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The Free Letter · No. 2
Meta grew 26% and fell 9%: AI spending gets a price
Meta grew revenue 26% and its shares fell 9.4% as quarterly capital spending reached $35 billion, while chips fell again and the rest of the market rose. Earnings estimates kept rising, and next week Microsoft, Alphabet, Amazon, Intel and Sandisk report within two days.
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Is the AI trade over, or just repricing?
The first Free Letter follows a sharp selloff in semiconductors. The question is whether AI earnings expectations have weakened, or investors are paying less for forecasts that still hold.
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Staying Rich Is a Solved Problem
The index is the bar every pick has to beat, and it’s also where I’ll park the money once I’m done climbing.
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