billionaire

One of the first investors to buy Nvidia (NVDA 1.04%) for the artificial intelligence (AI) boom was Stanley Druckenmiller at his Duquesne Family Office investment fund. At the end of 2023, it was one of his largest positions, a year where the stock more than tripled for investors, putting it on the path to become the largest company in the world by market capitalization.

Then, in 2024, Druckenmiller began to sell down his stake in Nvidia. By the end of last year, he had completely exited his position. What has he been buying instead? Last quarter, Duquesne bought two other trillion-dollar AI stocks: Taiwan Semiconductor Manufacturing (TSM -1.68%) and Microsoft (MSFT -0.43%).

Let’s see whether you should follow Druckenmiller and buy these two stocks for your portfolio today.

Image source: Nvidia.

Nvidia’s semiconductor supplier

Some readers may already know this, but Nvidia does not manufacture its advanced computer chips itself. It only designs them. The key manufacturing supplier of Nvidia chips is Taiwan Semiconductor Manufacturing, or TSMC for short. TSMC only makes computer chips for third parties and is known as a semiconductor foundry. These include Nvidia, but also the likes of Apple, Broadcom, and other technology giants.

With the insatiable demand for computer chips from the growing AI market, TSMC has been doing quite well in recent quarters. Last quarter, revenue grew 44.4% year over year to $30 billion. Not only is TSMC one of the largest businesses in the world, but one of the fastest growing.

As one of the only companies that can manufacture advanced semiconductors at scale, TSMC has been able to sell its computer chips to customers like Nvidia with fat profit margins. Last quarter, operating margin was close to 50%, which is unheard of for a manufacturing business.

At today’s stock price, TSMC trades at a price-to-earnings ratio (P/E) of 34. While this is slightly expensive, it is much better than Nvidia’s P/E ratio of 51. When you consider that both stocks will benefit from the growing demand for AI computer chips, it is no surprise that Duquesne sold its stake in Nvidia and owns TSMC today instead.

Microsoft’s opportunity in AI

Microsoft is a large customer of Nvidia as the company accelerates its buildout of cloud computing data center infrastructure to power the AI revolution. It has a relationship with OpenAI, the leading private AI company that is spending hundreds of billions of dollars on infrastructure. In 2025 alone, Microsoft is planning to spend $80 billion on capital expenditures to help catch up with AI demand.

Its cloud revenue is benefiting massively from the growth in AI. Its Azure cloud computing division grew revenue 34% year over year last quarter to $75 billion, making it the second-largest cloud business in the world apart from Amazon Web Services (AWS). Overall revenue is growing well due to Microsoft’s diversified assets in personal computing, Office 365 subscriptions, and other services such as LinkedIn. Revenue was up 17% year over year last quarter, with operating income up 22% (both in constant currency). Expanding operating margins to 45% makes Microsoft one of the most profitable businesses in the world.

Like TSMC, Microsoft trades at a much cheaper P/E ratio than Nvidia, at 37.5 as of this writing. With steady growth, margin expansion, and a clear line of new demand for Azure for AI solutions, Microsoft looks like a solid buy-and-hold stock for investors over the next decade and beyond.

At the end of the second quarter, TSMC was 4.3% of the Duquesne stock portfolio, according to its 13F filing, increasing its position by 27% more shares in the period. Microsoft was a completely new buy for the fund, but it is already a 2.5% position. Both stocks have done well throughout the second and third quarters, but can still be good long-term buys for investors looking for inspiration from super investors like Druckenmiller.

SPRINGFIELD, Ill. — It figures that a billionaire would win big in Las Vegas.

Illinois Gov. JB Pritzker reported a gambling windfall of $1.4 million on his federal tax return this week.

The two-term Democrat, often mentioned as a 2028 presidential candidate, told reporters in Chicago on Thursday that he drew charmed hands in blackjack during a vacation with first lady MK Pritzker and friends in Sin City.

“I was incredibly lucky,” he said. “You have to be to end up ahead, frankly, going to a casino anywhere.”

Pritzker, an heir to the Hyatt hotel chain, has a net worth of $3.9 billion, tied for No. 382 on the Forbes 400 list of the nation’s richest people. A campaign spokesperson said via email that Pritzker planned to donate the money to charity but did not respond when asked why he hadn’t already done so.

Pritzker, who intends to seek a third term in 2026, was under consideration as a vice presidential running mate to Kamala Harris last year. He has deflected questions about any ambition beyond the Illinois governor’s mansion. But he has used his personal wealth to fund other Democrats and related efforts, including a campaign to protect access to abortion.

His profile has gotten an additional bump this fall as he condemns President Donald Trump’s immigration enforcement in Chicago and the president’s attempt to deploy National Guard troops there.

The Pritzkers reported income of $10.66 million in 2024, mostly from dividends and capital gains. They paid $1.6 million in taxes on taxable income of $5.87 million.

Pritzker is an avid card player whose charitable Chicago Poker Challenge has raised millions of dollars for the Holocaust Museum and Education Center. The Vegas windfall was a “net number” given wins and losses on one trip, he said. He declined to say what his winning hand was.

“Anybody who’s played cards in a casino, you often play for too long and lose whatever it is you won,” Pritzker said. “I was fortunate enough to have to leave before that happened.”

O’Connor writes for the Associated Press. AP writer Sophia Tareen contributed to this report from Chicago.

KIM Kardashian has sensationally admitted that she doesn’t know the price of a carton of milk.

Fans have now blasted the 44-year-old fashion mogul and billionaire as ‘out of touch’ for not knowing how much simple groceries cost.

Appearing on Alex Cooper’s Call Her Daddy podcast, Kim opened up about how much money she spends on beauty products before dropping her bombshell confession.

Alex asked Kim how much she spends on her glam routine.

She responded, “If I’m filming my show, then they pay for it.

“If I’m working, then they pay for it.

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“So, I try to get it all paid for so that I don’t personally have to pay for it.”

The billionaire, who is said to be worth over $1.7billion, then confessed she doesn’t have a concept on what things tend to cost.

Making the candid confession on the podcast, she said, “I mean, I don’t have a concept of what like certain simple things cost.”

She added, “I’d like I’d like to know a little bit more about what a milk carton cost.”

‘SO OUT OF TOUCH’

On Reddit, one person reacted, “I cant believe she doesnt know the price of a carton of milk! so out of touch.”

Meanwhile, on X, someone else said, “Awww poor rich girl.”

“A million on beauty but clueless about basic groceries? Sounds like priorities are wildly skewed,” penned another.

Kim later confessed to Alex that she wasn’t sure how much her glam costs each year, but said it could be one million dollars before saying how “this hair isn’t cheap”.

Kim’s “out of touch” comment about the price of a carton of milk comes after the reality star has posed while drinking milk on several occasions.

She famously appeared in Fergie’s music video for the hit M.I.L.F. $.

In the video, Kim could be seen drinking milk while donning a sexy ensemble.

She has also posed while drinking milk for various photoshoots in the past, too.

NEW SEASON OF THE KARDASHIANS

This comes after the new teaser trailer for the upcoming season of The Kardashians dropped earlier this week.

Dropping on October 23, season seven will see familiar faces return to their reality roots, as well as huge and scary revelations coming to light.

The season seven trailer dropped earlier this month, with the show’s Instagram account writing alongside it, “A whole different beast.

“Season 7 of #TheKardashians premieres October 23 on @hulu and with #HuluOnDisneyPlus.”

In the trailer, Kim teases, “Some familiar faces are back.”

Khloe then asks, “Is Bob here?” with Robert seen in the shot.

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Caitlyn is also seen in the trailer, with her donning sweat pants and a sweater with sunglasses covering her eyes.

Elsewhere in the trailer, it is revealed somebody close to Kim “put a hit out on her life”.

