What a change to the dollar's backing would mean.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

A signature they have not seen since 1971 Read online     🤝 TOGETHER WITH FIRST BALLOT DIGITAL Trump Is Preparing a Financial Executive Order Unlike Anything Since 1971. Here's What It Means for You. What a change to the dollar's backing would mean for savings held in cash. See The Details   Scale-up optics, not another GPU guide It always comes down to the I/O.     ⚡ THE SETUP MarketBeat, September 10. At Citi's Global TMT Conference, Marvell CEO Matt Murphy said the company can do about $12 billion in revenue this year and about $18 billion next, roughly $30 billion over two years, versus about $9.5 billion and more than $11 billion, about $20 billion combined, a year earlier. The same MarketBeat piece. Teralynx switching, from the Innovium acquisition, is on track to exceed $1 billion. It had been framed around $150 million. Scale-up optics (NPO, CPO, and broadband analog) had been framed at $0 to $300 million next year. Murphy walked that band higher. Seeking Alpha transcript, September 9. Murphy and CFO Dan Durn sat the Citi lunch keynote. More than 20 custom AI-silicon design wins across four major U.S. hyperscalers, XPU and XPU-attach. Connectivity stays the franchise. Get the name before the next market open >> The Financial Times just confirmed it: China peaked in 2021, and AI can't save them. A record $425 billion is fleeing their markets. Paid advertisement from Behind The Markets. Investing involves risk including loss of principal. (From Behind The Markets)   Marvell did not walk a GPU guide. It walked the I/O. About $12 billion this year. About $18 billion next. Teralynx past $1 billion. I am sitting with scale-up optics, not with another conference print. MarketBeat put Murphy on the record from Citi's Global TMT on September 9 and 10. Marvell. MRVL. The two-year book moved from about $20 billion combined to about $30 billion. That is the tell. It is not the mechanism. The mechanism is networking and scale-up optics. Teralynx switching, bought with Innovium, is on track to exceed $1 billion after a $150 million frame. Near-packaged optics came with Inphi. Co-packaged optics came with Celestial AI in December 2025. Broadband analog, NPO, and CPO had been framed at $0 to $300 million next year. Murphy walked that band higher. "it always comes down to the I/O." I keep that line. Would you actually underwrite another GPU guide, or would you underwrite the scarce layer that has to move bits between the GPUs? Seeking Alpha carried the Citi transcript from September 9. Custom AI silicon is the decoy. More than 20 design wins across four major U.S. hyperscalers. The franchise Murphy named is connectivity. Dan Durn sat next to him. TSMC shows up as supply. Longer-term arrangements on wafers, substrates, and backend. That is how you ship optics and switches. Most of the tape will trade the conference. The second derivative is the I/O behind every GPU those four hyperscalers already booked.     📊 BY THE NUMBERS ~$30B two-year revenue Murphy can now see (MarketBeat) >$1B Teralynx switching, was ~$150M $0-$300M the old scale-up optics band Murphy walked higher   A conference print does not ship a photon.     This morning the scarce piece is the I/O.   Scale-up optics is the tap.     🔎 THE SECOND DERIVATIVE Somebody else has to move the bits once the GPUs are full. Marvell already owns Teralynx switching, Inphi NPO, and Celestial AI CPO. The conference is the event. The optics are the product. Who underwrites that scarce layer first is the tap I want.       📢 ADVERTISEMENT Do NOT Buy Physical Gold (Here's Why) Physical gold generates no income and can be confiscated. Tokenized gold means real bars in institutional vaults while you hold the keys, with the opportunity to earn yield. Paid affiliate advertisement. Educational only. DM Intelligence LLC dba Decentralized Masters are not licensed financial advisors. Yields are not guaranteed and results are not typical. Digital asset investing involves substantial risk including total loss. Past performance does not indicate future results. Watch the Presentation (Ad) Decentralized Masters       ⚖️ THE COUNTER The foil is treating Citi as AI semis had a good conference, or sitting with custom silicon design wins as if they were the guide raise. MarketBeat named networking and scale-up optics. Seeking Alpha named the Citi transcript. A custom-silicon logo is not an optical engine.   The I/O layer is the one I want a tap on.     📢 ADVERTISEMENT The Magnificent Seven Will Not Lead the Market Forever After a volatile first quarter, our analysts think the rotation is already underway. This report names the seven they believe could lead the back half of 2026 instead. Free report. Not investment advice. All investing involves risk of loss and past performance does not guarantee future results. Get the Free Report (Ad) MarketBeat       👀 WHAT TO WATCH Watch whether the scale-up optics contribution actually prints above the old $0 to $300 million band. Watch whether Teralynx clears $1 billion. Watch whether Murphy still says it always comes down to the I/O.   