VKMacro
@VKMacro
1) $GOOGL down but AI is pretty good. GCP $13.6B vs $13.1B cons and up +32 Y/Y vs +27% cons. OP $2.8B vs $2.25B cons. OM rose to 20.7% from 17.1% last Q. Capex $22.4B vs $18.2B cons. Raised '25 capex to $85B from $75B. We are "shipping at an incredible pace. AI is positively…
$GOOGL cloud missed. $11.96B vs $12.2B cons and decelerated to 30% Y/Y vs 32-33% cons. But 2025 capex guide was $75B vs $58B cons and will grow 43% Y/Y. Q4 capex was $14.3B vs $13.2B. Capex guide 2025 ~ $17.5B/Q average vs $14.3B Q4. Earnings call is always important.
Basically it’s just another reminder that: 1) power is power 2) defence leads hierarchy of needs in geopol terms
Here me out, South Korea index, but ex Samsung (i.e. 20%+ of the index) ft.com/content/a9391f…
Unitree seems to be the biggest china hype story since Bytedance - not heard a company get this much praise in ages
Oh look, UK data surprises have peaked almost exactly in line with the last few years... I think GBP shorts over time still make sense
Here's the seasonal view for CESI GBP over the last 3 years. What's interesting is this time both SONIA have already rallied so we could have further to go on both (over time)
Nice comparison of market cap by company age between Europe and US
o3 pro’s stab at it:
There are signs in economies that have been the early cutters of a response. - Canada consumer dissaving and housing rebound - European loan growth bouncing back - Similar dynamics in Sweden The point is that domestic activity should improve in N12m despite lower US exports
Why Walmart Is Overhauling Its Approach to AI Agents wsj.com/articles/why-w…
This is what we want to see - The Call/put ratio has normalised in gold following the pickup in call buying post liberation day
In investing, there are times to do smart things—and times to avoid doing dumb things. Its pretty key to recognize which environment you are in...