LevelFields AI retweeted
Leftist mainstream media outlets piled on this week to express outrage at my observation, during a speech in Grand Rapids for Mike Rogers, about the troubling dearth of scientific output from the world’s 22 Arab nations over the past five decades. These reporters — @fatimathefatima @AP, @Kanishka183 @Reuters, @rachel_roubein @washingtonpost, @baylisswagner @nytimes, @stevebenen @MSNOWNews — omitted critical context, presumably to bestow plausibility on their accusations that my statements were racist and Islamophobic.
However, my speech was not a critique of Arabs or Islam, but of Islamism (also known as “Islamofascism” or “Political Islam”), a toxic ideology conceived and promoted by the terrorist group, the Muslim Brotherhood. Let’s see which reporters take the time to read this post and then correct their stories.
Criticizing Islamism is neither Islamophobic nor racist. Islamism is a violent corruption of mainstream Islam that summons adherents back to the seventh-century ideal of bloody jihad, the homicidal and suicidal religious zealotry that propelled a motley cadre of desert nomads to conquer half the world. Sheikh Ahmed El-Tayeb, the Grand Imam of Al-Azhar — the Muslim equivalent of the Vatican and the highest authority in Sunni Islamic thought — has rejected Islamism as “false Islam” and a “perversion of the Islamic religion” and accused it of “barbaric crimes.”
Islamism is intensely anti-American, anti-Western, and hostile to modernity. It is explicitly contemptuous of democracy, constitutional government, capitalism, minority rights, gay rights, women’s rights, free speech, and virtually all personal freedoms. Its central aspiration is for a global caliphate ruled by a single theocratic despot with absolute power to impose sharia law that dictates every aspect of human conduct. The Muslim Brotherhood’s founder, Hassan al-Banna, taught that the highest aspiration for a Muslim was martyrdom in the achievement of that goal; the purpose of every Islamic nation is to “perfect the industry of death” until world domination is accomplished.
I pointed out in my speech that the Muslim Brotherhood’s antipathy for modernity is a dramatic departure from Islam’s historical affinity for science and learning. During the Muslim Golden Age, spanning the eighth through the fifteenth centuries, Muslim leaders dignified Islam’s wealth and power by promoting a brilliant flowering of innovation and scholarship in science, mathematics, philosophy, art, literature, astronomy, pharmacology, psychology, engineering, architecture, medicine, and navigation that continues to enrich the world today. Arab leaders fostered an intellectual ferment unmatched by any other in human history. A long line of enlightened caliphs assembled—and abundantly rewarded—an unparalleled galaxy of jurists, scientists, physicians, philosophers, musicians, artists, poets, and wits. Muslim rulers elevated the role of reason and tolerance, cultivating a milieu of religious and intellectual freedom—where Jews and Christians also flourished—and encouraged sages of various faiths and ethnicities to collaborate and freely exchange ideas.
For five centuries, Arabic was the world’s most learned and literary tongue and the lingua franca of science and scholarship. Most mosques had libraries (Córdoba hosted 600!). Muslim princes in the tenth century often had more books in their personal collections than existed in all of Europe. Baghdad had 100 bookstores in AD 891. England would have to wait another 420 years until 1309 to see paper for the first time.
Islam’s second Golden Age during the Ottoman Empire (1299–1922) birthed a cosmopolitan and pluralistic civilization centered in Constantinople that yielded additional bonanzas in poetry, music, art, and a tsunami of scientific innovation from coffee to water pumps, steam engines, gears, surgical scalpels and clamps, the first smallpox vaccine, and the cannons that allowed the Ottomans to dominate Europe to the gates of Vienna.
In 1928, six years after the Ottoman Empire collapsed, the Muslim Brotherhood began to spread its dark strain of violent fundamentalism from Egypt to Palestine and across the Muslim world. Islamism’s contagious proliferation ended the dialogue between Islam and the intellectual classes and demoted the role of reason in Islamic life. The Muslim Brotherhood’s principal philosopher, Sayyid Qutb, was contemptuous toward public education in science, math, and philosophy, believing that the only source of truth is the Koran. For Qutb, the purpose of education was not to celebrate life, or to nourish the intellect, but to indoctrinate children in the art of war, the glorification of death, and a blind obedience to an autocratic caliph.
Qutb railed against reason, which he considered the seed of apostasy. He sought to silence the humanities and viewed science as a sinister displacement of religion. He derided pluralism, rationalism, innovation, and tolerance. In doing so, he deprived Islam of its modern potential and its own greatest inheritance: the confidence to learn from the world, preserve its wisdom, and surpass it.
In his obituary for Muslim culture, The Closing of the Muslim Mind (2010), Robert R. Reilly recognizes that Qutb’s outlook dooms his followers to inertia. A religion that values obedience over initiative, that seeks to obviate independent reason, is a religion of violence. Where there is no framework for rational mediation, all disputes must be settled by force.
