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The demand is among the strongest ever seen for a corporate bond offering, showing investor hunger to buy debt tied to the AI boom. Alphabet has also mandated banks for potential Swiss franc and Sterling debt offerings, including a rare 100-year Sterling note. Source: Bloomberg, HolgerZ

See below chart with SK Hynix, Samsung or Advantest all sky rocketing. Meanwhile, Nvidia $NVDA (below line in yellow) remains stuck Source: LESG, TME

🚨 The "Software is Dead" Narrative is Wrong. You’re Just Looking at the Wrong Software. The market is panicking. The $IGV hashtag#etf is down 30%. The headlines say AI is writing code now, so software companies are toast. 📉 They’re making a massive Category Error. If you're investing without looking at the "plumbing," you're missing the biggest bifurcation of the decade. Here is how the "Singularity" is actually playing out: 1. The Victim: Human-UI SaaS (Type 1) 🖱️ If your software requires a human to stare at a dashboard for 8 hours, you have a target on your back. The Logic: AI agents replace humans. One less Customer Service rep = one less Zendesk seat. One less PM = one less Monday.com seat. The Result: Seat-based SaaS compresses as headcount shrinks. 2. The Winner: Bot-Infrastructure (Type 2) 🤖 AI agents don't have eyes. They use APIs. They don't click; they call. The Logic: One human generates a few clicks an hour. One AI agent generates thousands of API calls per minute. The Winners: The "Tollbooth Operators"—Okta, MongoDB, Snowflake, Datadog. They don't care if the user is a human or a bot; they charge per unit of consumption. Bots consume orders of magnitude more than we do. 🪦 The Real Casualty: The "Body Shops" The IT outsourcing model (Infosys, Wipro, Cognizant) is built on Labor Arbitrage. Hire for $15/hr in Bangalore, bill for $80/hr in NYC. The Problem: AI makes labor arbitrage worthless. You can’t get cheaper than "nearly free." The Proof: India's Big 4 are already cutting thousands of heads. The hiring machine has stopped. 🛑 The Bottom Line: The market is selling "Technology" as a monolith. This is a mistake. AI replaces Road Workers (IT services/Human-UI). AI pays Tolls (Infrastructure/APIs). The Play: Buy the dip in APIs. Short the slides. The infrastructure layer is the only place to hide when the bots take over.

Now, the directive has shifted: Get USD off the books. The banks will respond. We aren't just talking about a policy change. We are talking about a fundamental shift in the global monetary order. Why does this matter? Liquidity is shifting: When the world's second-largest economy pivots away from the Dollar, the ripples hit every portfolio. Gold is the anchor: Central banks are returning to "real" assets as a hedge against geopolitical volatility. The Signal: When a superpower tells its financial institutions to de-risk from a specific currency, the "quiet part" is being said out loud. The world is de-dollarizing faster than most people realize. Source: Blomberg, Steno Research

Since Japanese rates started ripping higher last autumn, gold and BTC have moved in almost perfect opposition. Source. TME, LSEG

Source: TME

Here are the most popular stocks that report earnings this week February 9th - February 13th. Source: Earnings Hub

The Korean momentum kamikazes dumped bitcoin, dumped gold, dumped silver, dumped anything that did not have upward momentum and piled into Korean memory stocks at a record pace. Source: BofA, zerohedge