As California voters receive mail ballots for the November special election, which could upend the state’s congressional boundaries and determine control of the House, billionaire hedge-fund founder Tom Steyer said Thursday he will spend $12 million to back Democrats’ efforts to redraw districts to boost their party’s ranks in the legislative body.

The ballot measure was proposed by Gov. Gavin Newsom and other California Democrats after President Trump urged Texas leaders to redraw their congressional districts before next year’s midterm election. Buttressing GOP numbers in Congress could help Trump continue enacting his agenda during his final two years in office.

“We must stop Trump’s election-rigging power grab,” Steyer said in a statement. “The defining fight through Nov. 4 is passing Proposition 50. In order to compete and win, Democrats can’t keep playing by the same old rules. This is how we fight back, and stick it to Trump.”

Steyer’s announcement makes him the biggest funder of pro-Proposition 50 efforts, surpassing billionaire financier George Soros, who has contributed $10 million to the effort.

Steyer founded a hedge fund whose investments included massive fossil fuel projects, but after he learned of the environmental consequences of these financial decisions, he divested and has worked to fight climate change. Steyer has spent hundreds of millions of dollars supporting Democratic candidates and causes and more than $300 million on his unsuccessful 2020 presidential campaign.

Steyer plans to launch a scathing ad Thursday night that imagines Trump watching election returns on Nov. 4 and furiously throwing fast food at a television when he sees Proposition 50 succeeding.

“Why did you do this to Trump?” the president asks. The ad then shows a fictional TV anchor saying that the ballot measure’s success makes it more likely that Trump will be investigated for corruption and that the records of convicted sex trafficker Jeffrey Epstein will be released. “I hate California,” Trump responds.

The advertisement is scheduled to start airing Thursday night during “Jimmy Kimmel Live!” The late-night show was in the spotlight after it was briefly suspended by Walt Disney Co.-owned ABC last month under pressure from the Trump administration because of a comment Kimmel made about the slaying of conservative activist Charlie Kirk.

The esoteric process of redistricting typically occurs once every decade after the U.S. Census to account for population shifts. The maps, historically drawn in smoke-filled backrooms, protected incumbents and created bizarrely shaped districts, such as the “ribbon of shame” along the California coast.

In recent decades, good-government advocates have fought to create districts that are logical and geographically compact and do not disenfranchise minority voters. At the forefront of the effort, California voters passed a 2010 ballot measure to create an independent commission to draw the state’s congressional boundaries.

But this year, Trump and his allies urged leaders of GOP-led states to redraw their congressional districts to boost Republicans’ prospects in next year’s midterm election. The House is closely divided, and retaining Republican control is crucial to Trump’s ability to enact his agenda.

California Democrats, led by Newson, responded in kind. The state Legislature voted in August to call a special election in November to decide on redrawn districts that could give their party five more seats in the state’s 52-member congressional delegation, the largest in the nation.

Supporters of Proposition 50 have vastly outraised the committees opposing the measure. Steyer’s announcement came one day after Charles Munger Jr., the largest donor to the opposition, spoke out publicly for the first time about why he had contributed $32 million to the effort.

“I’m fighting for the ordinary voter to have an effective say in their own government,” Munger told reporters. “I don’t want Californians ignored by the national government because all the districts are fortresses for one party or the other.”

A longtime opponent of gerrymandering, the bow-tie-wearing Palo Alto physicist bankrolled the 2010 ballot measure that created the independent commission to draw California’s congressional districts.

Munger, the son of a billionaire who was the right-hand man of investor Warren Buffett, declined to comment about whether he planned to give additional funds.

“I neither confirm nor deny rumors that involve the tactics of the campaign,” Munger told reporters. “Talk to me after the election is over.”

When Ronaldo joined Al-Nassr in the Saudi Pro League in 2022 he reportedly became the best-paid player in football history with an annual salary of £177m.

His contract was due to end in June 2025 but he signed a new two-year deal – reportedly worth more than $400m (£298m) – which will keep him at the club beyond his 42nd birthday.

Argentina and Inter Miami forward Lionel Messi, who played against Ronaldo for many years during their time in Spain, has earned more than $600m (£447m) in pre-tax salary during his career, according to Bloomberg.

That includes $20m (£15m) in guaranteed annual pay since 2023, which is about 10% of Ronaldo’s income during the same period.

When he retires, 38-year-old Messi is set to get a stake in Inter Miami.

With most votes tallied, Babis’s ANO party is ahead, but it appears set to fall short of a majority in parliament.

Billionaire Andrej Babis’s populist ANO party has taken a commanding lead in the Czech Republic’s parliamentary election, but is on track to fall short of a majority.

With ballots from more than 97 percent of polling stations counted on Saturday, ANO had 35 percent of the vote, according to the Czech Statistical Office. Prime Minister Petr Fiala’s centre-right Spolu (Together) alliance trailed with 23 percent.

Shortly after the preliminary results were announced, Fiala conceded defeat and offered congratulations to Babis.

Turnout reached 68 percent, the highest since 1998, with more than 4,400 candidates and 26 parties competing for seats in the 200-member lower house.

President Petr Pavel, who holds the power to appoint the next prime minister, is expected to open coalition talks with party leaders on Sunday once results are finalised. Officials have warned that the rollout of mail-in voting could slow the official confirmation.

Despite the strong showing, the failure to secure a majority means Babis cannot rule alone. Early signs suggest ANO may seek backing from the Motorists, a party opposing European Union green policies, and the far-right Freedom and Direct Democracy (SPD), which has campaigned against both NATO and the EU.

SPD deputy leader Radim Fiala told Czech television the party was ready to help topple the government. “We went into the election with the aim of ending the government of Petr Fiala and support even for a minority cabinet of ANO is important for us and it would meet the target we had for this election,” he said.

The partial results showed fringe pro-Russian parties underperforming. SPD managed 8 percent, while the far-left Stacilo! movement, centred on the Communist Party, failed to clear the 5 percent threshold to enter parliament.

Babis, who led a centre-left government from 2017 to 2021, has shifted sharply to the right in recent years. Once supportive of adopting the euro, he now brands himself a eurosceptic and admirer of US President Donald Trump, even handing out “Strong Czechia” baseball caps styled after Trump’s MAGA slogan.

He has also forged close ties with Hungarian Prime Minister Viktor Orban and aligned with far-right forces in the European Parliament.

While resisting SPD’s call for a referendum on leaving the EU and NATO, Babis has promised to end Prague’s arms procurement initiative for Ukraine, insisting military aid should be managed directly by NATO and the EU.

Self-described ‘Trumpist’ Andrej Babis has campaigned on pledges of welfare and halting military aid to Ukraine.

Czechs are casting their ballots in a two-day general election, in which the party of populist billionaire Andrej Babis is expected to garner the most votes but not secure a majority, raising concerns that Ukraine ally the Czech Republic may draw closer to pro-Russian European Union countries Hungary and Slovakia.

Polling stations opened at 12:00 GMT and will close at 20:00 GMT on Friday, before reopening from 06:00 to 12:00 GMT on Saturday, with the results expected on Saturday evening.

Even if Babis’s ANO (Yes) party tops the vote, it will almost certainly have to negotiate a coalition. Analysts say the likely contender is the far-right opposition SPD movement, which is backed by about 12 percent of voters.

Babis, 71, has campaigned in the EU and NATO member of about 11 million people on pledges of welfare and halting military aid to Ukraine.

The current centre-right coalition government of Prime Minister Petr Fiala, 61, has provided extensive humanitarian and military aid to Ukraine, but many voters blame it for ignoring problems at home.

“A change is necessary. The Czech Republic must be more autonomous, it must not be just a messenger boy for Brussels,” 68-year-old geographer Jaroslav Kolar told the AFP news agency.

But doctor Anna Stefanova, 41, told AFP she was afraid of a “sway towards Russia”.