It didn’t worry Qutb that discouraging education in physics, mathematics, medicine, or engineering would atrophy intellectual and economic development in the Muslim world. Qutb explained that Muslim countries were so far behind the West in the sciences and technology that there was no hope to catch up. Muslims, he preached, should do what they do best—study the Koran and embrace martyrdom as the path for achieving global dominion: “The Muslim community today is neither capable of nor required to present before mankind great genius in material inventions, which would make the world bow its head before its supremacy.”
Qutb’s diatribe against Muslims competing in science and technology was nothing less than civilizational malpractice—especially given that he wrote it in 1964. Had Japan, Singapore, or South Korea accepted Qutb’s logic in 1964, they would have opted out of modernity. Instead, they chose to accept the challenge of competition. Their decision to engage has yielded stunning achievements that transformed their nations into economic and technological superpowers and enriched all of humanity.
The anti-intellectualism of Islamism—the rejection of evidence and the scientific method, the hostility toward objectivity, the suppression of contrary information, the deification of dogma, the embrace of pseudoscience, the contempt for reason as the path for discerning objective truth, and Islamism’s association of science with immorality—has helped close off the Islamic mind. The staggering metrics of intellectual and scholastic enfeeblement in Muslim nations attest to Islamism’s systematic squandering of human capital including the creative potential among the world’s two billion Muslims.
Korea issued 260,000 patents in 2024, while nine Arab countries, including Egypt, Saudi Arabia, and the UAE, issued fewer than 10,000 in total, with 8,000 of these coming from a single nation—Saudi Arabia—which has made herculean efforts in recent years to de-Islamize its society. Japan, which represents about 1.5% of the world’s population and is practically devoid of natural resources, granted 306,855 patents in 2024 alone. There are 127 million Japanese, compared to 500 million Arabs.
According to Hillel Ofek’s 2011 analysis, there were a mere nine scientists, engineers, and technicians per thousand citizens in Islamic nations. The global average was forty-one. Among the 1,800 universities in Muslim nations, only 312 housed scholars who had published articles in journals.
Muslims represent 26% of the world’s population, and Muslim countries control half the world’s crude oil resources and 40% of natural gas resources. And yet the 53 Muslim countries combined publish only 5% of the world’s scientific literature. Hillel Ofek points to a 1989 study showing that in a single year, the United States published 10,481 frequently cited scientific papers, but during that same year, Arab countries published just four. A 2002 analysis of Arab science in Nature magazine identified only three scientific areas of excellence from Islamic countries: desalination, falconry, and camel reproduction. According to Nobel laureate physicist Steven Weinberg in 2011, “for forty years I have not seen a single paper by a physicist or astronomer working in a Muslim country that was worth reading.”
Contrast the Arabs’ dismal record of intellectual achievement in modern times with that of their closest cousins, the Jews, nearly all of whom live in democratic societies with laws that separate religion and politics.
Keep in mind that Jews, who number 15.8 million worldwide, represent a mere 0.2% of the world population. As of 2025, no Muslim has ever received the Nobel Prize in medicine or economics, and only four Muslim scientists—all living in Western democracies—have received the Nobel Prize in chemistry or physics. In contrast, some 200 Jews have received Nobel Prizes in science. About 26% of Nobel Prizes in math and science, 28% in medicine, 40% in economics, and 39% in chemistry have gone to Jews. Since 1901, some 22% of Nobel Prizes in all categories have gone to Jews.
Genocidal hatred against ALL Jews and Christians and other minorities is foundational to Islamism. Only in the West does Jew hatred pretend to require the alibi of Palestine or hide behind anti-Zionism. Muslim Brotherhood cosmology describes the universe as a cosmic, existential war between Islam and Jews that began with Muhammad and which only one side can survive. “Since Islam subdued them [in Medina],” Qutb warned, “they are unforgiving and fight furiously through conspiracies, intrigues, and also through proxies [the United States] who act in the darkness against all what Islam incorporates.” Islamist utopia will only emerge when every Jew is exterminated. Jews in Qutb’s theology are not just political adversaries, but perpetual and metaphysical evil. “The Jews,” he said, “are behind materialism, animal sexuality, the destruction of family, and the desolation of society.”
And Jewish genocide, for Islamism, is more than a theoretical aspiration. In 1948, the world’s 22 Arab nations were host to 750,000 Jews living in communities that predated Muhammad by 1,000 years. Today, there are virtually no Jews in those nations: Saudi Arabia, Iraq, Syria, Lebanon, Libya, Algeria, Yemen, Mauritania, Somalia, Sudan, Jordan, Gaza, or the PA-governed areas of the West Bank; in Nazi terminology, they are Judenrein: Jew-free. There are fewer than 1,000 Jews in Tunisia, down from 105,000. In 1948, Christian populations represented 20% of those nations; today they represent 4%. These are the real ongoing genocides of the Mideast.
