NVIDIA MUST DIE!

Remember Javons Paradox? Good times, good times. Back when everyone was excited with Javons, we presented the Meme below in order to highlight the real force at play here: the Capital Cycle.

If you want to know “What stage” we are in this Cycle, it’s quite simple:

• We are at the stage where Softbank wants to replace Microsoft as OpenAI’s main data center provider (source: The Information / Tech Crunch)…

• …as if Softbank is trying to recreate WeWork, but this time in the Digital World. That worked great last time, didn’t it…

• …which would fit nicely with my expectation that OpenAi has a down round at some point, and that would be too funny

In order to describe the current environment, I had to add a few labels to Marathon’s “Capital Cycle” chart. I hope Ed Chancellor won’t mind!

In any case, February has been brutal for investors, as our Meme to start the month predicted (“Shrub’s Paradox”).

But do not despair! For I bring you hope. There’s one little problem though. First…

“NVIDIA MUST DIE!”