The AI hype in biotech is just silly now. So your agent took only 12 hours to design a new drug? Great! Now, you still have to spend 5 years running trials and proving it works in humans without killing anyone. If AI does drug design like it does my stock reseach, there are going to be a lot of dead test subjects.

$META'S PROMETHEUS AI SUPERCLUSTER NOW CONNECTS HUNDREDS OF THOUSANDS OF NVIDIA GPUS, WITH 1 MILLION PLANNED Meta has completed the first phase of its gigawatt-scale Prometheus supercluster in Ohio, which was used to train its latest Muse Wonder AI models. The system combines NVIDIA $NVDA GB200 and GB300 NVL72 platforms across multiple interconnected buildings, operating as a single large-scale training system. Meta says it has reduced training interruptions by 99% from their peak, following extensive engineering work with NVIDIA on hardware reliability, networking and firmware. The company reported more than 85% productive training time for Muse Wonder pretraining and over 90% for reinforcement learning. Meta plans to expand the cluster further with NVIDIA's next-generation Vera Rubin systems, continuing its buildout of infrastructure for frontier AI models. Source: Meta Engineering.

Calls for a "Black Monday" are spreading rapidly across social media right now. If history is any guide, this means the S&P 500 should hit 8,000 soon. Ignore the noise. Read our analysis below.

What are the odds. Leopold runs 4x leverage into the worst growth drawdown in history. Proceeds to get margin called into selling his entire book to Citadel at the bottom, reportedly reloads with options, and then catches ANOTHER historic growth drawdown. Some of the worst timing I have ever witnessed.

For what it’s worth - This sort of miss, even if small, can tilt credit markets to really preclude the ability to fund more speculative capex. I remain bullish on AI but when the set up is so aggressive these fragile systems can break in non obvious ways.