Crosshairs on People's Forum, BreakThrough News, Tricontinental: Institute for Social Research. 

There is no reason taxpayers should finance coastal states' efforts to shift their economies

Three positioning charts caught our attention today: * Hedge funds' Mag-7 exposure: 25th percentile since 2018. * Asset managers' long VIX futures positioning: 1st percentile. * VIX call skew: 96th percentile. One of these markets is wrong.

Alphabet and Tesla shares declined post-earnings.

The briefing came ahead of Friday's rescheduled White House Correspondents' Association dinner at the Waldorf Astoria

Raising questions about how such determinations could be independently verified or challenged.

Is higher education purposely failing America's youth? 

The market is clearly no longer willing to reward stupid capex spending on massively overpriced commodities like memory chips. 

..."meh"

Final vote: 216-212

Revenue came in at $28.2 billion, which was 28% higher than last year (well above expectations of $26.4 billion)...

...and the average American has no clue...

Trump says will hit Iranian bridges/power if Iran shoots at a ship in Hormuz; Iran threatens attacks on energy infrastructure if its bridges/power are hit; BoJ is said to be open to a hike faster than every six months; EIA crude stocks show surprise build, however, SPR draws continue; Mixed UK inflation; GEV earnings miss; AMD and Anthropic sign chip deal; OpenAI reportedly raises projected cloud spend; Qatar Energy reportedly preparing to extend LNG force majeure into October; Weak US 20yr bond auction; Trump admin weighing military action in Mali.

Viral daycare fraud videos triggered a funding freeze on five blue states, but now, activists want to know who in HHS was talking...

...an “unprecedented cyber incident”... a more capable unreleased model, escaped its testing environment and hacked AI startup Hugging Face last week to cheat on a test meant to measure their capabilities..

...both the character of the market AND the structure of the market have shifted.

The market will be watching two things above all else:  capex guidance and monetization language... the debate has shifted from "how big is capex" to "who proves monetization and returns."