Meanwhile, in Chamathland:

lord give me the confidence of a man bragging about a trade that slightly underperformed parking your cash in a money market fund

Wrote about what I think is the most interesting thing to come out of earnings season so far: Delta talking about how it's rolling out AI-driven personalized pricing very, very quickly:

My candidate for the most worrying economic chart in the world right now: the proportion of CPI data that's now being calculated (ie estimated) by different cell imputation (ie proxy). We've gone from 10% to 35% in just a few months Wrote about it here:

BREAKING NEWS: Massive shipbuilding changes in DC. None of them good. @gCaptain has confirmed from a White House source that Trump has closed the shipbuilding office at the NSC. Reuters reports that Ian Bennitt, the President’s Special Assistant for Shipbuilding at the White House, has been fired. Favored candidates for Provost and Superintendent positions at the U.S. Merchant Marine Academy have received denial notices. At a recent USNI shipbuilding conference, it became clear: major shipbuilding primes are actively fighting plans to expand commercial shipbuilding. Sources inside the Pentagon say Admirals and SES are digging in their heels on several key shipbuilding objectives. Some Jones Act companies now expressing fear that building new ships could devalue their current fleets. Congressional sources say progress on the SHIPS Act is stalling in committee. It’s also unlikely the new Commandant will be confirmed before the August break. We’ve confirmed that the French billionaire who offered to invest $20B in U.S. shipping sent a letter to Trump saying he’s not getting the support he needs to move forward. The U.S. Coast Guard is slashing cutter orders left and right. Reports from my sources in Korea say the new far-left, pro-China president is chilling U.S.-Korean shipyard cooperation. Nobody has seen or heard from @SecDuffy’s new acting Maritime Administrator. The plan to centralize shipbuilding under the Department of Commerce is apparently stalled or stalling. I spoke with half a dozen senior sources in DC—every single one is frustrated. Yes, there’s still optimism around @SECNAV’s commitment to shipbuilding but his plate is full with emerging priorities Not a single Admiral has publicly supported the SHIPS Act or the White House’s “Restoring America’s Maritime Dominance” plan. Deadlines are being missed or pencil-whipped on the Maritime Executive Order, and with the NSC shipbuilding office closing, no one knows how the next deadline will be met. Zero follow-through on Trump’s State of the Union promise to open a dedicated White House shipbuilding office. New intel confirms more Navy shipbuilding delays, including further slippage in carrier programs. Despite Trump requesting her resignation, the rogue U.S. delegate to the @IMOHQ still attended last month’s meeting, compromising U.S. objectives. @michaelgwaltz’s confirmation as UN ambassador is still not scheduled. A Panama Canal pilot confirms U.S. military ships are still paying for transits, and @Michael_Yon confirms that China’s bridge over the canal is still under construction. New Houthi attacks on ships in the Red Sea point to a failure of massive US bombing (first revealed during signalgate) to reopen the Red Sea. It’s been 252 days since the election, and not a single new ship has been ordered. Still no updates on public hearings into Biden-era maritime disasters, including the Gaza Pier and Baltimore Bridge. The Baltimore Bridge removal is delayed another 9 months, and retrofits to prevent future bridge strikes around the nation are postponed. Still zero word from @PeteHegseth on fixing the Army Corps of Engineers, the agency responsible for inland rivers and dredging. What am I missing? The number of panicked and/or depressed calls I’ve received from DC in the last few days is unreal. I’m struggling to find a silver lining.

this week in a nutshell

“Status-Cuomo” - @tracyalloway That’s a bar… In other news… Imo: this is the best podcast for all! Just an honest and always insightful episodes. Shoutout to @TheStalwart For a kid in STX, this is a morning ritual as I avoid the rattlesnakes.

"The cost to rent an NVDA H100 GPU hit a new low this week, with annualized revenue at 95% utilization falling from $23,000 at the start of May to less than $19,000 today." - @bespokeinvest

NEW ODD LOTS WITH CHARLIE MCELLIGOTT @TheStalwart & I talk to the one and only #CharlieMcElligott on how long the rally can last (plus "relentless" volatility selling he's seeing right now) at our recent live show:

"While most customers were ordering snacks or drinks, one decided to request a tungsten cube. This led the bot [to] stock the entire snack fridge with them."