Cash has almost no volatility. AI capex does. Hyperscalers are replacing hundreds of billions in free cash flow with one of the largest investment cycles in history. The AI boom is becoming a volatility story.

...follows a March executive order from Trump aimed at tightening regulations governing mail-in voting in federal elections...

"SpaceX has captured a structural share of federal space dollars. It is NASA's largest commercial..." 

House Republicans subpoenaed CEO Regina Wallace-Jones concerning ActBlue's vetting process for foreign contributions.

Includes: Any tolls paid under Iranian strait protocol will be offset by funds extracted.

A part of the Iran puzzle that has befuddled energy experts and visitors from outside the field: what is happening in terms of oil flows from Hormuz.

"Fars News Agency reported that this action is under consideration following claims by the IRGC-affiliated outlet that the U.S. and Israeli militaries' use of infrastructure managed by Elon Musk..." 

OpenAi and Anthropic are about to go nuclear against each other, while China watches from the sidelines knowing it will soon dominate the market. 

...but remain in the middle of the range of the last four years...

Untapped demand from “cash on the sidelines” will not rescue a stock market suffering from an oncoming supply glut and tightening liquidity...

...with two Russian women and "a doctor"

...Energy costs are surging (memory costs dipped)...

The war in the Middle East is generating inflation pressures

“The market has taken the view that Trump doesn’t want to escalate further and has no interest in seeing oil prices surge again.”

Retail investors recorded their largest-ever IGV purchase almost perfectly at the latest top. The ETF is now ~15% lower and back near the breakout zone. Time for IGV...again?

Most investors still think EEM is an emerging markets ETF. It isn't.

South Wales Police has shelved plans to record instances of “anti-Muslim hostility”...

Markets expect the ECB to hike by 25bps, the first rate hike since 2023, but do not look for explicit guidance on the path ahead, with the Council likely pledging in the statement to set monetary policy in a data-dependent and meeting-by-meeting fashion.