SMCI’s Margin Flip Looks Real. Cash Is the Trap.
Gross margin doubled overnight. The $60B backlog is not revenue. And the balance sheet funding this order book is already…
August 11, 2026
Washington Owns 30 Tech Stakes. Nobody Can Find the Ledger.
The U.S. has deployed $26.7 billion across chips, AI labs, quantum, and rare earths. The portfolio has no public address.