Adolf Hitler’s Nazi regime bonded with early Islamists over their shared Jew hatred. The Nazis became the principal funder of the Muslim Brotherhood in the 1930s, and the Muslim Brotherhood operated propaganda, espionage, and sabotage operations for the Nazis during World War II. Joseph Goebbels and an army of Nazi and ex-Nazi propagandists built the Muslim Brotherhood’s powerful propaganda machine in the 1930s, ’40s, and ’50s. The massive influx of money from Iran and the Gulf States starting in the 1990s turned this operation into an amplifier of unmatched power that makes Goebbels look like a piker. A global propaganda barrage by this outfit has distracted Hamas’s Western dupes from Islamism’s authentic genocides by persuading them that Israel committed a genocide in Gaza, even though, according to the CIA Factbook, Gaza’s population has actually increased since October 7, 2023.
Islamism is genocidal against Christians and Jews, but among its most pitiful victims are the Arab societies that suffer the misfortune of living under its rule. Despite all their petroleum wealth, Muslim countries have slipped behind Asia and Latin America in virtually every metric of political freedom, technological progress, and social well-being. Islamism’s merger of politics and religion has robbed Islam of its intellectual vigor and doomed most Muslim populations to living in stifling tyrannies with little freedom to elucidate their thoughts and speech or fulfill their creative potential. Those countries are predictably stagnant, unable to evolve in the modern world. The dark shadow of fundamentalism over scholarship and progress has proven toxic to the Muslims’ transition to modernity. The very civilization that practiced tolerance and celebrated pluralism and dialogue, filled a thousand libraries with its books, gave the world observatories and universities, and stunning innovations in science, has become closed, aggrieved, and violent, and averse to reason, curiosity, freedom of inquiry, and scholarship.
All 22 Arab nations in the Mideast and North Africa are autocratic dictatorships. Almost all are apartheid states that legally restrict the rights of minorities. Gays in many of the nations are put to death. Under sharia law, women have little more rights than cattle. They live stunted lives behind veiled faces, enduring systematic servitude, legalized domestic violence, child marriage, chattel slavery, and public stoning for adultery, which is legal for their husbands. In September 2021, the Taliban made it illegal for girls to attend school after age 12. The Taliban’s Vice and Virtue law forbids women from speaking aloud in public.
If you want to understand the Muslim Brotherhood’s vision for society, look no further than Gaza. Hamas, which rules Gaza, is the Palestine branch of the Muslim Brotherhood. Palestinians have received over 4X per capita in international aid than Europeans received under the Marshall Plan. (See Clawson 2002.) Europe used its money to rebuild 17 nations. Palestinians couldn’t build themselves even one. Under Hamas’s iron fist, Gaza squandered its share on bombs, weapons, extravagant salaries for its billionaire kingpins, and a billion-dollar bunker and tunnel system built for its warriors—but off-limits to its citizens. Gaza remains a stunted and stagnant, impoverished society under tyrannical oppression, with no free speech or other basic freedoms. Hamas governs through force, including brutal crackdowns on discourse, public executions of dissenters and collaborators, tight controls on humanitarian aid distribution, and onerous taxes on almost every activity. No elections have occurred since Hamas took over in 2007. Instead of building a nation, Hamas has transformed Gaza into a death cult wallowing in victimhood, nursing aggrievements, addicted to violence, resentments, and yearning for a seventh-century miasma. Hamas nurses Palestinian infants from birth on genocidal hatred of ALL Jews—not just Zionists—and indoctrinates children in the savagery and unspeakable barbarism that the world witnessed on October 7. Hamas shows its contempt for the Palestinian people by deploying them as child soldiers and civilian shields, and placing rocket launchers and ammo dumps in schools and hospitals. Hamas’s greatest strengths are its propaganda operation and its willingness to impose unlimited pain on its own population to achieve its ideological goals.
Islamist governments like Iran, Hamas, and Hezbollah distract their populations from their misery by blaming the myriad social ills and the predictable government failures on scapegoats: Jews, Zionists, and America. They’ll have us believe that all their derelictions are the result of the evil Zionists, the “Little Satan” Israel, and the “Great Satan,” the U.S. And just as victimhood is paralyzing to personal growth, it deprives Islamist nations of national success by robbing its practitioners of agency. Islamism’s cult of victimhood and its coterminous abolition of self-criticism have stagnated global Islam and locked it in hatred, violence, brooding resentment, and isolationism. Referring to the Arab world, Fouad Ajami described this as “a political tradition of belligerent self-pity.”
