US 10/2’s spread tightens to 22bps, the flattest in my 📓since 9/23/26
G&I RoC ↘️
and with a bunch of FED head talking heads out the rest of the week, they’ll do their best on the path to inversion (by end of year maybe).
3
130
🎯
Jensen's role in AI has clearly extended far beyond "just" Nvidia.
He's concurrently been:
• The "Fed Chair" of setting the borrowing rates
• The "James Pierpont Morgan" of lending, inclusive of receivables
• The "John D. Rockefeller" of supply chains
• The early stage incubator of Neolabs and Neoclouds
This role as "elder statesperson" isn't one that is easily backfilled. Concurrently, the accusations at hand are very serious.
This is not just the "Nvidia" event as the market is pricing. It's an ecosystem-wide impact.
2
193
ZackHoward retweeted
This is going to sound silly, but one of the heuristics that has become a core signal for me and my team over the years is a simple observation: “Vol is alive when it is, well, volatile.”
Without giving away the details around surface reactions and term structure shifts, the idea is straightforward. When vol can explode higher and then cave in just as quickly, repeatedly within compressed time frames, that behavior reinforces our view that volatility is clustering at higher levels and builds our conviction that it can move higher still.
You turn your head one moment, and vol explodes. You turn your head the next, and it gives back practically the entire move. You look again, and it’s above the highs of the recent run.
Those violent reversals can look like noise, but to us, the way vol responds carries information.
These are exactly the kinds of reactions a long vol guy wants to see and a short vol guy hates to see. It’s like the fire that you can’t put out with a bucket of water, and it slowly keeps getting larger and larger.
largest company 🌏 trading like a meme; -$447B in market cap gone, 3rd largest loss of equity reduction in a day in history.
$NVDA
2
1
166
bad shit happens during Quad 4’s @Hedgeye
BREAKING: 🇵🇾 What just happened in PARAGUAY is a WARNING for everyone on earth.
More than 3 million people (60% of Paraguay's adult population) have lost access to EVERYTHING. Their bank accounts. Their pensions. Frozen. Inaccessible.
Paraguay’s largest digital bank, Ueno Bank, has collapsed.
The president of the Central Bank (who is deeply connected to Ueno) has just RESIGNED. Eight high-level executives including the founder and the Bank President are being detained.
The people have taken to the streets to demand their money back. And rightly so.
This is the model Milei and the rest of the Epstein class are pushing. This could happen ANYWHERE. Best to save in physical gold and physical silver, imo.
2
194
