The US spends more on defence than the next nine countries COMBINED
Source: Cheddar Flow
Everyone says the Korea market crash is about geopolitics.
That’s the surface story. The real story might be the biggest hidden risk in the AI boom. In 48 hours, the KOSPI fell 17%. $275B wiped out. Circuit breakers triggered. Tech giants took the hit: • Samsung −10% • SK Hynix −12% Most analysts blame rising tensions in the Middle East and oil above $80. But something deeper is being exposed. Samsung + SK Hynix control: • ~67% of global DRAM • ~80% of high-bandwidth memory (HBM) HBM is the critical fuel of AI infrastructure. Every AI datacenter depends on it. NVIDIA chips. Google TPUs. Hyperscaler AI clusters. And almost all of it comes from one country: South Korea. Here’s the vulnerability: South Korea imports 97% of its energy. Much of it flows through the Strait of Hormuz. The same strait currently under geopolitical threat. That means the AI supply chain may have a single hidden chokepoint: Not chips. Not talent. Not capital. Energy. Because semiconductor fabs cannot run without massive power. And global memory inventories are thin: • DRAM: ~2–3 weeks • NAND: ~3–4 weeks If energy flows are disrupted for more than a month, the entire AI infrastructure buildout could face delays. Markets are already reacting. While semiconductors crashed, defense stocks surged. Capital isn’t leaving Korea. It’s rotating into a new thesis: Energy security is the real constraint of the AI era. The market may have just discovered the weakest link in the AI supercycle. And it’s only 21 miles wide. (The Strait of Hormuz.) Source: Shanaka Anslem Perera ⚡
Double top?
Gold is printing a sizable down candle following yesterday’s shooting star formation. We may be looking at a second lower high developing, raising the risk of a potential double top. The steep trend line sits well below current levels, and the 50-day moving average doesn’t come in until around $4,830. Source: The Market Ear
Despite all things going on, the 6700/7000 range remains intact.
At least for now... Source: TME
Open AI Mafia
In the last 5 years, over 30 employees have quit OpenAI to start their own ventures Source: The Market Mind
The sector rotation so far this year has been absolutely stunning...
Source: Charlie Bilello
The worst performers in the S&P 500 this year--software cos like Workday, Intuit and private credit giants Apollo, Blackstone, Ares
Source: Gunjan Banerji
Have we seen this before? $SLV $EWY
Source: Trend Spider