Contrast Gaza’s failures with the successes of its closest neighbor, Israel, a tiny sliver of swamp and desert 1/600th the size of its Arab neighbors, that blossomed into an agricultural juggernaut and a global economic and technological superpower. Jews took one of the few places in the Mideast with no oil, gas, or other resources, and despite being surrounded by enemies, they nevertheless turned the barren landscape into a vibrant, pluralistic democracy where Jews and Arabs vote as they please; worship according to their convictions; serve beside each other in the judiciary, the army, and political leadership; and enjoy equal rights. Women and gays in Israel have all the rights of men, and Israel’s biggest annual celebration is the Pride parade in Tel Aviv. As the only democracy in the Mideast, Israel is a robust and heroic outpost for freedom and Western values.
And Israel is merely a nugget among the bounties bestowed by Jews on Western civilization. There is no ethnic or religious group that has contributed more than Jews to the welfare of humanity or to the advancement of liberal democracy. Jewish traditions of ethics and thinking have shaped Western civilization and global progress through foundational moral concepts, including our monotheistic Christian belief system with its roots in Judaism, milestone scientific breakthroughs, medical innovation, and innumerable cultural achievements in art, literature, education, health, and entertainment. Relative to their proportion of the population, the astonishing contributions by Jews have been breathtaking. An abbreviated list would include medical advances like the polio vaccine (Jonas Salk, Albert Sabin), chemotherapy and immunology (Paul Ehrlich), streptomycin and the age of antibiotics (Selman Waksman), penicillin (Ernest Chain), pacemakers (Paul Zoll), and blood typing (Karl Landsteiner).
In sciences, a short list of Jewish luminaries would include Albert Einstein (theory of relativity), Niels Bohr (quantum mechanics), and Paul Berg (first recombinant DNA molecule).
Jewish contributions to business and technology include Google (Sergey Brin), Meta (Mark Zuckerberg), Oracle (Larry Ellison), Salesforce (Marc Benioff), Intel (Andrew Grove), and Dell Technologies (Michael Dell).
Jews virtually created the American entertainment industry, including founding six of the eight major Hollywood studios responsible for 75% of the classic Golden Age movies. They also revolutionized laughter. A 1978 TIME magazine survey found that 80% of professional comedians were Jewish.
The major figures of twentieth-century Western thought—Jesus Christ, Sigmund Freud, Albert Einstein, and Karl Marx—were all Jewish. Twenty percent of philanthropic giving in the United States comes from Jews. Jews compose twenty-five percent of America’s most generous givers. They are overrepresented on lists of secular organizations that benefit human rights, social security, higher education, personal freedom, and constitutional rights. They represent 14% of doctors and 29% of psychiatrists. Their contributions to America’s global economic leadership include Salomon Brothers, Goldman Sachs, BlackRock, Blackstone, Wells Fargo, and Vanguard. In a rational universe, wouldn’t non-Jews be expected to celebrate these contributions with gratitude?
Now, here are some things that Jews don’t do: suicide bombings, rape gangs, beheading people, killing gay people, aspiring to kill all non-Muslims, forcing young girls to wed older men, lynching women for wearing makeup or showing hair, female mutilation, religious dictatorship, Christian genocide, polygamy, rioting and burning down cities, applying the death penalty for leaving Islam, cooking babies in ovens, hijacking airliners (and driving them into buildings), bombing buses and crowded restaurants, disfiguring girls with acid for failing to wear the hijab, operating modern slave markets where hereditary Black slaves are bought and sold by Arabs, advocating global jihad, and committing 90% of the terrorist acts globally.
These are the gifts that Islamism has bestowed on the world, along with closed minds, poverty, starvation, ignorance, oppression, and violence. This comparison begs the question, “Why does the world hate Jews and embrace Islamists?
The answer, of course, is a sophisticated mass propaganda campaign that ignores evidence and inverts reality to make Israel a global villain.
Looking at Islamism’s track record, seven nations with substantial Muslim populations—Egypt, Saudi Arabia, UAE, Bahrain, Jordan, Syria, and Russia—have outlawed the Muslim Brotherhood, branding it as a terrorist organization. Kenya and Argentina have also banned the Brotherhood for fear of its impacts on their societies. The Brotherhood today sees its best opportunities for expansion as Western nations that are unequipped to deal with its tactics.
In 2004, the FBI discovered the U.S. Brotherhood’s archives in a Virginia basement, including a 1991 “Explanatory Memorandum” characterizing the Brotherhood’s work in America as “a kind of gradual Jihad in eliminating and destroying the Western civilization from within.” Muslim Brotherhood documents describe this process of gradual infiltration as “gradualism,” “entryism,” or “Da’awa.”
In a 1995 speech in Toledo, Ohio, the Brotherhood’s leading cleric, Yusuf al-Waradawi, told his audience: “We will conquer Europe, we will conquer America! Not through sword but through Da’awa.” As a board member and outreach chair of a Muslim Brotherhood front group, Abdul El-Sayed ran a high-school recruitment program entitled “How to do effective Da’awa.”
