The models are becoming the commodity → brilliant, abundant, increasingly interchangeable.
The data they train on and act through is not. Creation, storage, deployment, security, orchestration: that pipeline is where the switching costs live, and switching costs are the only moat software ever really had.
$RDDT $INOD $NOW $SNOW $CRWD $DDOG $PLTR
Source: RosannaInvests on X, July 1, 2026.
https://x.com/RosannaInvests/status/2072477100645474330
The AI buildout has crossed a financing line. The four biggest buyers guided to roughly $730 billion of capex for 2026, up from about $410 billion in 2025. That is a 78% increase in the budget chasing the same scarce stack of chips, networking, power and sites. But the important change is underneath the headline….
$5.4M of call premium traded in $ASST 2027-2029 expirations today. That’s BIG money thinking in years. The big put trade was 1,987 Dec $26 puts in one block near ASK, $666K, the same morning a 2x long ETF $ASSX launched. Looks like a holder buying insurance to me – a hedge on a likely large…
$5.4 million of call premium traded in $ASST 2027–2029 expirations today. That is big money thinking in years, not days. The large put print was 1,987 December $26 puts in one block near the ask for about $666K, the same morning a 2x long ETF $ASSX launched. To me that looks like a holder buying…
$5.4M of call premium traded in $ASST 2027-2029 expirations today. That’s BIG money thinking in years. The big put trade was 1,987 Dec $26 puts in one block near ASK, $666K, the same morning a 2x long ETF $ASSX launched. Looks like a holder buying insurance to me – a hedge on a likely large…
“Speed to usable capacity” is the whole neocloud trade in four words. A gigawatt campus is a 2029 asset. A 100MW site with power already flowing is a 2026 asset. The labs aren’t shopping for cheap compute. They’re shopping for early compute. Scarcity moved from the chip to the interconnect queue, and the miners were…
Land is the cheapest input in this whole stack. The binding constraints: New heavy-duty gas turbine orders run about 3 years. GE Vernova has roughly 10 GW of slots left across 2029 and 2030 combined. Large power transformers now exceed 160 weeks, up from about 50 weeks in 2021. PJM projects that came online in…
