### Make money doing the work you believe in

Start your SubstackLearn more

### You made it, you own it

You always own your intellectual property, mailing list, and subscriber payments. With full editorial control and no gatekeepers, you can do the work you most believe in.

### Great discussions

Join the most interesting and insightful discussions.

### Related notes

**Nvidia just solved AI's water problem.**

Water usage was a rising concern as data centers were popping up at an incredible pace. Existing data centers used evaporative cooling to cool their chips, releasing a large amount of usable water back into the atmosphere as water vapor _(roughly 2.6 million gallons per megawatt per year)_.

**The market always comes back to the same line in the end: earnings growth.**

Models, tokens, agents — none of it matters if it doesn't convert into corporate earnings, and those earnings into shareholder returns.

### Micron’s Profits Are Exploding. Is This the Top of the Cycle?

Analysis of Loved Moats #002 is OUT NOW!

This time, we look at Micron. Are we looking at the AI champion or a big cycle trap? Everyone should read this before tomorrow’s earnings!