The Muslim Brotherhood’s explicit written strategy for taking over Western nations is to broaden its appeal through a “red–green alliance” by adopting Leftist rhetoric and allying itself with liberals, socialists, and communists. This was the strategy first initiated by Yasser Arafat in the 1960s and then implemented by Muslim Brotherhood acolyte Ayatollah Khomeini during his 1979 Iranian Revolution, and later by Muslim Brother Mohammed Morsi during his 2011 color revolution in Egypt. After they gained power, the Leftists, in each case, learned that they were not actually Islamism’s partners, but only its useful idiots. Khomeini hunted down, jailed, and murdered his former Leftist and communist allies. Morsi sidelined his. A 2012 Arabic-language statement bearing Abdul Al-Sayed’s name backed Morsi’s presidency and urged him to “purge” the media and police.
Anyone wondering what America’s future looks like if the Muslim Brotherhood gets its way has only to look at France, where Islamist mobs of the red–green alliance, following the Muslim Brotherhood playbook, chant communist phrases, wave Palestinian flags, and vent their destructive hostility toward the West by destroying the iconic monuments of our shared civilizations.
Abdul El-Sayed mocks his critics as Islamophobic or anti-Arab racists when they inquire about his continued loyalties to the Muslim Brotherhood. But El-Sayed and his family have long and deep entanglements with the terrorist organization. A 20,000-word investigation by The Project for the Investigation of Terrorism documents El-Sayed's two decades of intensive affiliations with the Muslim Brotherhood, and nearly every one of its legacy front groups that the Brotherhood set up in the U.S. to Islamify and destroy our democracy. That same organization recorded dozens of instances in recent years where Abdul El-Sayed has either directly lied about his relationship or refused to disavow the Muslim Brotherhood.
On Oct. 1, an Ohio voter became the latest to ask Al-Sayed to disavow the Brotherhood. Under persistent badgering before national news cameras, Al-Sayed finally caved: “Sure. Yeah, absolutely!” he said unconvincingly. He then spent five minutes attacking the man’s motives.
El-Sayed said nothing about the Brotherhood itself, its ideology, or the Muslim Brotherhood front organizations he works with. A disavowal that names nothing and condemns nothing is a disavowal in name only.
Why can’t El-Sayed give us a full-throated and detailed condemnation of this terror group, and disavow also its poisonous ideology without ambiguity? Why can’t he acknowledge that the Muslim Brotherhood is a despicable terror organization, and that Islamism and sharia law are anathema to American values? Americans shouldn’t have to worry whether a U.S. Senate candidate has loyalty to an ideology that openly hates our country and has vowed to destroy it.
LevelFields AI retweeted
HSBC looking for CoreWeave to be crushed.
2028-2030 EPS estimates "50%-70%" below consensus:
LevelFields AI retweeted
T-Mobile spent five years trying to get rid of the exact spectrum Elon just called "the last critical piece" of complete phone coverage in America.
This 800 MHz block is Sprint's old Nextel spectrum, the stuff that powered push-to-talk walkie-talkie phones in 2004. The DOJ forced T-Mobile to divest it as a condition of the $26 billion Sprint merger. Dish had first rights at $3.59 billion and walked away because it couldn't raise the money. T-Mobile finally offloaded it to an investment firm called Grain Management last year for $2.9 billion plus a spectrum swap.
Grain's original plan was selling it to utilities for private networks.
Fourteen months later, SpaceX buys the whole portfolio, and shares of the carriers who passed on it fall as much as 8% in a single afternoon.
Here's why it matters so much. Starlink's satellite signal at 2 GHz can reach your phone outdoors, but it dies at the first wall. 800 MHz penetrates buildings. Most phones already have the band built in. So satellites handle the open sky, this low-band layer handles indoors, and suddenly Starlink Mobile covers everywhere a normal carrier does without the tower network.
Stack the moves. $17 billion for EchoStar's 50 MHz of 2 GHz spectrum. FCC approval for 15,000 Gen2 satellites this week. Now the low-band coverage layer.
Verizon, AT&T, and T-Mobile paid $81 billion in a single auction for C-band spectrum in 2021, then spent years and tens of billions more deploying it on towers. SpaceX assembled a nationwide carrier out of a distressed-asset sale, a forced divestiture castoff, and rockets it already owns.
The walkie-talkie spectrum from 2004 ended up being the piece that lets satellites replace cell towers. Nobody who touched it for twenty years saw that coming.
We announced an agreement to acquire a nationwide low-band spectrum license portfolio that will pave the way for @Starlink to become a major mobile carrier in the US.
With this new spectrum and our Gen2 constellation, Starlink Mobile can ensure Americans have access to high-speed mobile broadband no matter where they are → spacex.com/updates#starlink-…
LevelFields AI retweeted
THIS IS ABSOLUTELY MIND-BLOWING:
Call-option volume on the 20+ Year Treasury Bond ETF, $TLT, has exploded to a record 14.9 million contracts over the last month.
