Everyone is asking "Where is Serenity" or "Who is Serenity". But nobody is asking...

"How is Serenity"?

I do read things from $AMD(AMD.US) $8.2B acquisition of World Labs... but feeling pretty sick right now, so taking a little break.

I remember saying physical AI + world models would major shift way back when, so maybe I should have invested in private companies at the time...

Apart from that... other interesting news:

- Some channel checks from ECOC was that $NVIDIA(NVDA.US) apparently secured 50% of $Lumentum(LITE.US) Greensboro UHP laser capacity? And possibly contracts that allow them to secure the remaining capacity per Barclays.

That's $5B in lasers (annual capacity)... so it's hilarious to see Nvidia go out and bottleneck the rest of the industry by doing this. But this just puts more strategic value on other merchant laser suppliers + more visibility for Lumentum.

It's kinda game theory over allocation, since if you secure all the HBM, lasers, and others it inadvertently makes it much harder for competitors to scale their programs.

- Then there's your massive $150B Nvidia authorized buybacks (just look at $Apple(AAPL.US) when they did buybacks..) They're printing too much.

- What's also interesting is that Samsung Electro-Mechanics is expanding their FC-BGA substrate capacity today... but customers are the one funding this.

I also remembered $Marvell Tech(MRVL.US) in SEC filings cited large body substrates as one of the core bottlenecks of their program (alongside $Taiwan Semiconductor(TSM.US) sole source dependencies). So they also went out and did some other expansion agreements with related companies like AT&S recently.

- OpenAI delaying Astra-6.1 October release over safety concerns just now. Nvidia also happened to launch an AI safety platform.

I don't think this is meaningfully bearish that the models are just getting 2 good.