In Italy, there's this myth that the country could thrive on tourism alone. Tourism isn't a bad thing, but being an open-air museum is no economic model. The sector has low productivity & offer low wages. In Orange, you can see productivity in tourism compared with other sectors
Source: Elisa Mosini (X)
Nvidia's Singapore sales VANISHED from disclosures as scrutiny of Megaspeed intensified: Singapore generated $10.2 billion in Nvidia revenue in the quarter ended July 2025, accounting for 22% of total sales, posting a massive growth of +81% YoY.
In June 2025, Nvidia placed Megaspeed on its internal block list, prohibiting further sales and shipments, before changing its geographic reporting methodology the following quarter.
Starting in October 2025, Nvidia switched from reporting revenue by customer billing location to customer headquarters, REMOVING Singapore as a separate reporting category. Subsequent revisions reclassified most previously Singapore-billed revenue as US-related, while also increasing reported revenue from China and Taiwan.
Meanwhile, Nvidia has still not explained where Megaspeed-related sales were classified under either methodology or whether the reporting change was connected to the cutoff.
Ads and more ads in AI Mode. Pack of ads at the bottom, the sources are from Google's shopping graph, which when clicked, trigger a product panel revealing more ads (Sponsored Stores). Yep, Google is pushing more ads there like we know they have to.
Source: Glenn Gabe (X)
+1
The polar vortex has collapsed earlier than expected
The early polar vortex collapse warrants close monitoring for European gas markets, as colder-than-normal temperatures could accelerate storage drawdowns—though the ultimate price impact remains dependent on short-term weather model revisions
A strong draw on European gas storage is expected over the coming months. End-of-winter fill rates are expected to be at 23% in our base case. A cold winter would bring stocks as low as 17%, with Germany and Netherlands dragging down the European average. These levels are at the very low end of the historic range, undercut only once in 2018.
❄️ Weather remains the dominant driver of gas demand. Cold conditions can add over 400 TWh of incremental gas demand to Europe over this winter.
⚓ LNG can absorb only parts of additional cold winter demand. Pipeline supplies are nearly maximized. Storage picks up the slack and falls into increasingly tight territory under extreme weather conditions. Expect price volatility during Q1 ’27 as a consequence. 💲 The strong drawdown on gas storage implies a shift of price risks towards 2027 contracts. We are bullish for most of 2027 as market prices are not yet fully factoring in the need for a strong refill program of gas storage during summer 2027.
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Trading: TTF Natural Gas Hits 103, Gaining Nearly 5% on Tight Supply
The European gas benchmark extends its rally into critical pre-winter delivery periods as structural storage deficits materialize.
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