Musk isn’t selling very many EVs; the Bitcoin ‘bros’ eagerly anticipate the arrival of the new bag-holder - the US tax payer (via a sovereign wealth fund); Saylor has exhausted the demand for the convertible bonds that fuel his infinity machine; downside risks to Pentagon budgets have suddenly become a wake-up call for Palantir’s obscene valuation multiple; and finally Nvidia is suffering from a fading of the AI hype narrative (first DeepSeek, now Microsoft slowing AI DC capex).
Watch from minute 6 (post the Ukraine discussion) of this Friday interview with Bloomberg’s David Westin (linked above). I suspect Bessent may be missing his quiet life in Miami already.
Short-term interest rates have most certainly woken up. In the past 2 weeks, almost 2 rate cuts have been priced back into December 2025 3-month SOFR futures.
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