Spencer Jakab

speaker

249 appearances 4 recordings 3 series first heard Jan 2026 last heard 30 Jun

Spencer Jakab’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 4 in all, peaking in Jun 2026 with 2.

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The Compound and Friends · Steroid Era With Spencer Jakab, the F***’s Going on With Strategy?, Margin Debt · 30 Jun 2026 podcast

I thought I'd

So I jumped into the discussion.

We're both on the call.

Thank you.

Well, you've got a couple of things going on.

One is that what's holding up earnings is that you have these hyperscalers spending a lot of money, but it's only going through the P&L pretty slowly because they've extended the depreciation of all these chips and equipment and servers that they're buying.

And it's immediate revenue and profit for other people in the market.

And so that's kind of...

turbocharging the earnings.

But there's going to be a hell to pay for that later on when it goes into reverse.

Another thing, though, is very interesting is that the stakes in these still private AI companies, I mean, Anthropic, OpenAI, but also other companies you haven't heard of, a lot of them are stakes held by companies like NVIDIA, Alphabet,

Those stakes have to be revalued according to accounting rules, according to GAAP accounting rules.

Yeah, like you know how you listen to, or you don't listen to because they don't have earnings calls, but you see Berkshire Hathaway's quarterly statements, and they don't mean anything anymore because they have stakes in all these companies and they're going up, they're going down, and they tell you not to focus on that.

And it's not like Alphabet's telling you to focus on it and NVIDIA's telling you to focus on it, but those are such big companies and these stakes are so big.

that it's moving the needle for the entire stock market.

It's creating this illusion of more rapid earnings growth.

This professor at the University of Florida, Bao-Lan Wang, looked at it and he said it was equivalent to, let's say, about 12% of the first quarter's net profit.

And his preliminary numbers say it's going to be two or three times as large

for the second quarter so you know these are big numbers and so it it creates the impression i mean earnings growth already is rapid but it it creates the impression of even faster earnings growth and these are these are not cash gains these are not things that are being sold and cashed in on they might be one day but it's just an accounting thing that you you have to do and just to perspective the the first quarter the

Earnings growth was very rapid.

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