Syz the moment

(This is the S&P 500 performance during the 2 Trump mandates) Source: Zerohedge

Well, we saw record closing prices today for both $QQQ and $IBIT. Source: Bloomberg, Eric Balchunas

Source: Dividend Dude @DividendDude_X

Calling the trial of former Brazilian president Jair Bolsonaro a “witch hunt.” Responding to criticism from President Trump, Brazil’s president said: “We don’t want an emperor.” Donald Trump said Brazil would be subject to US tariffs of 50 per cent on its goods, accusing the country of treating former president Jair Bolsonaro unfairly. In the eighth letter published to social media on Wednesday, Trump said Bolsonaro was a “Highly Respected Leader throughout the world during his Term.” “This Trial should not be taking place. It is a Witch Hunt that should end IMMEDIATELY!” Trump wrote. He added that the tariff would be applied “in part” because of Brazil’s “insidious attacks on Free Elections, and the fundamental Free Speech Rights of Americans.” Bolsonaro is on trial over an alleged coup plot, which prosecutors say aimed to keep him in power after losing an election in 2022. Brazil was previously facing a tariff of 10 per cent. Source: FT

The El Salvador-based crypto company now holds nearly 80 tons of gold, it said. The vast majority of that is owned by Tether directly, making it one of the largest gold holders in the world outside of banks and nation states. The private vault is based in Switzerland and is fully owned by the company. The exact location hasn’t been disclosed. Chief Executive Paolo Ardoino told Bloomberg that this decision was about ownership, scale, and cost. The company is based in El Salvador and is best known as the issuer of USDT, the world’s largest stablecoin. Tether now holds $159 billion worth of tokens in circulation, which are backed by various reserves, including US Treasuries and precious metals. Paolo made it clear that the move to physical gold storage is strategic and intended to reduce long-term costs. “If you have your own vault, eventually, with the size, it gets much cheaper to do custody,” he said. As of March 2025, Tether’s own reports show that nearly 5% of its total reserves are now held in precious metals, with the vast majority being gold. With the value of its bullion holdings now on par with UBS Group AG, one of the few major banks that discloses its precious metal reserves, Tether is pushing into a category usually reserved for nation states and central banks. Source: Binance, Bloomberg

Nvidia $NVDA shares jumped more than 2% on Wednesday and topped a $4 trillion market cap for the first time ever. The chipmaker is the first company to achieve this milestone and has benefitted from the generative AI boom.

Bilateral Leverage and Trade Balance: The UK, as a single nation, has less negotiating power than the EU, a bloc of 27 countries with a larger collective market. The US can secure concessions more easily from the UK. Additionally, the US runs a trade surplus with the UK (e.g., $25.9 billion in goods in 2024), while it has a significant trade deficit with the EU (e.g., $209 billion in 2024). Lower UK tariffs align with maintaining favorable trade dynamics, while higher EU tariffs aim to address the deficit. Post-Brexit Alignment: Since Brexit, the UK has sought closer ties with the US to offset its reduced EU market access. The US leverages this to secure a favorable deal, offering exemptions (e.g., auto, aerospace) and lower tariffs (e.g., 10% baseline vs. EU’s potential 20-50%). The UK’s flexibility, unbound by EU regulations, allows quicker agreement on US priorities like digital trade and agriculture. Geopolitical Strategy: The US views the UK as a key ally in countering EU influence and promoting a US-led trade framework. Lower tariffs strengthen the US-UK “special relationship,” especially in defense and intelligence (e.g., AUKUS), while higher EU tariffs pressure the EU to concede on issues like steel and digital services taxes. Source: SuperGrok

Dubai Land Department has signed an agreement with Crypto.com to develop procedures that support digital real estate transactions, enabling investors to buy and sell property using digital currencies. The collaboration, which seeks to create a digital ecosystem that enables investor verification, custody, settlement and real estate tokenisation, supports the Dubai Real Estate Strategy 2033 and its Dh1 trillion ($272 billion) transaction target. Source: The National