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The All-In Podcast
Philippe Laffont Explains His Bull Case for the US Economy: Tokens > Tariffs
@plaffont on E227:
"Tokens to an AI model is like fuel to a car or electricity to a computer. Right?"
"Microsoft said that in their Q1, they processed 100T, 50T alone in March."
"And so the tokens are going basically vertical, which is probably because of these reasoning engines, which are much more sophisticated and require more compute power."
"It's a bit unfair for Trump, but the market did not just go down because of tariffs. "
"If you remember, it went down because people freaked out, 'We're in an AI bubble, AI's not really working, what's the ROI on AI?'"
"That was maybe a third to a half of the problem."
"And I think what Microsoft said is like, CapEx is going up and everybody has a gigantic shortage of chips right now."
"That I know for sure from all of our private companies, public companies, there's a shortage of chips, a shortage of compute power."
"Look at the next year or two, at some point, tariffs go away."
"Trump makes this big deal with deregulation."
"The tax breaks sort of cancel out the tariffs."
"We move on and what are we left with? We're left with tokens."
"All these people that say, 'Oh, this is the end of American exceptionalism.'"
"I almost want to say, 'No, you guys are wrong. This is the beginning!'"
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Philippe Laffont Explains His Bull Case for the US Economy: Tokens > Tariffs
@plaffont on E227:
"Tokens to an AI model is like fuel to a car or electricity to a computer. Right?"
"Microsoft said that in their Q1, they processed 100T, 50T alone in March."
"And so the tokens are going basically vertical, which is probably because of these reasoning engines, which are much more sophisticated and require more compute power."
"It's a bit unfair for Trump, but the market did not just go down because of tariffs. "
"If you remember, it went down because people freaked out, 'We're in an AI bubble, AI's not really working, what's the ROI on AI?'"
"That was maybe a third to a half of the problem."
"And I think what Microsoft said is like, CapEx is going up and everybody has a gigantic shortage of chips right now."
"That I know for sure from all of our private companies, public companies, there's a shortage of chips, a shortage of compute power."
"Look at the next year or two, at some point, tariffs go away."
"Trump makes this big deal with deregulation."
"The tax breaks sort of cancel out the tariffs."
"We move on and what are we left with? We're left with tokens."
"All these people that say, 'Oh, this is the end of American exceptionalism.'"
"I almost want to say, 'No, you guys are wrong. This is the beginning!'"
tweet
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App Economy Insights
📊 This Week in Visuals:
🇩🇰 Novo Nordisk $NVO
🚖 Uber $UBER
🛍️ Shopify $SHOP
🤝 MercadoLibre $MELI
📱 AppLovin $APP
📈 Coinbase $COIN and many more!
https://t.co/mbE703Vkan
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📊 This Week in Visuals:
🇩🇰 Novo Nordisk $NVO
🚖 Uber $UBER
🛍️ Shopify $SHOP
🤝 MercadoLibre $MELI
📱 AppLovin $APP
📈 Coinbase $COIN and many more!
https://t.co/mbE703Vkan
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App Economy Insights
What are you watching this week?
• Monday: $MNDY
• Tuesday: $SE $NU $JD $CYBR $ONON
• Wednesday: $CSCO $SONY $TCEHY $CRWV
• Thursday: $WMT $BABA $AMAT $TTWO $NTES
All visualized in our PRO coverage next Saturday. https://t.co/NXM1BE6rDx
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What are you watching this week?
• Monday: $MNDY
• Tuesday: $SE $NU $JD $CYBR $ONON
• Wednesday: $CSCO $SONY $TCEHY $CRWV
• Thursday: $WMT $BABA $AMAT $TTWO $NTES
All visualized in our PRO coverage next Saturday. https://t.co/NXM1BE6rDx
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Dimitry Nakhla | Babylon Capital®
“We do not measure the progress of our investments by what their market prices do during any given year. Rather, we evaluate their performance by the two methods we apply to the businesses we own:
The first test is improvement in earnings, with our making due allowance for industry conditions
The second test is whether their moats (competitive advantages) have widened during the year”
— Warren Buffett 🗣️
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“We do not measure the progress of our investments by what their market prices do during any given year. Rather, we evaluate their performance by the two methods we apply to the businesses we own:
The first test is improvement in earnings, with our making due allowance for industry conditions
The second test is whether their moats (competitive advantages) have widened during the year”
— Warren Buffett 🗣️
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Wall St Engine
RT @wallstengine: Morgan Stanley sees AI infrastructure spend topping $3T by 2028. That includes $2.6T on data centers (chips + servers), $210–330B on new power generation, and likely hundreds of billions more for grid upgrades. https://t.co/TkO2JXuVTx
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RT @wallstengine: Morgan Stanley sees AI infrastructure spend topping $3T by 2028. That includes $2.6T on data centers (chips + servers), $210–330B on new power generation, and likely hundreds of billions more for grid upgrades. https://t.co/TkO2JXuVTx
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Wall St Engine
Apollo’s “Voluntary Trade Reset” timeline points to a summer 2025 recession. Since the April 2 tariffs, China-to-U.S. shipping has slowed. As trucking demand drops, retail and freight layoffs may follow by June—showing how self-imposed trade shifts could cool the economy fast. https://t.co/5dOJDPp1kl
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Apollo’s “Voluntary Trade Reset” timeline points to a summer 2025 recession. Since the April 2 tariffs, China-to-U.S. shipping has slowed. As trucking demand drops, retail and freight layoffs may follow by June—showing how self-imposed trade shifts could cool the economy fast. https://t.co/5dOJDPp1kl
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Wall St Engine
Netflix $NFLX is revamping its TV homepage for a cleaner, more intuitive experience, with better visibility for live events, games & recommendations. They're also testing an OpenAI-powered chatbot on mobile to help users search with natural phrases like “funny but not too scary” https://t.co/NA1SV98LpE
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Netflix $NFLX is revamping its TV homepage for a cleaner, more intuitive experience, with better visibility for live events, games & recommendations. They're also testing an OpenAI-powered chatbot on mobile to help users search with natural phrases like “funny but not too scary” https://t.co/NA1SV98LpE
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Wall St Engine
U.S. M&A deal value has fell to its lowest level in over 3 years, continuing a steady decline in early 2025 amid an environment of elevated policy uncertainty. https://t.co/48KptL59tl
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U.S. M&A deal value has fell to its lowest level in over 3 years, continuing a steady decline in early 2025 amid an environment of elevated policy uncertainty. https://t.co/48KptL59tl
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Wall St Engine
Trump says Saturday’s U.S.-China talks in Switzerland were “very good” with “much agreed to” and calls it a “total reset” done in a friendly but constructive way.
Talks will continue Sunday. https://t.co/6HWDKiDpMS
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Trump says Saturday’s U.S.-China talks in Switzerland were “very good” with “much agreed to” and calls it a “total reset” done in a friendly but constructive way.
Talks will continue Sunday. https://t.co/6HWDKiDpMS
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