Babis was critical of some EU policies while he was prime minister from 2017 to 2021, and is on good terms with Hungarian Prime Minister Viktor Orban and Slovakia’s Robert Fico, who have maintained strong ties with Moscow despite its February 2022 invasion of Ukraine.

However, Babis has rejected any steps towards exiting the EU or NATO, including calls for referendums, countering accusations by the current government that he would drag the country off its democratic pro-Western course.

ANO tops opinion polls, suggesting support exceeding 30 percent, ahead of Fiala’s Together grouping with about 20 percent.

Describing himself as a “peacemonger” calling for a truce in Ukraine, Babis has promised a “Czechs first” approach – echoing United States President Donald Trump – and pledged “a better life” for all Czechs.

In 2024, Babis cofounded the far-right Patriots for Europe group in the European Parliament, which also includes France’s National Rally among other parties.

Fiala said on X that voters would decide “whether we will continue on the path of freedom, high-quality democracy, security and prosperity, or whether we will go east”.

Some concerns about Russian propaganda being spread online over the course of the election period have emerged, though analysts say they cannot see a big shift in voter sentiment so far.

A group of analysts said last week that Czech TikTok accounts reaching millions of viewers “systematically spread pro-Russian propaganda and support anti-system parties through manipulated engagement”.

Last week, Moldova’s pro-Western governing party decisively won a parliamentary election plagued by claims of Russian interference and was widely seen as a definitive choice between staying in Europe’s orbit or lurching into Moscow’s.

Both Babis and Fiala have also seen scandals tarnish their reputations.

Fiala’s government is under fire over the justice ministry’s decision to accept $44m in bitcoins from a convicted criminal.

Babis, Slovak-born and the seventh-wealthiest Czech according to Forbes magazine, is due to stand trial for EU subsidy fraud worth more than $2m.

He has rejected all allegations of wrongdoing as “a smear campaign”.

Ken Griffin, the billionaire hedge fund manager and CEO of Citadel, recently turned heads after making a striking observation about Alphabet (GOOG 0.21%) (GOOGL 0.28%). During an interview at Stanford Business School, Griffin proclaimed that Alphabet wields comparable levels of computational power as the fifth-largest country in the world.

This is not mere hyperbole. Griffin’s remark underscores the vast scale of Alphabet’s technological infrastructure and its dominance in shaping the artificial intelligence (AI) revolution.

For investors, this comment is more significant than a memorable sound bite. It highlights Alphabet’s role at the center of AI’s growth, where demand for compute power and data processing is only accelerating.

Ken Griffin just made a bold statement about Google

When most people think of Alphabet, Google Search and YouTube are usually the first properties that come to mind. But the company’s influence stretches far beyond the internet.

Today, Alphabet operates across a diverse set of industries — ranging from cybersecurity through its investment in Wiz, to cloud computing with Google Cloud Platform, consumer electronics with Android, autonomous driving via Waymo, and even custom AI hardware with its tensor processing units (TPUs). In effect, Alphabet has quietly engineered one of the most powerful computing backbones in the world.

By comparing Alphabet’s resources to those of a nation, Griffin underscores the staggering scale of its capabilities in processing, storage, and advanced data workloads. For perspective, the world’s fifth-largest country in terms of electricity consumption falls between Japan and Russia — industrialized economies that power hundreds of millions of people.

If a single company like Alphabet commands that level of computational power, it signals just how central the company has become to the global digital economy.

Image source: Getty Images.

Alphabet is purpose-built for the AI infrastructure era

At the heart of Alphabet’s AI strategy is TensorFlow, its open-source framework for machine learning. TensorFlow is more than a toolkit — it’s an ecosystem powering advanced applications in natural language processing (NLP), robotics, computer vision, and more.

Griffin’s observation ties directly to this computational muscle: Alphabet’s vast infrastructure is the foundation for training and deploying AI models, at a scale few rivals can match. This isn’t simply about producing isolated AI-powered products — it’s about providing the tools, frameworks, and cloud infrastructure that enable developers, enterprises, and entire global communities to innovate.

That network effect is what strengthens Alphabet’s competitive moat. Just as Google Search became the default gateway to the internet two decades ago, Alphabet’s AI backbone is positioning the company as an enduring platform on which the next era of computing is built.

The impact on investors

Griffin’s comment underscores why Alphabet should no longer be seen merely as a cyclical play on digital advertising. Viewed through the lens of AI, Alphabet emerges as a long-term compounder — an essential force powering the AI economy. For investors, the takeaway is clear. Griffin’s perspective shines light on Alphabet’s deeply entrenched position across various corners of the AI landscape.

The company’s ability to marshal computational power on par with a nation highlights not only the durability of its entire business, but stresses the importance of its competitive advantages across both hardware and software — domains with enormous capital requirements and high barriers to entry.

GOOGL PE Ratio (Forward) data by YCharts

Yet despite its technological leadership, the stock continues to trade at a steep discount relative to other megacap tech peers based on forward earnings multiples.

This disconnect suggests that the broader market has yet to fully price in Griffin’s astute insight — leaving long-term investors with meaningful upside potential as Alphabet’s position in the high ground becomes even more pronounced, while rivals scramble to keep pace.

Billionaire Bill Ackman is one of the most widely followed investment managers on Wall Street. His Pershing Square Capital Management hedge fund has outperformed the S&P 500 in 2025. It’s up 22.9% as of the end of August, compared to a 10.8% gain in the benchmark index during that period.

Ackman’s outperformance stems from taking advantage of opportunities when the market temporarily undervalues certain stocks. He holds only a handful of positions in the fund, and he typically buys and holds them for a long time. Even better, he and his team are happy to share the details on social media and investor calls, making it relatively easy for average investors to follow along.

In May, Pershing Square disclosed that it had bought another member of the “Magnificent Seven” stocks. Its first Magnificent Seven stock, Alphabet (GOOG -0.72%) (GOOGL -0.73%), has been a longtime holding for the hedge fund, and represents one of its biggest holdings. While the new addition isn’t quite as large as its stake in Alphabet, it presents another great opportunity for those following Ackman’s investing style.

Image source: Getty Images.

A magnificent new position

The stock market saw some very big swings at the start of the year, which were exacerbated in early April by President Donald Trump’s tariff announcements. While the stock market was moving wildly, it presented several great opportunities for investors that could follow Warren Buffett’s timeless advice: “Be greedy when others are fearful.”

To that point, Ackman saw the chance to pick up one stock he’s been studying and has long admired. Amazon (AMZN -1.20%) shares fell on fears that tariffs would negatively affect its retail business, and that a slowing economy would produce less demand for its cloud computing services. Ackman and his team freed up capital by selling Pershing Square’s entire position in Canadian Pacific Kansas City to buy the stock.

Ackman got a steal of a deal. He said he bought shares at 25 times forward earnings estimates. While there was a lot of uncertainty at the time about whether those earnings estimates would need to be revised downward, Ackman had confidence that Amazon was well worth the price. In fact, he thinks the stock is still undervalued. “Although the company’s share price has appreciated meaningfully from our initial purchase, we believe substantial upside remains given its ability to drive a high level of earnings growth for a very long time,” he wrote in his letter to shareholders last month.

Here’s why Ackman may continue to hold Amazon shares for a very long time.

Two great category-defining businesses

Amazon essentially has two businesses: Its retail operations and its cloud computing platform. Ackman believes both still have room to benefit from long-term growth trends and opportunities for margin expansion.

On the cloud computing side, Amazon Web Services (AWS) is the largest public cloud provider in the world. It now sports a $120 billion run rate, and it’s about 50% bigger than its next-closest rival. It’s also tremendously profitable already. The segment sports a 37% operating margin over the past 12 months. To put that in perspective, Alphabet’s Google Cloud has an operating margin of less than half that (although it’s gaining leverage as it scales).