This is TRIPLE the levels seen in January.
This signals rapidly growing bullish positioning toward long-term Treasuries, as call options give traders exposure to a potential rise in bond prices if yields fall.
The bet comes after the 10-year and 30-year Treasury yields spiked to 5.33% and 5.73%, their highest levels in 24 years.
Meanwhile, $TLT is down -8.5% so far in 2026 and fell -9.0% in Q3 alone.
Options traders are increasingly betting that the historic rise in yields is approaching its limit.
Risky bets on long-term Treasuries are skyrocketing.
LevelFields AI retweeted
Data center lead times getting beyond control
As shared by Cushman & Wakefield / Hyundai Securities, it’s not down to GPUs or even memory.
- Copper, aluminum: ~4–10 weeks
- Most HVAC / chillers: ~15–30 weeks
- UPS, LV/MV switchgear: ~35–60 weeks
- Generators: up to ~100 weeks
- Pad-mounted transformers: up to ~115 weeks
One can construct building faster than getting the transformer that powers it.
#DataCenters #AIInfrastructure #SupplyChain
LevelFields AI retweeted
Ed Yardeni: "A more likely explanation for the global bond market rout is that the yen-carry trade is unwinding as the Bank of Japan raises its policy rate, forcing carry traders to sell government bonds they bought worldwide with proceeds from cheap yen loans. This trade allowed many governments run budget deficits without putting upward pressure on their bond yields. Now, the chickens have come home to roost."
The Federal Reserve printed roughly $4 trillion between March 2020 and early 2022, expanding its balance sheet from $4.2 trillion to over $8.9 trillion, and Jerome Powell stood in front of cameras calling the resulting price explosion "transitory."
Inflation is a tax. Every dollar created without corresponding production transfers purchasing power from savers to the first spenders. The government and its preferred financial institutions spent those fresh dollars before prices adjusted. You spent them after, at a grocery store already pricing in the damage.
By June 2022, CPI hit 9.1 percent, the highest since 1981. Rent, food, used cars, energy: all of it ran hot simultaneously. Monetary expansion redistributes wealth rather than creating it, taking from your pocket to give to whoever holds newly printed money first.
Powell's "transitory" call was deliberate. The Fed had every price signal and money supply number available. M2 grew 27 percent in 2020 alone. That expansion predicted exactly what followed.
The Fed created this inflation deliberately, financing pandemic-era federal spending that Congress could not politically tax you to fund directly. Printing was the cowardly path. You paid through purchasing power destruction rather than a visible tax line on your return, which is precisely why they preferred it.
LevelFields AI retweeted
While everyone is watching crude oil futures, the physical crude oil market is out of control.
Shipping costs for crude oil are surging at a near-unprecedented rate.
The cost to ship 2 million barrels of crude oil from West Africa to China is now up to $23.59/barrel.
To put this into perspective, in July, the cost for the same shipment ~$6.50/barrel.
That's a +258% surge in shipping costs in just 2 months.
We are witnessing one of the largest global energy shocks ever recorded.
LevelFields AI retweeted
CHART OF THE DAY: The cost of hiring an oil tanker on the industry’s benchmark trade (Middle East to the Far East) route has topped $1 million a day for the first time -- a year ago, it was less than $100,000 a day. h/t @alexlongley1
LevelFields AI retweeted
🚨 This morning, the FBI and our partners arrested a subject near Los Angeles for allegedly paying homeless individuals on Skid Row in downtown Los Angeles to sign petitions in support of ballot initiatives—all using stolen identities of registered voters.
Two additional petition circulators have also been charged in the investigation. All three subjects are charged with conspiracy to commit identity fraud in furtherance of a state felony, among other charges.
Securing American elections from criminal interference is of the utmost importance to this FBI.
If you mess with our elections, this FBI will find you.
Great work by @FBILosAngeles and our partners.
-DKP🇺🇸
LevelFields AI retweeted
You can't make this up.
The US Treasury just announced it is tripling long-term buybacks to $6 billion and yields STILL rallied on the news.
That means the US Treasury went from doubling, to "at least doubling," to tripling long-term bond buybacks and yields are still rising.
This puts the 10Y Note Yield above 4.85% for the first time since November 2023, up +15 basis points from pre-announcement levels.
The bond market is quite literally fighting the US Treasury as the Iran War continues, with the 10Y Note Yield nearing a +100 basis point move since the war began.
Without an end to the Iran War, we are on track to see the 10Y Note Yield above 5.00% by next week.
American consumers, homebuyers, and borrowers are in for a rude awakening.
