding

Energy First, Compute Second I see Arm Holdings as the market’s clearest bet that AI’s next constraint will not be compute, but energy. At roughly $211, with a trailing P/E approaching 280x and a forward multiple still above 100x, the stock is not reflecting what the business is—it is reflecting what the infrastructure will demand. If energy becomes the bottleneck, Arm is essential. If it does not, the valuation begins to look like a very expensive assumption. AI’s real ceiling isn’t compute—it’s electricity From Architect to Toll Collector I find the most misunderstood part of Arm’s story lies in its transition from licensing intellectual property to selling higher-value compute subsystems. Historically, $ARM Holdings(ARM)$ was the architect—desig