Tech was also supported by Meta agreeing to a USD 60bln chip deal with AMD.

...'wall of gamma' stalls Anthropic Event bounce but "doesn't feel like an especially fun +1% NDX move..."

"The deliberations are still early and..." 

Anthropic partnerships ease concerns over AI disruption; Trump's 10% global tariff rate takes effect; Iran's Deputy FM says Tehran is ready to take any necessary step to reach a deal with the US; Japan's PM reportedly relays to BoJ reservations about more rate hikes; Trump reportedly considers new national security tariffs after SCOTUS agreement; EU trade official says US have reassured them that they will stand by US-EU trade deal; Soft US 2yr auction; META and AMD announce AI deal; NVO to cut US Wegovy and Ozempic drug prices.

"CKH considers the ruling, the executive decree, the purported termination of PPC's concession, and the takeover of the terminals to be unlawful." 

Taken together, this creates room for repricing…equities can move higher on cyclical momentum, but yields can rise alongside them...

Heavy Assets, Low Obsolescence firms offer a safe-haven in the new 'AI era'...

...model providers are unlikely to displace software incumbents and are instead positioning themselves and their agents to be an orchestration layer on top of existing and incumbent systems.

In an effort to clarify a framework, here’s a check down of the big dynamics in the game...

"A small sales miss was expected and instead, we got a beat. This was also the first time they beat operating margins in the last..." 

Japanese Prime Minister Sanae Takaichi expressed reservations about additional interest rate hikes during her meeting with Bank of Japan Governor Kazuo Ueda last week, Mainichi reported.

If code can increasingly write itself, barriers to entry in software development collapse and the rent extraction embedded in the SaaS model is structurally challenged...

Time to start the countdown clocks to tonight's piece of political theater... with what surprises for the viewing audience?

"I'm confident that payers will accept and welcome these lower list prices, as they've been calling for them publicly." 

"Unfortunately, we did see this in ’05, ’06 and ’07, almost the same thing..."

...stable prices and declining mortgage rates means more affordability.

S&P gamma has fallen close to negative, which increases the risk that selloffs are reinforced by dealer selling...

“Ongoing concerns over AI disruption and the possible exposure to private credit and private equity have made investor sentiment fragile. If we do get an escalation in geopolitical risks, markets may face some wobbles.”

"over the last month call volumes in mega cap stocks has fallen to levels last seen in 2017...its less fun chasing call options when they stop working and one experiences the true meaning of “theta decay." - Goldman