Knox Bennett, Lead Strategist, Strategic Compute P.S. If the scarce layer is scale-up optics, do you sit with another GPU guide or with the I/O that has to move the bits? Reply and tell me.     📢 P.P.S. ADVERTISEMENT Check Your Power Bill: A New 'AI Tax' Is Rolling Out The cost of the build-out is landing on consumers. Which companies collect it. Past performance is not indicative of future results. All investing involves risk of loss including total loss of principal. Not investment advice. (Ad) Stansberry Research       📰 ALSO WORTH YOUR TIME MarketBeat, September 10. Murphy at Citi: the $12 billion / $18 billion book, Teralynx past $1 billion, and scale-up optics walked higher. McKinsey Says This New Technology Could Unlock $4 Trillion a Year Elon Musk is moving into an industry that could eventually dwarf everything he has done before. Paid advertisement from The Oxford Club. Investing involves risk including loss of principal. (Ad) Oxford Seeking Alpha, September 9. The Citi Global TMT transcript. Murphy and Dan Durn. Connectivity as the franchise. A market brief that lands before the open. Overnight moves, the day's calendar, and the levels worth watching. Free. (From Good Morning Alerts) The Party Poopers at Nasdaq Don't Want You to See This What happens between the close and the open, and why most retail traders never touch it. Results are not typical and most traders lose money. Past performance is not indicative of future results. All trading involves risk of loss including total loss of principal. Not investment advice. (Ad) Millionaire Publishing       AI ARMS RACE A Guardian Financial Publishing title WHY YOU'RE RECEIVING THIS EMAIL You're receiving this email because at some point, you opted in to receive updates, news, or information on a specific topic we've previously discussed or shared. Whether it was through a subscription, a form submission, or another form of communication, your information was shared willingly, and we respect your decision to connect with us. Thank you for taking the time to read this. This message is part of an ongoing conversation between us, and we want you to have full transparency about why you received it, how your information is handled, and what to expect from future emails. SUBSCRIPTION & DELIVERY Your subscription is confirmed and your delivery preferences are up to date. You are currently receiving content based on the schedule and frequency associated with your registration. If you need to adjust your delivery window, change your email frequency, or pause updates temporarily, reply to this message and our team will process your request within one business day. A confirmation of your original registration is available upon request. UNSUBSCRIBING OR MANAGING YOUR PREFERENCES Everyone's inbox is different. If you ever find our emails no longer relevant, there's no hard feelings — use the unsubscribe link at the bottom of this email and it takes effect on the first click. If you'd rather adjust what you receive than leave entirely, reply with the word PREFERENCES and our team will help you tailor your delivery. We don't use tricks or gimmicks to keep you subscribed. Our priority is that these emails add value to your day, and if they don't, we respect your decision to part ways. CONTACTING US Questions about your subscription or anything you read here? Reply to this email or write to contact@guardian.pub. Mail can be sent to Stable Financial Publishing, 1013 Centre Road, Suite 403-D, Wilmington, DE 19805. We read every reply. CONTENT DISCLAIMER AI Arms Race is for informational and educational purposes only and is not investment advice, a recommendation, or an offer to buy or sell any security. Investing involves risk, including the possible loss of principal, and past performance does not guarantee future results. We publish analysis of supply chains, capital spending, and the companies inside them — we do not issue buy or sell calls and we do not set price targets. What you do with your own money is your decision. SOURCING AND ATTRIBUTION Our analysis is written from primary facts — filings, contracts, earnings figures, agency data, and reporting from outlets we name. When a fact comes from another publication we say so in the text and link the original article so you can read it yourself. Quotes are reproduced accurately and attributed. Figures are drawn from named sources and stated with their context. If you believe we've published something incorrectly, reply with the detail and the source. We check it and print the correction. HOW WE MAKE MONEY AI Arms Race is free to read. We keep it that way by including paid advertisements and affiliate links in some emails. If you click a link or make a purchase, we may receive compensation