Despite Amazon’s large run rate, there’s still ample room for growth in both the near term and long term, according to Ackman. Amazon’s management has struggled to build out capacity fast enough to meet the surging demand from artificial intelligence customers. It’s spending over $100 billion on capital expenditures this year (some of that related to its logistics network), and management says that demand continues to outstrip supply growth. That situation is echoed by Alphabet’s management and other hyperscale cloud providers.

In the long run, Ackman expects more enterprises to move from on-premise computing to the cloud. He points out that just 20% of IT workloads are currently using cloud computing, but he expects that to invert over time, to 80% of workloads being in the cloud.

On the retail side of the business, Ackman points out that Amazon isn’t the only retailer affected by tariffs. In fact, it may be better suited to navigate the environment, as it sports a wide selection of goods. Amazon’s ability to offer reliable and convenient delivery on a growing number of items gives it an advantage over competitors.

That advantage is only improving as it continues to build out its logistics network and warehouse technology, and reduce costs. That allows it to get more items to more customers faster, all while decreasing its fulfillment expenses. Ackman points out that Amazon’s logistics improvements led to a 5% reduction in per-unit shipping costs last quarter. He thinks further improvements could lead it to double its retail profit margin from 5%. That’s a huge profit on a $550 billion business.

While Amazon shares have climbed significantly since Ackman established Pershing Square’s position, investors shouldn’t shy away from the stock at this higher price. The long-term trends favor Amazon’s businesses, and it’s a leading player in both.

Philippe Laffont was known for successfully investing in technology stocks before he founded Coatue Management, a technology-focused hedge fund, in 1999. Since then, he has grown the fund’s size to more $35 billion in assets under management.

Laffont has his finger on the pulse of the artificial intelligence (AI) revolution. His contrarian investment in Super Micro Computer, a company that manufactures high-end servers for data centers, turned some heads earlier this year.

Image source: Getty Images.

Coatue bought into Supermicro at a controversial moment, but it seems Laffont had a change of heart. At the end of June, there were zero shares of the custom server builder in its portfolio.

While Coatue was disposing of Supermicro with its left hand, it was buying up shares of Intuitive Surgical (ISRG -1.34%) with its right. The hedge fund snapped up 39,512 shares of the robot-assisted surgery pioneer in the second quarter.

Intuitive Surgical stock has tumbled this year, but Laffont has reasons to expect a rebound. Here’s a look at what they are to see whether this stock could be a good fit for your portfolio.

An unbeatable advantage

When the market closed on Sept. 12, 2025, shares of Intuitive Surgical were up 19,390% since its initial public offering (IPO) 25 years ago. A few years before its IPO, the Food and Drug Administration made the company’s da Vinci robotic surgical system the first one with clearance to assist with minimally invasive abdominal surgeries.

Medtronic, Johnson & Johnson, and Stryker market surgical robots, but they entered the market after Intuitive Surgical. The pioneer is still the largest member of its industry. At the end of 2024, there were 11,040 Intuitive Surgical systems installed in hospitals worldwide.

Intuitive’s massive installed base of machines isn’t sitting idle either. Surgical teams trained to use da Vinci systems performed 2.7 million procedures last year. Plus, Ion, its more recently launched lung tumor biopsy machine, performed 95,000 procedures last year.

To date, competing systems generally address procedures that don’t already employ da Vinci systems, such as knee replacements and spinal surgeries. Hospital systems can spend more than $1 million installing a da Vinci system and then an even larger sum supporting and training the professionals who will use it. That’s a huge advantage over newer surgical systems that competitors probably won’t be able to overcome.

Placing systems and training surgeons to use them generates revenue for Intuitive, but these aren’t the main sources. Around 84% of total revenue last year came from recurring sources such as instruments and accessories that must be replaced before each procedure.

Why Intuitive Surgical stock is down

Intuitive Surgical has been a terrific stock for its long-term shareholders, but it’s been a stinker this year. It’s down about 26% from a peak it set in February.

Fear that tariffs will pressure profit margins has been a weight on Intuitive Surgical’s stock price. When reporting second-quarter results in July, management reduced its adjusted gross profit margin expectation to a range between 66% and 67%. That would be a minor decline from the 69.1% gross margin reported last year, but this temporary setback is hardly a reason to avoid the stock.

Earlier this year, Medtronic submitted an application to the Food and Drug Administration to perform urology procedures with its Hugo RAS system. Roughly one-fifth of all procedures performed with da Vinci machines last year were in the urology category.

Investors concerned that the Hugo system will pull market share from da Vinci should know that its launch overseas hasn’t been very successful. It’s been authorized for sale in the European Union since 2021, but Medtronic still doesn’t tell investors how much revenue Hugo’s generating in its quarterly reports.

Time to buy?

In the U.S., hospitals considering a new surgical system for urologic surgeries could have a new option from Medtronic by the end of the year. Luckily for Intuitive Surgical, the da Vinci 5 system, which launched in March 2024, already makes Medtronic’s Hugo system seem outdated.

Despite tariff pressure, investors can expect significant growth from Intuitive Surgical. Management is forecasting overall procedure growth of 15.5% to 17.0% this year. High switching costs for hospitals could lead to procedure growth that continues rising for another decade or two.

With a stock price that’s been trading at 55.3 times forward earnings expectations, investors are already expecting profit growth at a double-digit percentage for years to come. Intuitive Surgical stock could fall hard if Medtronic or another competitor begins pressuring sales growth in the years ahead.

Given Hugo’s performance in the E.U., threats from well-heeled competitors appear toothless. Adding some shares to a diverse portfolio now could be the right move for investors with a high risk tolerance.

BROOKLYN Beckham is planning to open a burger joint in the US as he pushes ahead with his latest career ambition.

Insiders said he was being backed in the venture by his wife Nicola Peltz and her wealthy family amid his ongoing feud with his parents David and Victoria.

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Last month he quietly revealed the branding for Beck’s Buns, following a row with the beer brand Beck’s.

He tinkered with the application of his trademark to include restaurants and is pushing ahead with his plans.

Insiders said he hoped to open next year.

A source said: “Brooklyn has long dreamed of opening a restaurant in Los Angeles where he lives and that is finally coming to fruition.

“He has created Beck’s Buns and quietly launched it on social media last month. Brooklyn’s company Buster Sauce Inc owns the trademark and he is planning to open a restaurant.

“The issue with the trademark is all but resolved now after Brooklyn made it clear he wasn’t making booze but wanted it for a restaurant.

“The menu is still being decided but it’ll be high quality burgers with his signature Buster hot sauces.

“It’s been something Brooklyn has always wanted to do. He has the full support of Nicola and her family, including her businessman dad Nelson, and is excited about the future.”

Being a chef is the latest in a long line of career ambitions for Brooklyn, 26.

He has previously tried his hand at modelling, acting and photography.

He even had dreams of following in dad David’s footsteps as a professional footballer but failed to make the grade.

Brooklyn, David, 50, and mum Victoria, 51, are estranged following a series of rows, said to include disagreements over money.

Sources say he is now keen to move on and focus on his life with Nicola, 30.

4

Billionaire Steve Mandel and his hedge fund Lone Pine Capital have been a great one to follow for individual investors. Although some hedge funds have a poor record of underperforming the broader market, Mandel has substantially outperformed the market over the past three years. So, when he makes a move in his portfolio, investors should pay attention.

One thing Mandel did during Q2 was sell off some of his Microsoft shares. Although it wasn’t a massive move, the hedge fund reduced its position by about 5%. Then, Mandel used some of those funds to invest in another promising AI stock that has increased in value by nearly 800% over the past decade.

That stock? Amazon (AMZN -1.16%).

Image source: Getty Images.

AWS is the best reason to invest in Amazon right now

Amazon may not be the first company that comes to mind when you think about AI. Instead, it probably seems more like an e-commerce investment. While that sentiment is true for the consumer-facing portion, the reality is that a large chunk of Amazon’s profits comes from AI-related revenue streams.