LevelFields AI retweeted
Maintenance costs for AI-generated code have jumped 300% in 18 months, code duplication is up 48% and refactoring has dropped 60%. The result could be a massive technical debt problem hiding inside companies that initially saw AI coding as a productivity win: Checkmarx
A HUMANOID ROBOT IS DELIVERING UBER EATS ON A SCOOTER. IN NEW YORK. AT NIGHT. AND PEOPLE STILL THINK THIS IS "YEARS AWAY."
a silver humanoid with a glowing blue visor is riding an electric scooter down a bike lane in Manhattan. Uber Eats bag on its back. cars behind it. streetlights above. green traffic lights ahead. riding like any other delivery guy on a Tuesday night.
except this one doesn't need tips. doesn't need a break. doesn't get lost. and doesn't eat the fries on the way.
an Uber Eats driver in NYC makes $15-25 an hour before gas, before wear on their bike, before the $200 phone mount that broke last week. they work rain or shine, dodge taxis, and hope the customer tips more than $2.
this machine costs $16,000 once. the scooter costs $1,200. the bag costs $35. total setup: under $18,000. that's LESS than what a full-time delivery driver makes in six months. and this thing works 24 hours without complaining about the weather.
Uber spent $30 BILLION trying to make self-driving cars work. THIRTY BILLION. and a robot on a $1,200 scooter might get there first for the price of a used Honda Civic.
2.1 million people deliver for Uber Eats in the US alone. TWO POINT ONE MILLION. and every single one of them just got a preview of what's coming for their job.
while delivery robots hit the streets, smart home automation is already inside your house. SwitchBot Onero H1 is doing for your home what this scooter is doing for delivery. full automation, fraction of the cost.
still think your Uber Eats driver will be a human in 2030?
who's placing the first order from a robot?
Less time on chores. More time for what matters. ✨
Meet SwitchBot onero H1.
See us at #IFA2026.
#SwitchBot #oneroH1 #Robots #HomeRobotics
LevelFields AI retweeted
🦔AI token prices just hit record lows. The LLM Token Expenditure Index dropped to 97 cents, down more than half from its high earlier this summer. Chinese open-source models like Moonshot's Kimi K3 are undercutting frontier labs on price. OpenAI cut prices on two GPT-5.6 models in July. Other labs are rolling out dynamic pricing that rises and falls with demand. Silicon Data's head of research said there may already be enough supply to handle most tasks.
My Take
The product is getting cheaper and the cost of building it isn't. That's a brutal place to be heading into an IPO. Anthropic just committed to $80 billion in cloud infrastructure in two months. OpenAI volunteered to eat the cost of every failed task. And the price of the thing they're selling dropped 50% since the summer began. I don't see how you project $190 billion in 2028 revenue when your competitors are giving the product away and your own customers are building alternatives for $40 million.
$2 trillion for Anthropic and $852 billion for OpenAI were priced when tokens cost twice what they cost today. The infrastructure commitments don't shrink when the price drops. The cloud deals are signed. The bonds are issued. The chips are ordered. But the revenue those commitments need to generate just got cut in half, and it's still falling.
Hedgie🤗
LevelFields AI retweeted
$SIVE spent its earnings call explaining why a company with falling revenue is about to start building fabs. The reason management gave was a quote from someone else. Lumentum's CEO said in July that the indium phosphide shortage could end up worse than memory.
That is the frame for this quarter, and it is a bigger change than the numbers.
Sivers is moving photonics from fab-light to what management called a hybrid manufacturing model, expanding the Glasgow site. The rationale given was that qualified merchant InP laser capacity is scarce and increasingly supply constrained, that laser demand outstrips supply for the next three to five years, and that generational shifts in optical interconnect are arriving faster than planned. In the Q&A the target mix came out: about one third of capacity from inside Sivers, two thirds from partners. A company that spent years positioning as a designer is buying process control.
Read that against what Nvidia filed the same week. Nvidia raised supply commitments from $119bn to $279bn in a single quarter, primarily for memory, and guided gross margin to a 71-72% trough partly on memory pricing. If the InP gap is genuinely wider than the memory gap, the same rent transfer is running one layer over, in a market with a fraction of the capital behind it.
On the balance sheet the CFO said out loud what the filing only implied. The larger June raise and the loan conversion completed in July, so neither appears in the quarter-end position. About SEK 825m of equity raised in total, the Bootstrap convertible converted, the remaining USD 5.0m term loan repaid, and no interest-bearing debt left. Net position moved from roughly SEK 100m of net debt at 30 June to about SEK 763m of net cash. His summary was that they no longer need to focus on funding the transformation.
Two details I had not seen anywhere. First, the social security accrual behind the SEK 42.9m charge is hedged: Sivers holds treasury shares to be sold when options are exercised, and those proceeds offset the actual payments, so the cash cost is pre-funded even though the charge swings reported EBITDA. Second, reserving future partner capacity carries no fee. Management was asked directly and said the arrangement works through strategic partnership rather than payments between the parties. For a company with negative operating cash flow, capacity that costs nothing to hold matters.
