Kim Kahn

300 million Blackwells in the U.S., 1.2 globally, and potentially 2 billion within 15 years.

And that's before you add what Jonas calls the rest of the fleet.

Humanoid robots, electric vertical takeoff and landing carriers, drones, construction and manufacturing bots, and even surgical robots.

He says it's not a stretch to imagine a world with tens of billions of Blackwell-class computers at the edge, each one humming away with its own cooling system, data centers, and AI jobs to do.

And in the Wall Street Research Corner, investors should consider shorting bonds of hyperscalers, but hold off on major shorts of the broader AI trade, according to B of A. Strategist Michael Hartnett said hyperscaler cash flow is no longer sufficient for Amazon, Alphabet, Meta, Microsoft, and Oracle to sustain the ongoing AI CapEx arms race.

He pointed out that more than $120 billion in bonds have been issued over the past seven weeks, and that even the AI kings are hinting at the need for a government backstop to help lower funding costs.

Hyperscaler credit spreads have widened from 50 basis points in September towards 80 basis points, suggesting the lows are in.

Hartnett also added that U.S.

tech bond prices fell 8% in the 12 months leading up to the March 2000 bubble peak.

For AI, he said, markets are already flashing plenty of watch-out signs, but real get-out signals always come with rising rates.

And for now, the Fed ain't hiking and yields ain't spiking.