The biggest is from Amazon Web Services (AWS), its cloud computing arm. Cloud computing firms are having a strong year, thanks to the massive demand generated by AI workloads. Because more companies can’t justify spending millions (or even billions) of dollars on a data center dedicated to training AI models, it’s far more reasonable to rent computing power from a firm that already has the capacity. That’s the idea behind cloud computing, and it has translated into strong growth for the business unit.

In Q2, AWS’s sales rose 17% to $30.9 billion. That’s strong growth, but it is a bit slower than its peers, Microsoft Azure and Google Cloud, which each grew revenue by more than 30% in Q2. However, AWS is much larger than both of these units, so it shouldn’t surprise investors that AWS is growing at a slower rate. AWS accounted for about 18% of Amazon’s total revenue in Q2, but it made up 53% of its operating profit. That’s because AWS has far superior margins compared to its commerce business units, making AWS a critical part of the Amazon investment thesis.

AWS is experiencing a significant boost from AI, making it a strong stock pick in this space.

But Microsoft is also a solid AI pick, so why is Mandel moving from Microsoft to Amazon?

Amazon’s stock looks more promising over the long term

From a valuation perspective, both companies trade at fairly expensive levels for their growth. However, they’re both priced about the same from a forward price-to-earnings (P/E) standpoint.

AMZN PE Ratio (Forward) data by YCharts

One thing Amazon has going for it that Microsoft doesn’t is the steady upward pressure on Amazon’s margins. Thanks to AWS and its advertising service business units being the fastest growing in Amazon, its margins are steadily improving. Although Amazon’s revenue growth rate appears to be somewhat slow, its operating income growth rate is actually quite rapid.

AMZN Revenue (Quarterly YoY Growth) data by YCharts

This trend still has years to unfold, which is a solid reason to transition from Microsoft to Amazon. I believe this will be a winning trade over the long term, as Amazon’s profits are expected to grow at a significantly faster rate than Microsoft’s, resulting in the stock outperforming its peer over the long term due to their similar valuations.

However, both stocks are still solid AI picks, and you can’t go wrong with either one.

Bill Ackman is one of the most closely followed investment managers on Wall Street. His Pershing Square Capital Management hedge fund holds just a handful of high-conviction positions, and he typically holds those positions for the long run.

Ackman is often forthcoming with the biggest moves in his portfolio. He’ll usually disclose new trades through his social media accounts or monthly updates to his hedge fund investors. But Pershing Square’s quarterly 13F filing with the Securities and Exchange Commission (SEC) can provide a full accounting of the hedge fund’s portfolio of publicly traded U.S. stocks.

Ackman made a couple of big moves last quarter, and now holds roughly 58% of the portfolio in just three companies.

Image source: Getty Images.

1. Uber (20.6%)

Ackman made a massive investment in Uber Technologies (UBER -2.28%) at the start of 2025, accumulating 30.3 million shares for Pershing Square. That immediately made the stock the hedge fund’s largest position, and it’s only grown bigger since. Uber shares are up 57% so far in 2025 as of this writing.

Uber continues to see strong adoption for both its mobility and delivery service. Total users climbed to 180 million last quarter, up 15% year over year, and it saw a 2% increase in trips per user. Delivery gross bookings climbed 20% year over year and produced strong EBITDA margin expansion. As a result, the company saw adjusted EBITDA growth of 35% year over year.

But the threat of autonomous vehicles is weighing on Uber stock. Ackman believes self-driving cars will benefit Uber in the long run, as it operates the network required for connecting vehicles with riders. That kind of network effect is hard to replicate, giving Uber a competitive advantage and a significant stake in the autonomous vehicle industry. To that end, the company has already partnered with 20 different companies, including AV leader Alphabet‘s (GOOG 0.56%) (GOOGL 0.63%) Waymo.

Shares of Uber currently trade for about 1.2 times its gross bookings over the past year. But with expectations for growth in the high teens, that puts it down closer to a 1 multiple. That’s historically been a good price to pay for the stock. In more traditional valuation metrics, its stock price is 3.9 times forward revenue expectations. Its enterprise value of $206 billion as of this writing is less than 24 times 2025 adjusted EBITDA expectations. Even after its strong performance in 2025, Uber shares still look about fairly valued.

2. Brookfield Corp (19.7%)

Ackman built a position in diversified asset manager Brookfield Corporation (BN -0.08%) over the last five quarters, adding to it each quarter since Pershing Square’s initial purchase in the second quarter of 2024. As a result, the stock is now the hedge fund’s second-largest position.

Brookfield saw its distributable earnings excluding carried interest and gains from selling investments climb 13% on a per-share basis last quarter. The company expects to produce distributable earnings growth of 21% per year from 2024 through 2029.

A huge growth driver for Brookfield is its Wealth Solutions segment, which grew total insurance assets to $135 billion as of the end of June. Its annualized earnings are now $1.7 billion.

The business is growing quickly. Just two years ago, insurance assets totaled $45 billion. Management expects the growth to continue with assets topping $300 billion by 2029. At that point, the segment will be the conglomerate’s largest contributor to distributable earnings.

Management is using its free cash flow to buy back shares and invest in new assets. This could further increase distributable earnings per share above its guidance for 21% organic growth over the next few years. Shares currently trade for less than 20 times management’s expectations for 2025 distributable earnings, offering compelling value for investors.

3. Alphabet (17.9%)

Ackman first bought shares of Alphabet in early 2023, shortly after the release of OpenAI’s ChatGPT. While many saw the growth of generative AI as a major threat to Alphabet’s Google, Ackman thought the market overreacted, offering a bargain price for the stock. While he trimmed the position a bit in 2024, he’s added back to it over the first two quarters of 2025, preferring the Class A shares (which come with voting rights).

Alphabet has produced strong financial results in 2025. Its core advertising business climbed 10% year over year last quarter, with particularly strong results from Google Search (up 12%). That speaks to the company’s efforts to incorporate generative AI into its search business with features like AI Overviews and Google Lens. The former has increased engagement and user satisfaction, according to management, while the latter lends itself to high-value product searches.

Alphabet has seen tremendous results in its Google Cloud business, which supplies compute power to AI developers. Sales increased 32% year over year, with operating margin expanding to 22% for the business. Overall, Google Cloud accounted for 43% of the total increase in Alphabet’s operating earnings last quarter, despite its relatively small size compared to the Search business.

That said, the company faces potential regulatory challenges to its business. The Department of Justice has ruled that it operates an illegal monopoly. The company is awaiting a ruling on required remedies, which could include divesting its Chrome browser or a ban on contracts positioning Google as the default search engine in other browsers.

As a result, Alphabet shares trade for less than 21 times forward earnings expectations. That’s the lowest multiple among the “Magnificent Seven” stocks and a great price for one of the leading AI companies in the world.

Billionaire Bill Ackman was busy in the second quarter, investing in two of the world’s largest tech companies. His hedge fund, Pershing Square Capital, started a new position in Amazon (AMZN 3.12%) and boosted its stake in Alphabet (GOOGL 3.10%) (GOOG 2.98%).

Ackman is a well-regarded investor known for running a concentrated portfolio: As of June 30, Pershing Square Capital’s portfolio had only 10 companies in it. So when it makes a big investment, it’s worth it for retail investors to pay attention and consider whether they want to follow.

Amazon

Pershing established a new position in Amazon in the second quarter, picking up 5.8 million shares. That made it the fund’s fifth-largest holding, accounting for 9.3% of its value as of Aug. 14.  

Amazon’s logistics network has always been the backbone of its e-commerce business, and now the company is employing artificial intelligence (AI) and even more robotics than before to make it even more efficient. The company is applying AI to such tasks as optimizing delivery routes, stocking warehouses more effectively, and directing drivers to hard-to-find drop-off locations in places like large apartment complexes.

