Monday links: pumping perps

LeverageHow worried do we need to be about margin debt and leverage? (wsj.com)What's behind the popularity of perpetual futures? (johnlothiannews.com)Why everyone is focused on perpetual futures. (howardlindzon.com)Private assetsHow evergreen fund managers earn incentive fees on phantom gains. (wsj.com)Semi-liquid is NOT fully liquid. (larryswedroe.substack.com)CompaniesComcast ($CMCSK) is splitting in two with the spinoff of NBCUniversal. (spyglass.org)Strategy's ($MSTR) Bitcoin strategy has changed. (ft.com)DRAMSouth Korean companies are planning to spend big on new fabs. (wsj.com)DRAM is the current AI chokepoint. (bycig.substack.com)AIThese hedge funds are poised to profit from an OpenAI IPO. (institutionalinvestor.com)RAISE US, a bi-partisan industry-backed, nonprofit looks 'to help workers meet the age of AI.' (politico.com)AI is sucking all the oxygen out of the economy. (ft.com)EconomyCompanies still little sign of a recession. (thetranscript.substack.com)Two good signs of