Pre market thoughts - 5 Aug 26 Yields unchanged from yesterday. Into the asian trading session we saw a follow on rally post yesterday's move across SPX, NDX and semis. We had both KOSPI and NKY both trading about 3.5% stronger. The representative memory names like $0660 and $285A are both at prior support levels of 1.6m KRW and 55k JPY respectively. Thinking back, it would be crazy if anyone were to suggest to somebody last thursday that we would be at ATHs in SPX and about 50% higher in semis names in just 4 trading sessions. Yet, here we are - in the middle of a strong rebound into risk. This has also been a broad based rally with hyperscalers and semis both playing into it. After the market close today, we have SNDK earnings - expectations are for 4Q rev to be between 7.75-8.25B and EPS to be $30-33. Into Asia today, we see 2 new headlines. First, CXMT rejecting AAPL and actually quoting a higher price than Hynix or Samsung. This is not a mistake, because CXMT technology is older and hence has less yield. It simply cannot make the DRAM that AAPL wants at their unrealistic cost expectations. Like i said, the market for memory is global. Secondly, Musk has came out saying that the revenue per watt to be $30-50 ...this is in line with SPCX contracted numbers and consistent with the tight compute market. On a broader picture, i will classify today's market and the rally as a lock-out rally. I know many people were unable to buy back into the market and were hoping for a lower entry. Personally i would have hoped for a lower entry too, but i was aware of this risk and hence i committed myself to a TWAP as well as a limit order - whichever filled first. On yesterday's rebalance flow, 20B+ (you can view it on the terminal for free at http://terminal.gambit.zone) you can also see that momentum will create its own flow to push the market along. In other news, koreans are now...buying 2X inverse levered ETFs... revenge trading is a toxic drug. It would be a great irony if they were liquidated yet again by the KOSPI surging back to ATHs on back of corporate dividends and buybacks. In the last session NVDA - a long slumbering giant may also be waking up. NVDA has been cheap for a while - burdened by fears of it over-earning. Given that the market is waking up the the shortage of compute, i think this is the catalyst for NVDA to finally rerate upwards as fears on growth ease off. Finally, for the data junkies - the terminal (http://terminal.gambit.zone) now has data on compute markets with information about the rental rates ACROSS the providers - under Compute tab. This is in real time and you can see that GB200s are at 1 year paybacks. The market for H100s has also inflected upwards to $3.27 from $2. If you wanted a pulse to track compute in real time - this is it. This is essential for anyone looking at neoclouds. Under the buildout tab, there is information about the sites, their records and the stages of buildout that they are at.(degentrading)