Meanwhile, the company now has over 1 million robots working in its fulfillment facilities, and they’re being carefully orchestrated by its Deepfleet AI model. Its newer robots can do more than just lift heavy packages. Some can spot damaged goods better than humans (which lowers the number of returns), while some can even repair themselves. All of this saves money and speeds up shipping times.

AI is also strengthening Amazon’s advertising unit. Merchants can use its AI tools to create better product listings and ad campaigns. Advertising is a high-margin business that also has been one of the company’s fastest growing, with revenue up 23% last quarter.

Altogether, AI is helping drive strong operating leverage in Amazon’s e-commerce operations. Last quarter, its North American segment’s revenue rose 8% while its operating income climbed 16%. That kind of leverage is exactly what investors want to see.

Amazon’s cloud computing division, AWS, meanwhile, remains its most profitable segment and its fastest-growing. The company created the cloud infrastructure market and still holds a nearly 30% share of it. AI is now a major driver in that segment, too. Services like Bedrock and SageMaker allow customers to build and run models directly on AWS, while it recently introduced Strands and Agentcore to help customers build AI agents and safely run them in a secure, server-less environment. Meanwhile, the company’s custom-designed AI accelerator chips, Trainium and Inferentia, give it an edge in cost and performance. AWS continues to grow quickly: Revenue climbed 17.5% last quarter to $30.9 billion

Amazon is spending heavily on AI infrastructure, but history shows the company has a knack for winning big when it spends big. Trading at a forward price-to-earnings (P/E) ratio of about 30 based on analysts’ consensus 2026 estimates, the stock still looks appealing, particularly given its growth runway.

Alphabet

Amazon wasn’t the only tech stock Pershing was buying in the second quarter. It also picked up another 925,000 shares of Alphabet’s Class A stock. That increased its total stake in the company (which includes both Class A and Class C shares) by 8.6% to almost 10.8 million shares. Based on the latest public information, that made it the hedge fund’s third-largest holding, accounting for 15% of its value as of Aug 14.

Investors have worried that the growing use of AI chatbots will chip away at Alphabet’s Google Search business, but so far, that hasn’t happened. In fact, last quarter, Google Search’s revenue growth accelerated, increasing by 12% year over year to $54.2 billion. Alphabet has also built AI into its products. More than 2 billion people are already using AI Overviews in Google Search, and its new AI Mode is just starting to gain traction. The company is also using AI to advance its tools beyond simple text queries, with Google Lens and Circle to Search standing out as two prime examples. New commerce-focused tools like Shop by AI should also create new monetization opportunities for the company.

One key aspect of Alphabet’s competitive moat is distribution. Chrome currently controls two-thirds of the browser market, while its Android operating system runs more than 70% of smartphones. That makes Google the first touchpoint to the internet for billions of users. It also gives Alphabet a huge volume of data and search query histories that it can then funnel into its massive ad network.

Cloud computing is another big growth driver for Alphabet. Google Cloud’s revenue jumped by 32% in Q2 while its operating income more than doubled. Customers are drawn to Alphabet’s Gemini models, Vertex AI platform, and its custom-designed tensor processing units (TPUs). These TPUs lower costs for AI workloads and give Google Cloud a cost advantage. The business has finally reached scale and is now showing strong operating leverage.

Image source: Getty Images

Alphabet also has longer-term bets. It’s deploying its Waymo unit’s robotaxis into new cities as the driverless ride-share business shows strong momentum. Meanwhile, with its Willow quantum computing chip, it has made meaningful progress on error-reduction — one of the core challenges in quantum computing technology. These businesses are a long way from being mature, but their upside potential is enormous.

Despite all of this, Alphabet trades at just 19 times analysts’ 2026 earnings estimates. That is cheap for a company that’s an established leader in search, cloud, video streaming, mobile, and AI infrastructure. Among the big AI stocks, Alphabet looks the most attractively valued.

Solid buys

In my view, Amazon and Alphabet look like solid buys for long-term investors. While the stocks aren’t without risks, given their market positioning and current valuations, I think it makes sense to follow Ackman’s lead and own both stocks.

Mason Daunt said he would pick up the flowers himself. Like Mrs. Dalloway, he spends the day leading up to his big party — in his case a baby shower in Los Angeles — reminiscing and worrying. Unlike Virginia Woolf’s titular heroine, though, Mason is distracted from his errands by a billionaire with a penis statue emergency, a session with a wolfman dom in his favorite virtual reality dungeon and, as if that weren’t enough, a minor zombie apocalypse.

Jonathan Parks-Ramage knows exactly what he’s doing in evoking bourgeoisie Clarissa Dalloway’s routine in the opening section of his new novel, “It’s Not the End of the World.” Woolf’s most famous book is about an upper-class woman’s busy day, sure, but it’s also about the ways in which she is caged by the very expectations that come with her privilege, and it’s counterbalanced by the cultural uneasiness following World War I and the delusions and ultimate suicide of the novel’s other main character, PTSD-ridden Septimus Smith. Parks-Ramage takes the idea of a wealthy, sometimes frivolous main character getting ready for a party and dials it up to 11. But then, in an ambitious move that brings a delightful element of camp to the novel, he abandons that relatively safe and simple premise in favor of an exercise in maximalism. Which is to say that his plot goes off the rails — and it works.

Over the course of the first third or so of “It’s Not the End of the World,” readers learn about Mason Daunt and his world. It’s 2044, Mason is a white gay artist married to Yunho Kim, a formerly successful Korean American screenwriter recently blacklisted after being questioned by the House Anti-American Speech Committee, and the two are having a baby via a surrogate, Astrid. Money is never far from Mason’s mind, and he’s constantly aware of how much he and Yunho are spending: $10,000 a month for Astrid and her girlfriend Claudia’s L.A. rental; $100,000 on the baby shower, including a WeatherMod fee to ensure that the cloud seeding technology company will get rid of the pesky wildfire smoke and leave Mason and Yunho’s backyard to bask in L.A.’s promised sunshine.

Mason has everything, it seems: a loving and virile husband, a mansion, a closeted gay billionaire buying up his morally vacant art, and the latest iOSCerebrum installed in his brain (which, in order to make the virtual BDSM dungeon he goes to authentic, is “synced with his state-of-the-art ThrashJacketTM to ensure authentic haptic violence”). What could go wrong?

Only everything, of course. As the day’s events unfold, interrupted by flashbacks of the 14 months leading up to it, a mysterious pink fog begins to appear around L.A. No one knows what it is, but wherever it descends, people seem to lose their minds. By the time Mason gets home, he’s witnessed a brutal amount of violence perpetrated by those who’ve inhaled the pink fog. Parks-Ramage delights in the gory details, the intestines and missing flesh and dangling jawbones, bringing Mason up close and personal with the ugliness that he is, otherwise, guiltily but only intellectually aware of (Mason’s sessions with Vex, his dom, involve being shamed for his wealth and his part in deepening inequality amid worsening climate change). If you’ve seen “Sinners,” and enjoyed the campiness of its vampires, you’ll have fun with the not-technically-but-functionally zombies Parks-Ramage deploys in this section of the book.

Much like the worst kind of gender reveal party, Mason and Yunho’s baby shower has consequences. Mason, shockingly still alive following the shower’s events, is charged with murder. Yunho, Astrid, her baby and Claudia have all disappeared from Mason’s life, although they are, unbeknownst to him, living in one of his mansions in Montana, and have started a utopian anarchist commune with three dozen or so people. Most of the sections that take place on the ranch closely adhere to the perspective of 4-year-old Gabriel, the child of Mason and Yunho’s good friends and business partners. At first Gabriel is very happy on the ranch, living with their care pod, but as tensions are ratcheted up with a local militia, they’re increasingly exposed to violence and trauma.

Parks-Ramage doesn’t sugarcoat how bad things could get and, in fact, leans into the absurdities of what the world might look like if climate change continues unabated, American democracy crumbles even further and billionaires meddling in government gain more legitimacy (a basically immortal Peter Thiel turns up in the novel’s last section).

