The Laziness Premium

I spent last Tuesday afternoon on a call with a fund manager who runs $3 billion and couldn’t explain to me why his team was avoiding GSK (GSK). Something about HIV competition and patent cliffs and the usual hand-waving you get from analysts who haven’t actually dug into the numbers. I let him finish his […]

UK’s Nscale Signs $14 Billion Deal with Microsoft to Deliver 200,000 Nvidia AI Superchips Across US and Europe

London, UK – October 15, 2025 – In a monumental agreement that underscores the global race to build the infrastructure of the artificial intelligence era, UK-based AI hyperscaler Nscale has signed an expanded multi-billion-dollar deal with Microsoft to deploy approximately 200,000 NVIDIA GB300 superchips across data centers in the United States and Europe. The deal, […]

European Tech Bows Out

People ask me, well, why the Europeans never developed a thriving and meaningful tech sector. I’ll give you a recent example of why they never will, so just keep reading along. The Netherlands’ stealing of China-owned chip company Nexperia has to be one of the biggest own goals in recent tech history, and highlights the […]

The Biotech Graveyard Has A Survivor

I spent last weekend with an old friend from my Goldman days, and watching him care for his mother, who’s deep into Alzheimer’s, reminded me why I’ve been tracking Biogen (BIIB) so closely. The disease is brutal, and for the longest time, the investment thesis around Alzheimer’s therapeutics felt more like charity than capitalism. But […]