Sophie Lagacé

@evilanemone.bsky.social

She/her. Engineer, tabletop gamer, avid reader; woke social justice DEI treehugger. Digital Content Manager for Evil Hat Productions. I block bots, spammers, phishers, and trolls.

It’s been a while since I posted an update on my husband Edmund’s health. He has been in the hospital for over 8 weeks, plagued with several intertwined health issues. It went something like ... (Photo taken in the hospital after I gave him a plush cat since he missed our two black cats so much.)

Bearded man with glasses, dressed in a hospital gown and lying in a hospital bed, leaning on a black plush toy cat.

Fidelity’s Director of Global Macro saying that the AI trade has been “dead money” for three months, and that it’s inflationary, meaning (as I’ve discussed multiple times) that the more debt they raise the more expensive debt becomes and the more they build data centers the more expensive it gets

Post
...
Jurrien Timmer @TimmerFidelity
X.com
On the Al front, the trade has been dead money for more than 3 months now. The metrics I am following (token expenditures and GPU lease rates) are all flat to down. The price of memory (DRAM) seems to be the only thing that is still going up.
(1/2)
500
475
450
425
400
375
350
325
300
275
Al Metrics
Daily Data. Source: FMRCo, Bloomberg
• GS Al basket
387
359
56%
283
249
200
175
150
•Silicon Data LLM token expenditure index (50d chg)
•Silicon Data H100 GPU rental index (50d chg)
•Silicon Data A100 GPU rental index (50d chg)
Aug-25 Oct-25 Dec-25 Jan-26 Mar-26 May-26
Nov-24
Jan-25
Feb-25
Apr-25
Jun-25
Data as of 9/20/2026. Past performance is no guarantee of future results
Jul-26
70%|
60%
50%
40%
30%
20%
0%
-10%
-20%
-30%
-40%
-50%
-60%
Sep-26
A Fidelity
8:45 PM • 9/22/26 • 32K ViewsJurrien Timmer &
@TimmerFide... 2h S •
Yes, Al will change our lives (for the better l trust) and down the road it may well unleash a productivity miracle that raises the economy's non-inflationary speed limit enough to keep the world's mounting debt burden sustainable. But until then the buildout is inflationary with an unknown return for the companies who are investing trillions into compute. The demand fo capital (equity and debt) from corporates is rising at a $3.3 trillion clip.
(2/2)
$9,000
$8,000
$7,000
$6,000
$5,000
$4,000
$3,000
$2,000
$1,000
$0
-$1,000
-$2,000
$3,000
-$4,000
-$5,000
Crowding Out?
Monthly Data. Source: FMRCo, Bloomberg, Fed FoF Report.
non-financial corporate debt issuance (Sbi) equity share redemptions (buybacks + M&A)
Shading: US deb/GDP
inflation-adjusted
- total corporate net issuance (debt + equity)
housing bubble
+$7,924
bubble
Jun-20, +$6,597
+$3,462
dot.com bubble
Jun-00, +$3,233
+$3,999
Al capex
Jun-26, +$3,251
+$3,129
debt issuance + M&A
debt-equity arbitrage
+$123
-$197
debt-equity arbitrage
-$2.054
$2,175
-US Treasuries held by China
-$3.485
-US Treasuries held by Japan
—US Treasuries held by Fed's SOMA
—US Treasuries & agencies held by US banks
-$2,911
-$3,449
• $4,597
$3,602
$4,800
$2,400
$1,104
$1,200
$618
$600
1997
1999
2001
2003
2005
2007 2009
2011
2013
2015
2017
2019
2021
2023
$300
2025
2027
Data as of 9/20/2026. Past performance is no guarantee of future resuts
2029
•Fidelity
L71
50

NEW: OpenAI took 20 million ChatGPT responses and had one of its experts search for chunks of text—specifically chunks of 25 words in a row- that were identical between ChatGPT’s responses and a news article. They found more than 400,000 of these 25-word overlaps between ChatGPT and our articles.

AI exec: We may have pulled off “the largest theft of labor in human history.”

Documents from our lawsuit reveal how tech leaders talk when they think no one is listening.

motherjones.com

Just because this dude has the mental capacity of a handbag filled with dogshit doesn't mean other people can't figure this stuff out, the "AI" dudes aren't THAT smart, they're just horny accelerationist nerds who don't see what the problem killing off 90% of the population is, they can be stopped

Aaron Rupar@atrupar.com · 3w ago

Rick Scott: "With regard to destroying mankind, these companies need to do the right thing on their own. We're not going to get smart enough to regulate them. We're not going to get something done up here."

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I know some people who have had v. bad experiences with hospital care but the techs, nurses and doctors taking care of Edmund are great. I wish I could wave a magic wand to give them a salary increase, better hours, and two more weeks of vacation!