...the government has no choice...

Missiles bases, ports & production facilities going active again...

...private credit stalled, enterprise demand cracking, power constraints looming, & open-source pricing pressure...

"Engineers at Musk's rocket, satellite and artificial intelligence juggernaut have halted building some non-reusable components for the Falcon family... "

Q-Day "sits in that four to five year range, give or take, a few years...”

"The European Union will pay a very big price for this illegal and highly unethical conduct..." 

Aggregate shocks also have more scope to push equity index volatility higher than distributional shocks...

"Given the security situation in the southern part of the Red Sea, the vessel is sailing via the Suez Canal..." 

“Positioning is the real story going into earnings...”

America's AI future depends on models anyone can download, inspect, modify, and run on their own hardware...

"The frequency of major commodities market disruptions appears to be rising. Events once considered "once -a-decade" now seem to emerge every year, or even every six months." 

The earnings are real. However, a meaningful slice of them is also an accident of accounting timing... but it is about to turn from a tailwind into a headwind...

Massive escalation as Western representatives were likely present...

As in the pandemic, this is the market’s way of saying inflation is going to become troublesome, unless policy is tightened soon...