“It’s Not the End of the World” is a wild ride of a novel. Its ridiculous moments are clearly deliberate, and it’s not subtle — but as Mason used to think in college when his classmates critiqued his artwork for being too on the nose, “Well, the world was on fire so what was the point of being elliptical and academic?” Sometimes you have to laugh so you won’t cry — and as is usually the case with camp, there is something true and painful running beneath the humor.

In this case, it’s the question of children: Why do we have them? Are they our hope for the future or the reason we maintain an illusion of hope? Are they merely a way to give ourselves a pretense of immortality? Parks-Ramage doesn’t come to a specific conclusion, and although some of his more righteous characters seem to be firmly on the reproduction-is-immoral side, his depiction of Gabriel’s childlike wonder and imagination is tender and loving. It’s a good reminder that, no matter how awful or hopeless things get, we can still imagine dragons.

Masad, a books and culture critic, is the author of the novel “All My Mother’s Lovers” and the forthcoming novel “Beings.”

At the beginning of “Mountainhead,” written and directed by Jesse Armstrong of “Succession” fame and premiering Saturday on HBO, three multibillionaire tech bros make their way by private plane, helicopter and SUV caravan to join a fourth in a big modernist house on an isolated, snowy mountaintop for a weekend of poker and drugs — “no deals, no meals, no high heels.” One might wish for an avalanche, were there anything higher to fall on them.

Venis (Cory Michael Smith), the world’s richest man — imagine Musk, Bezos and Zuckerberg put in a blender, as perhaps you have — commands a social media site with, wait for it, four billion subscribers, and has just released new “content tools” that allow for super high-res “unfalsifiable deep fakes.” As a result, the sectarian world is going up in flames. Jeff (Ramy Youssef), a rival who had poached members of Venis’ team, has an AI algorithm capable of filtering out the bad information which Venis, closing the digital barn door after the cow is out, wants to acquire; but Jeff, for reasons of profit, power and/or ego, is not going to let it go.

Randall (Steve Carell), their gray-haired guru — they call him “Papa Bear,” though Jeff also dubs him “Dark Money Gandalf” — controls a lot of international infrastructure, including military. Preoccupied with his mortality — told by his latest oncologist that his cancer is incurable, he responds, “You are not a very intelligent person” — he’s hoping to upload his consciousness to the grid, a possibility Venis assures him is only five years off as long as he can get his hands on Jeff’s AI. The relatively inoffensive Hugo (Jason Schwartzman), whose house it is, hopes to expand the meditation app he created, into a lifestyle super app — offering “posture correction, therapy and a brand new color” — with his friends’ investment of “a b-nut,” i.e., a billion dollars. They call him “Souper,” for “soup kitchen,” because he is worth only $521 million. He’s the runt of the litter, and the comedy relief.

Jason Schwartzman plays Hugo, only worth half a million, who is the comedic relief in “Mountainhead.”

(Macall Polay / HBO)

For no given reason, they call themselves the Brewsters — perhaps just so they can crow “cock-a-doodle-brew.” They are full of themselves — “The great thing about me,” says Randall, “is that I know everyone and do everything” — and basically insecure.

They rewrite their fundamental nihilism into the belief that their business is good for mankind, whatever the actual human cost. “You’re always going to get some people dead,” Randall says. “Nothing means anything,” Venis says, “and everything’s funny and cool.” (But he does miss his mother and, in a particularly creepy interlude, his baby is brought up the mountain for an uncomfortable minute.) In the only scene to take them out of the house, the four travel to the crest of a mountain, where Hugo writes each man’s net worth in lipstick on his chest, they don hierarchical headgear and shout, “Mountain god accelerator legacy manifestation!” into the valley below, each adding a wish. It is, seemingly, something they have done before.

Randall name-checks philosophers — Hegel, Kant, Nietzsche, Plato, Marcus Aurelius — he misunderstands to his advantage and drops references to the Catiline Conspiracy and the Battle of Actium to make base actions sound important and dignified. He calls the president a “simpleton” — one assumes Armstrong is reflecting on the current one — but for all their power, money and influence, they all lack wisdom. And if recent years have taught us anything, it’s that these things are not mutually exclusive.

Venis thinks the violence engulfing the globe, which cannot touch him, may prove cathartic; Randall is “excited about these atrocities.” They discuss taking over “failing nations” to “show them how it’s done.” (In perhaps the film’s funniest line, Hugo, who has been working on his house, muses, “I don’t know if I want to run Argentina on my own — not on the back of a major construction project.”) They trade in gobbledygook phrases like “AI dooming and decelerationist alarmism,” “compound distillation effect” and “bootstrap to a corporate monarchy, cyber-state it to the singularity, eat the chaos,” which for all I know is just Armstrong quoting things people of this sort have actually said. It seems possible.

As the only one with a sense of humor and a semblance of perspective, Jeff is the most sympathetic of this toxic crew. He tracks the worsening world situation with some empathetic concern, but even though he holds the key to end the madness, he does not seem in a hurry to turn it. (Mostly he is concerned with his girlfriend, who is in Mexico, not so much because of the unrest, but because he fears she’s having sex.) Still, he stands a little apart, to his peril.

The first half of the film proceeds essentially as a play for four characters. Apart from Hugo’s asking for “help with the cold cuts” or inquiring whether everyone’s cool with reusing plates, there is a scarcely a line in which people talk like people; it is all theatrical declaration. To some extent it fits the coldness of the quartet — they hug and hoot and occasionally express a droplet of emotion, but the friendship on which they insist is competitive, transactional and illusory. They are not good company, but for those of us less than impressed by the whole “move fast and break things” thing, or not willing to bow down before ChatGPT and OpenAI or the actual tech billionaires deforming the world, there is some fun in watching them fall apart. In some ways, “Mountainhead” (rhymes with “Fountainhead”) feels as much a public service as an entertainment. So thanks for that, Jesse Armstrong.

When, in the farcical, action-oriented second half, some attempt to execute a … plot, they bumble and argue and push each other to the front. It is an old kind of movie comedy, and works pretty much as intended.

Donald Trump had just been elected president when I first visited the sprawling Wyoming ranch of conservative billionaire Phil Anschutz in late 2016.

But my tour guides didn’t let President Trump’s well-known disdain for wind power stop them from sharing their story: With Anschutz’s fortune behind them, and huge profits ahead, they were preparing to build America’s largest wind farm. America’s future was renewable.

When I visited again in 2022, their story was the same: Wind turbines, all the way.

Not anymore.

After Trump returned to office this year and began weaponizing federal departments against clean energy, wind in particular, with a vengeance unlike anything seen during his first term, Anschutz’s Power Co. of Wyoming updated its website. The company now planned to build a gas-fueled power plant as large as 3,200 megawatts, it said in February. That would be the country’s second-largest gas plant, after a facility in Florida.

Anschutz’s 3,550-megawatt wind farm remained under construction, as did a long-distance power line capable of transmitting the electricity to California. But the way the company described its mission had changed.

Until at least Feb. 11, the website’s home page, as documented by the Internet Archive, was titled, “Putting wind to work for Carbon County.” It said the wind farm’s benefits would include “a reliable, competitively priced supply of renewable electricity” that would “help America reduce greenhouse-gas emissions.”

Now the page says nothing about heat-trapping emissions or renewable electricity, and little about wind. Instead, it’s littered with Trump-esque language about “American-made energy” and “electricity that our nation needs.”

There’s still a separate section of the site describing the wind project and its benefits. But atop the home page, a banner that previously featured two pictures — one of wind turbines, one of the U.S. flag and the Wyoming state flag fluttering in the wind — has been updated. In place of the flag picture, there’s a gas plant.

Why might an energy company owned by a Republican mega-donor feel the need to make such a pivot?

Phil Anschutz, left, watches the Lakers play the Minnesota Timberwolves in 2011.