from the advertiser at no cost to you. Sponsored placements never change our editorial views, and every paid placement is labeled where it appears. PAYMENTS & FRAUD PROTECTION We will never ask you to provide payment card numbers, bank account details, or login credentials by email. Any message requesting this information should be considered fraudulent and reported to our team immediately. If you have a question about a purchase made through us, reply within 30 days of the transaction date and a member of our team will provide your records. REPORTING SUSPICIOUS EMAILS If you receive a message claiming to be from AI Arms Race or Guardian Financial Publishing that looks suspicious, do not click any links in it. Forward it to our support team so we can investigate and protect other readers. PRIVACY & DATA HANDLING We take your privacy seriously and we do not sell your personal information. This section describes how we collect, use, and protect it; full details are in the Privacy Policy linked below. What we collect. The information you give us at signup or later by reply — typically your email address, and sometimes your name or phone number. We also receive technical information when you open an email or visit one of our pages, including IP address, browser and device type, and operating system. Our emails contain tracking pixels and tagged links that tell us whether a message was opened and which links were clicked, which is how we measure what is worth sending. How we use it. To deliver the content you signed up for, respond to your inquiries, maintain your subscription records, and improve what we publish. Service providers. We use outside vendors to send email, host pages, and measure performance. These providers process data on our behalf, under contract, and only for the purposes described here. They are not permitted to use your information for their own purposes. Your rights. You can ask what personal information we hold about you, correct it, or request that we delete it. Email contact@guardian.pub with your request and the address you subscribed with. Depending on where you live, you may have additional statutory rights, including under California, Colorado, and Virginia privacy law. Children. This publication is intended for adults. We do not knowingly collect personal information from anyone under 13. If we learn that we have, we delete it promptly. Changes. We may update this privacy policy occasionally. Changes will be reflected on the linked page. ACCESSIBILITY AND COMMUNICATION If you have trouble accessing the unsubscribe page, managing preferences, or understanding why you're receiving this email, reach out directly to our support team. We aim to respond within a reasonable time frame and address your concerns effectively. Our communication is designed to be as inclusive as possible, but we know there's always room for improvement. If you have feedback on how we can make our emails more accessible or relevant, please don't hesitate to share. LEGAL INFORMATION We comply with all applicable laws and regulations regarding email communication, including maintaining high standards for consent-based communication. Your trust matters, and we work to ensure every email you receive meets these requirements. If you need clarification on our compliance policies or legal obligations, please ask. A COMMITMENT TO NON-INTRUSIVE EMAILS We aim to create a non-intrusive communication experience. We won't overwhelm your inbox with excessive messages, and we work to keep our content clear and concise. If we ever fail to meet these standards, we encourage you to let us know. Feedback, whether positive or constructive, is always appreciated. Your thoughts help us understand how we can do better. While we cannot promise every suggestion will be implemented, we take the time to review and consider your input. A FINAL NOTE Email is one of the many ways we stay connected, but we understand it isn't perfect for everyone. If there's another way you'd prefer to hear from us, let us know — social, a different cadence, another channel entirely — and we're open to finding what works. Our goal is never to disrupt or clutter your inbox. Every email sent is intended to provide value, and we appreciate your time and attention. This footer was designed to ensure transparency, provide essential information, and give you full control over your communication preferences. We hope it meets your expectations, but if there's anything you'd like to see improved, we're always here to listen.   This email may contain paid advertisements and affiliate links. Guardian Financial Publishing may receive compensation if you click a link or make a purchase. AI Arms Race is a publication of Guardian Financial Publishing (D/B/A) Stable Financial Publishing Privacy Policy  ·  Terms  ·  Disclaimer   © 2026 Stable Financial Publishing 1013 Centre Road Suite 403-D Wilmington, DE 19805, United States Unsubscribe Powered by beehiiv