James Whelan and Heath Moss return for Theory of Thing, powered by Small Caps, recorded on 9 October 2026.
The episode opens with their discussion of the pulled Firmus float. They explore investor appetite, valuation, the prospectus and the funding demands of AI infrastructure. Their comments are market commentary from the recording.
The conversation then turns to GPU useful life and depreciation, including the effect of different accounting assumptions on reported earnings and the economics of data centres.
Heath works through the market charts, covering equities, bond yields and ETFs, followed by gold, oil and copper. James rounds out the episode with the week’s small-cap headlines, while the pair retain their usual conversation and banter.
Watch or listen to the full episode for the discussion and its context.
General information only. This podcast does not provide personal financial advice.