The Transcript
RT @TheTranscript_: $ARM: -8%AH

CEO: "Arm delivered a record revenue quarter as demand for AI computing on our platform continues to accelerate. Record royalty results in the third quarter reflect the growing scale of our ecosystem, as customers design the Arm compute platform into next-generation systems across cloud, edge, and physical environments to deliver high-performance, power-efficient AI. The fundamentals of the Arm business have never been stronger."
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Lumida Wealth Management
NVIDIA AND DASSAULT JUST ANNOUNCED THEIR BIGGEST PARTNERSHIP EVER

Jensen: "This is the largest collaboration our two companies have ever had in over a quarter century.

Dassault is integrating Nvidia Cuda X acceleration libraries, Nvidia AI, and Nvidia Omniverse into their platform.

This represents our body of work over 25 years. Now we're fusing it so you can work at a scale 100 times, 1000 times, and very soon a million times greater than before.

What used to be pre-rendered or offline simulations will now be real-time digital twins."

This is the infrastructure layer for the next generation of product design and engineering.
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Javier Blas
RT @michellelprice: KYIV, Ukraine (AP) — US and Russia agree to reestablish military-to-military dialogue after Ukraine talks.
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The Transcript
Peloton double miss

CEO: "Our second quarter represented the most substantial period of innovation at Peloton since our founding."

$PTON: -26% today https://t.co/fgm7873wyL
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Michael Fritzell (Asian Century Stocks)
RT @PJaccetturo: RIP Hollywood.

AI is now 100% photorealistic with the launch of Kling 3.0

In just two days, I created the opening sequence from The Way of Kings by Brandon Sanderson

You have to try this new Multi-Shot technique that makes making films much faster and cheaper 🧵👇 https://t.co/tqZCnsP96J
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Dimitry Nakhla | Babylon Capital®
𝐂𝐡𝐫𝐢𝐬 𝐇𝐨𝐡𝐧 𝐨𝐧 𝐰𝐡𝐚𝐭 𝐭𝐲𝐩𝐞𝐬 𝐨𝐟 𝐜𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐡𝐞 𝐰𝐨𝐮𝐥𝐝 𝐧𝐞𝐯𝐞𝐫 𝐢𝐧𝐯𝐞𝐬𝐭 𝐢𝐧:

“We have a long list of companies we don’t invest in… banks, commodity businesses, most manufacturing industries, fossil fuels, utilities, airlines, wireless telecom, advertising agencies… Why? Because they’re competitive. And the most important thing I’ve learned in investing is that investors underestimate the forces of competition and disruption.”
___

𝘐𝘯𝘥𝘶𝘴𝘵𝘳𝘪𝘦𝘴 𝘏𝘰𝘩𝘯 𝘦𝘹𝘱𝘭𝘪𝘤𝘪𝘵𝘭𝘺 𝘢𝘷𝘰𝘪𝘥𝘴:

• Banks
• Commodity businesses / manufacturing
• Insurance
• Tobacco
• Fossil fuels
• Utilities
• Airlines
• Wireless telecom
• Advertising agencies
• Most traditional manufacturing
___

Hohn’s point isn’t that money can’t be made in these areas — plenty of investors have done well in some of them.

The deeper lesson:

𝙄𝙣𝙫𝙚𝙨𝙩𝙞𝙣𝙜 𝙞𝙨 𝙖𝙨 𝙢𝙪𝙘𝙝 𝙖𝙗𝙤𝙪𝙩 𝙙𝙚𝙘𝙞𝙙𝙞𝙣𝙜 𝙬𝙝𝙖𝙩 𝙣𝙤𝙩 𝙩𝙤 𝙤𝙬𝙣 𝙖𝙨 𝙞𝙩 𝙞𝙨 𝙖𝙗𝙤𝙪𝙩 𝙙𝙚𝙘𝙞𝙙𝙞𝙣𝙜 𝙬𝙝𝙖𝙩 𝙩𝙤 𝙤𝙬𝙣.

Highly competitive industries tend to:

• Erode returns on capital
• Compress margins over time
• Require constant reinvestment

Contrast that with businesses that have:

• Pricing power
• High switching costs
• Network effects
• Structural barriers to entry

Those are the environments where 𝘭𝘰𝘯𝘨-𝘵𝘦𝘳𝘮 compounding becomes far more predictable.
___

Another subtle takeaway:

Most investors focus heavily on upside narratives.

Great investors spend just as much time thinking about downside structures.
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Source: In Good Company | Norges Bank Investment Management (05/14/2025)
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The Transcript
$AMZN reporting after hours today: https://t.co/AG90XQkPOZ
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Moon Dev
The $100M Quantitative Blueprint: Building AI Agents to Replace Your Trading Desk
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Michael Fritzell (Asian Century Stocks)
RT @kimmonismus: This is 100% AI generated. And I couldnt tell anymore. Holy moly. https://t.co/v9OVfRSqwe

Kling 3.0 is truly "one giant leap for AI video generation"! Check out this amazing mockumentary from Kling AI Creative Partner Simon Meyer! https://t.co/Iyw919s6OJ - Kling AI
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AkhenOsiris
$APP

Morgan Stanley analyst Matthew Cost reiterated an Overweight rating and $800 on AppLovin, noting the shares have fallen on fresh worries about disruption to the industry, particularly in mobile ad tech and video games. The stock has sold off on multiple investor concerns, creating a potential opportunity as shares now trade at roughly 15x 2027 EBITDA, the analyst tells investors in a research note. The firm believes ad tech’s best executor is priced for significant risks, some of which are more salient than others.
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AkhenOsiris
$GENI

As part of acquisition today, Genius Sports pre-announces:

Additionally, Genius Sports is reporting its preliminary unaudited estimates of financial results for the fiscal year ended December 31, 2025, subject to normal year-end adjustments:

Group Revenue of $669 million, reflecting 31% year-on-year growth
Group Adjusted EBITDA of $136 million, reflecting 59% year-on-year growth
Group Adjusted EBITDA margin of 20%
Cash and cash equivalents of $281 million.

Genius Sports also expects it would generate Group Revenue of approximately $810-820 million, and Group Adjusted EBITDA of approximately $180-190 million in 2026 on a standalone basis. At the midpoint, this represents Group Revenue and Group Adjusted EBITDA growth of 22% and 36%, respectively, and a Group Adjusted EBITDA margin of 23%.

The acquisition and integration of Legend will also set a higher performance benchmark for 2028, reflecting the expanded scale of Genius Sports’ media and advertising platform and accelerated monetization across its global inventory:

Group Revenue of $1.6 billion, representing approximately 21% CAGR from 2026 to 2028
Group Adjusted EBITDA margin of approximately 35%
Free Cash Flow conversion of at least 60%
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God of Prompt
🚨 BREAKING: OpenAI just dropped Frontier and it's basically AI employees that actually get stuff done.

Not chatbots. Not assistants.

Full AI coworkers that dig through your logs, docs, and code to solve problems end-to-end.

They went from 4 hours of hardware troubleshooting to just a few minutes.

Introducing OpenAI Frontier—a new platform that helps enterprises build, deploy, and manage AI coworkers that can do real work. https://t.co/4W0adQzSZ1 - OpenAI
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