Daily Alpha · Substack
· Post-Market Alpha · by Buzzberg Research
Nonconsensus closed its peaking-nominal-growth trade after 10-year yields fell about 30bp, and Capital Flows said systemic risks existed before the Democratic sweep.
Nonconsensus closed its peaking nominal growth trade
Since the thematic trade was opened, 10-year yields are down about 30bp and stocks have fallen roughly 5%; given the size of the short-term moves, the author chose not to be too greedy.
Source →Capital Flows: systemic risks are beginning to be realized
The author, who turned less bullish on equities months ago and took a more neutral stance, says the risks existed before the Democratic sweep was even a catalyst, calling building fragility typical of market cycles.
Source →SemiAnalysis: Google's TPU stakes its claim on inference
SemiAnalysis frames Google's TPU as a viable alternative to the CUDA moat, listing TorchTPU, vLLM, SGLang, llm-d and Ray and naming Qwen and GLM5.3 on TPU.
The article describes NVIDIA as working nights and weekends, with a counter submission from Jensen.
Source →Cassandra Unchained is not concerned by MercadoLibre's results
The author says MELI has disappointed on the bottom line for a number of quarters but is building businesses with moats that will be protective for a long time.
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