Monday links: real spaces for real people

MarketsThe Mag 7 is underperorming YTD. (awealthofcommonsense.com)Small caps are not. (wsj.com)FinanceWhy dividend investing is dead. (flyoverstocks.com)Robinhood ($HOOD) defined Brokerage 1.0. 'Brokerage 2.0' is already here. (howardlindzon.com)Institutional investors are picking up the slack in private credit. (ft.com)CryptoStrategy's ($MSTR) strategy is looking shaky. (wsj.com)Strategy ($MSTR) just sold more Bitcoin. (theblock.co)AIDRAM production is highly concentrated among a few players. (ft.com)Memory producers are sucking the oxygen out of the room. (axios.com)American AI companies are wary of Chinese companies using model distillation to catch up. (nytimes.com)An investment in SoftBank increasingly a bet on AI and Masayoshi Son. (ft.com)UkraineUkraine is running low on missile interceptors. (nytimes.com)Venture capital has yet to embrace Ukraine's defense industry. (pitchbook.com)Earlier on Abnormal ReturnsAdviser links: other wealthy people. (abnormalreturns.com)What yo