Is there room for one more in the Old Boys' Club? Stanley Druckenmiller: 4.61% Ray Dalio: 6.91% Bill Ackman: 9.44% I/O Fund: 15.50%

SK Hynix on HBF: “HBF is typically half the bandwidth of HBM, but more like 14 times higher capacity than HBM.” $MU $SKHY $NVDA

Citi projects Amazon, Microsoft, Google and Meta to spend $5.35 trillion in cumulative capex from 2027 through 2030. $MSFT $AMZN $GOOG $META

AMD: “The world now consumes more than 40 quadrillion inference tokens per month, up 95x in just two years.” $AMD $NVDA

Micron $MU and Nvidia $NVDA are accounting for ~36% of the S&P 500’s $SPY expected earnings growth in Q3, estimated to contribute ~5.2 points and 4.6 points respectively to the index’s 27.2% growth figure.

My Q4 Top 20 AI Stocks report hits inboxes tonight, currently at 100 pages and counting! Our prior quarterly reports identified $BE, up 1,270% since our first entry, plus an additional 13 positions that have beaten the Nasdaq-100 YTD. Link in bio.

AMD $AMD says the first Helion racks are under development and are planned to be available in November. $NVDA $INTC $ARM

AMD $AMD last week unveiled its new ‘Helion’ racks for agentic applications, featuring up to 32,768 EPYC CPU cores in a CPU-only rack configuration or a CPU-plus-GPU configuration including up to 16 MI355X GPUs. $NVDA $INTC $ARM

TSMC: “We have no intention to leave any food on the table for others.” $TSM $NVDA $INTC

ASML: “We are increasingly receiving orders for 2028 and customers are also expressing interest in placing orders for 2029 and even 2030.” $ASML $TSM $INTC $NVDA

The deteriorating macro backdrop, from bonds to inflation, could create a meaningful headwind for stocks, but that doesn’t necessarily mean the secular bull market is over. Below, we map out the headwinds at play, and what key factor could keep the bull market on track after a correction. io-fund.com/broad-market/bon… $SPY $QQQ

Global smartphone shipments declined (22%) YoY in Q3 to 255.3 million, the worst decline ever due to rising memory prices, with IDC warning that the “worst is yet to come.” $AAPL $GOOG $MU

Broadcom $AVGO on its financing endeavors for Anthropic and OpenAI: “It's a great investment for us when you think about it, that every gigawatt of compute they deploy, they could achieve $30 billion of ARR, annual revenue per gigawatt." $NVDA $AMD

Anthropic’s Q3 revenue reportedly hit $16.8 billion, up 46% QoQ from $11.6 billion in Q2, with YTD revenue around $33.2 billion. $NVDA $AMD $AVGO $AMZN $GOOG