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Economic Indicators Released Overnight
Comments of government support by OpenAI's CFO spoked investors and the subsequent walk-back made it even worse. The message is crystal clear: there's no more cash in the investment pipeline.
Altman Says OpenAI Doesn’t Want a Government Bailout For AI [Bloomberg]
Chip, AI and tech stocks in general had a bad day, and the question is: does this mark the top?
A dovish hold by the Bank of England was pretty much the only economic event but yesterday was a pivotal moment for markets.
US Equities
US Household Debt Hits Record $18.6 Trillion As Student Loan Defaults Explode [Zerohedge]
Elon Musk Wins $1 Trillion Tesla Payday [NY Times]
Milei defies calls to float Argentine peso freely [FT]
An almost euphoric day yesterday as BTC bounced 1% after the 5% drop the previous day. If this was the bottom we’d expect as least another 2 attempts to get price below 100k, and that’s happening as we speak. Read more
We hoped that yesterday would have given us a close in the channel but it didn’t. The momentum isn’t up therefore down is the only option. Read more
Momentum has gone for now, and DXY lost a lot of ground yesterday after 5 up days. Up the stairs and down the elevator. The Ministry of Finance comments usually get markets to challenge them but it didn’t happen. Read more
The train never stops is about government printing money out of thin air. If OpenAI needs government support, they were testing the market, and Elon gets a $1T package, then clearly the value of money is disconnected from value. Read more