"The mistake that every investor, commentator, analyst and member of the media makes about NVIDIA is believing that its sales are an expression of demand for AI compute, when it’s really more of a statement about the availability of debt from banks and private credit."
"If all bank deposits are backed up by the full faith and credit of the U.S. government, banks in their capacity as depositories and payment processors are essentially public institutions. And if that’s the case, well, why is all my government-insured money funding privately held and profit-generating institutions? Why can’t I just open a free checking and savings account at the Post Office?"
"The way it works is very simple: Happy varnish users tell me that they want a Varnish Moral License; I send them an invoice from my company; They pay the invoice; I develop Varnish"
etc etc