Kuppy's Korner - Harris 'Kuppy' Kupperman's public blog for Praetorian Capital, a concentrated 'inflection investing' hedge fund making directional calls on uranium, energy, semis, and macro. A single-author written publication, not a panel.
Meta repeats its Metaverse pattern, burning capital on datacenters until the stock detonates
Hyperscalers' pivot to equity issuance to fund negative-ROIC datacenters triggers a re-rating down
Datacenter buildout repeats shale's negative-ROIC capital cycle; the levered pure-play re-rates lower.
Power-equipment margins are spiking on an AI bottleneck; as capacity floods in, pricing normalizes and earnings get cut.
Trade-school enrollment explodes as AI displaces office work, fixed-cost campuses give huge operating leverage
Same trade-school inflection: AI re-skilling and worker shortage drive explosive enrollment, cheap multiple
No calls extracted yet — pending review.