Then the pipeline, where the call added the number that reframes it. Asked how much of the USD 1.2bn could be captured and by when, management said it is the 26 through 30 pipeline. Five years, and a rolling window: once 2026 is done it drops out and the next five years are shown. Spread evenly that is USD 240m a year against roughly USD 24m of current annualised revenue. Ten times the business, which is the real bull case, and a different object from the headline number being quoted around.
A shareholder did press on this, asking why the pipeline rolls forward without converting. Management said it wanted to correct the questioner, that conversions are the production orders, and that they are reported as they land. That is a fair answer on its own terms. It is also the closest anyone got to the balance sheet, and it went to orders rather than to collection.
Because across 52 minutes and 6,500 words, contract assets came up zero times. Collection and receivables, zero. The Note 6 restatement, zero. Cash flow, once. Contract assets sit at SEK 109.3m against SEK 62.7m of reported cash, up 86% year on year while sales fell, and no post-period financing event touches that line. It is the number that decides whether 2027 is an operating story or an equity-market story.
One more gap worth flagging. Asked about longer-term blended margins as product revenue takes over from NRE, management pointed back to the financial model shown at the Q4 2025 webinar rather than giving an updated target. Gross margin came up twice in the whole call.
Against that, the LiDAR order looks credible rather than hopeful. Management said the visibility comes from customer production demands, forecasts and order placement timelines, and pointed to the ALL.SPACE order flagged the same way last quarter and since delivered at USD 8.2m. That is a checkable claim with a track record attached, which is more than most guidance offers.
The rest, briefly. Dual listing preparation targets completion in H1 2027, after which management framed it as market conditions rather than readiness. CPO is taking longer than hoped, so the near-term focus has shifted to pluggables and NPO. Revenue was also held back by government-related delays carried from last quarter. The USD 4bn SOA opportunity for optical circuit switching is explicitly early days. A JPMorgan photonics report listed Sivers alongside Lumentum and Coherent, which the CEO called humbling.
Where this leaves it. The structural case got stronger, not weaker: silicon cannot emit light, every optical link needs a III-V source, and the constraint on those sources is now being described by the biggest player in the field as worse than the memory shortage. Sivers has funded itself for roughly eleven quarters, cleared its debt, and secured partner capacity it does not pay to hold. What it has not shown is that recognised revenue becomes collected cash, and it spent a 52 minute call on everything except that line.
What would change my mind: the first quarter where contract assets fall while product revenue grows. Management will not need to say anything. The line will say it.
$SIVE ER transcript just dropped, TLDR:
- 6 NEW pluggable players working with Sivers now.
Probably the biggest news of the entire ER next to new foundry allocations.
"3 are in alpha sample evaluation stage" and another 3 in technical engagement / supply assessment stage."
And now it makes more sense why their $1.2B revenue pipeline ballooned (since this was a bigger leap than Jabil).
- Initial production orders with $JBL expected in the first half of 2027, with the production ramp planned second half of 2027
LFG, Jabil is a massive hyperscaler supplier and finally got clear timelines on revenue from volume ramp.
- "new foundry partner who has brought on tremendous capacity that is available now"
This is what I wanted to hear. Apparently they've been in the works for this for awhile since it's "available now", and THIS IS VERY MATERIAL.
CW lasers are in a massive shortage and $SIVE brought on new supply outside of Win Semi (also de-risks).
As you hear with other qualified CW players (anything they make gets sold), so as Sivers partners finishes their qualifications, I'm expecting the same.
- "long-term capacity model where one-third of manufacturing capacity will be internal, while two-thirds will come from our foundry partners"
Lukewarm on this, it makes sense they need to be vertically integrated like $AAOI / $LITE eventually but implies more capex (better after NASDAQ listing).
As you see with ESMT + DDR2 bottlenecks, the operating income they get from just securing wafers during shortages and doing fabless models is incredible.
And it would make more sense to fund this with cashflow down the road.
- NASDAQ listing ongoing. CFO gave a very lawyer like answer, but on track as usual.
- "We do not see production capacity as a bottleneck at this point in time"
This is very meaningful since with their new foundry partners, implies $SIVE is coming online with a very material CW laser supply to a bottlenecked market.
TLDR:
- NEW substantial FOUNDRY ALLOCATION! (very, very material during CW laser shortage)
- 6 new pluggable players outside of $JBL
- Clear revenue ramp timelines from Jabil
Heavy focus on pluggables -> NPO -> CPO seems like the progression. Only lukewarm piece was building up internal capacity but it's long term positive.
Anyway, very happy after reading the transcript aside from potential capex prioritizing laser capacity (which is fine too during an industry shortage) over IP acquisition.
The 6 new pluggable players + substantial wafer allocation "available now" is a pretty insane disclosure.








