(Gary Friedman / Los Angeles Times)

Simply put, Trump despises wind turbines, an obsession that dates to the early 2010s, when he tried and failed to block an offshore wind farm he believed would ruin the view from his Scottish golf resort. In January, he issued an executive order blocking construction of Lava Ridge, an Idaho wind project approved by the Biden administration. Trump’s appointees have paused federal permitting for all wind farms, which experts say is most likely illegal.

In their most brazen attack yet, last month Trump’s appointees ordered the Norwegian company Equinor to stop construction of Empire Wind, an ocean wind farm off the coast of Long Island that will help power New York City. The company had already invested $2.7 billion in the project. Until the Trump administration lifted the stop-work order this week, Equinor executives said they were days away from canceling Empire Wind entirely.

Given those events, it’s possible Anschutz’s pivot toward gas is a “strategic play” to avoid incurring Trump’s wrath, said Leah Stokes, an associate professor of climate and energy policy at UC Santa Barbara.

“Trump has been attacking wind so much,” she said.

Anschutz spokesperson Kara Choquette gave me a different explanation for the company’s gas-plant plan — one that had nothing to do with Trump. She cited “unprecedented demand growth,” alluding to the rapid adoption of artificial intelligence technology that’s driving a data-center boom — and a corresponding need for electricity.

“Market demand has always been the driver for our projects,” Choquette said via email.

In a filing with Wyoming regulators, the Anschutz Corp. expressed interest in selling power to “hyperscale data centers” that could be built on its Wyoming ranch. That power could come from the wind farm, the gas plant or a 1,000-megawatt solar farm that Anschutz is also interested in constructing.

A mix of wind and gas, Choquette told me, “will provide firm, reliable power at a meaningful scale and size.”

PacifiCorp’s Ekola Flats wind farm outside Medicine Bow, Wyo., seen in 2022, has 63 turbines, most of them rated at 4.3 megawatts.

(Robert Gauthier / Los Angeles Times)

But Stokes, who helped craft portions of President Biden’s climate law, the Inflation Reduction Act, wonders if the gas plant proposal is largely performative. A surge in gas-plant construction, fueled by AI demand, has led to long delays for gas turbines. The research firm Wood Mackenzie reported this month that some energy developers are finding the earliest they can bring new gas plants online is 2030. Turbine costs have also hit all-time highs.

Meanwhile, solar and batteries made up nearly 84% of new power capacity built in the U.S. last year.

“You’ve got to build batteries and solar, because that’s the only thing you can build fast,” Stokes said.

Thus far, Anschutz’s company hasn’t applied for a gas-plant permit from Wyoming officials. But the Denver-based billionaire won’t lack for resources if and when he decides to move forward. He owns the Coachella music festival, the Los Angeles Kings and L.A.’s Crypto.com Arena, among other lucrative assets. He’s already spent at least $400 million over more than 15 years permitting and beginning to build the wind farm and 732-mile power line.

The wind farm and power line could help wean California off fossil fuels, supplying bountiful clean energy during the evening and nighttime hours, when solar panels stop generating and batteries aren’t always sufficient.

But if Anschutz does indeed build the nation’s second-largest gas plant, the air pollution could be significant.

Gas is usually cleaner than coal. But gas combustion still results in harmful pollutants, including nitrogen oxides, which the American Lung Assn. says can cause asthma attacks and reduced lung function. Gas also fuels the worsening heat waves, wildfires and storms of the climate crisis, especially when it leaks from pipelines and power plants in the form of methane, an especially powerful heat-trapping pollutant.

Anschutz’s company says on its website that the gas plant will be “hydrogen-capable and carbon-capture-ready” — meaning the facility will be capable of eventually switching from gas to clean-burning hydrogen, and ready to add installations that capture heat-trapping carbon dioxide before it escapes into the atmosphere.

The city of Glendale’s gas-fired Grayson power plant, seen in 2023, sits near the banks of the Los Angeles River.

(Myung J. Chun / Los Angeles Times)

In theory, those are nice ideas. In practice, both technologies mostly don’t exist yet in commercial, reliable form. Hence the “capable” and the “ready.” A 3,200-megawatt gas plant would be a big polluter.

“There are water issues. There are wildlife issues,” said Rob Joyce, director of the Sierra Club’s Wyoming chapter. “Even if it is on private land on their ranch, it’s something we should be concerned about.”

Shutting down all gas plants isn’t realistic, at least not yet; even California still depends on gas for one-third of its electricity. But scientists say building new gas plants, especially in richer nations like the U.S., is incompatible with a safe future for human civilization. Not to mention financially questionable, when solar and wind are cheaper.

Here’s hoping Anschutz doesn’t actually build a giant gas plant.

Perhaps just as importantly, here’s hoping America’s most wealthiest and most powerful people and institutions stop caving to Trump’s diktats. Universities, Fortune 500 companies, marquee law firms, billionaires — do they really think if they just give Trump a splash of what he wants, he won’t ask for more? And then he’ll leave office peacefully, and democracy will be fine? And we’ll maintain a livable climate and functioning economy?

I can’t know for sure if Anschutz’s gas-plant proposal is designed to appease Trump.

But Power Co. of Wyoming has definitely undergone a rebranding since he took office.

On its profile page on social media platform X — where it’s long posted under the username “welovewind” — the company used to describe itself as a supplier of “diverse, high-capacity, reliable, ‘Made in Wyoming’ wind power to help meet region’s [renewable portfolio standard, greenhouse gas] and economic growth goals.”

Sometime between late January and early March, though, the description changed. Now it reads: “High-capacity, reliable, clean, ‘Made in Wyoming’ electric power to help meet diverse market demands and goals.”

ONE MORE THING

On this week’s Boiling Point podcast, I talk with Sadie Babits, a climate editor at NPR and author of the excellent new book, “Hot Takes: Every Journalist’s Guide to Covering Climate Change.” We talk about how reporters can do a better job tackling one of the biggest stories of modern times — and how news consumers can help them.

You can listen to my conversation with Sadie on Apple Podcasts, Spotify or YouTube.

This is the latest edition of Boiling Point, a newsletter about climate change and the environment in the American West. Sign up here to get it in your inbox. And listen to our “Boiling Point” podcast here.

For more climate and environment news, follow @Sammy_Roth on X and @sammyroth.bsky.social on Bluesky.

Correction: Last week’s newsletter used the wrong name for a nuclear plant in Washington state. It’s Columbia Generating Station, not Centralia. Centralia is a coal plant.

TRAGIC billionaire Mike Lynch’s superyacht sank because it was vulnerable to wind, a report claims.

Investigators examining the sinking of the 180ft Bayesian off Sicily last year say it was knocked over by “extreme wind” and could not recover.

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Brit tech tycoon Lynch, 59, and daughter Hannah, 18, were among seven killed in the disaster.

An interim report by the Marine Accident Investigation Branch said the yacht had a “vulnerability” to lighter winds but the owner and crew would not have known.

It added it had “limited verified evidence” as the criminal probe in Italy had restricted its access.

Andrew Moll, chief inspector of marine accidents, said: “The findings indicate that the extreme wind experienced by Bayesian was sufficient to knock the yacht over.

“Further, once the yacht had heeled beyond an angle of 70° the situation was irrecoverable.

“The results will be refined as the investigation proceeds, and more information becomes available.”

Five people were injured “either by falling or from things falling on them”, while the deck hand was “thrown into the sea”, a report said.

Two guests used furniture drawers “as an improvised ladder” to escape their cabin.

The skipper instructed guests and crew on an area of the deck to “swim clear of the mast and boom as the vessel was sinking”.

Survivors later made their way onto a life raft released from the Bayesian.

They went on to be rescued on a small boat dispatched by yacht Sir Robert Baden Powell, which was also at anchor nearby.

A search was conducted of the accident site.

All the bodies of those who died were subsequently recovered by the local authorities.

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