AI ECONOMICS: The bill for “tokenmaxxing” just came due.
Meta’s employees ran up a staggering internal AI bill in a single month. The number is reshaping how Big Tech thinks about the cost of intelligence.
Trump's updated portfolio
heavy on semiconductors (10% NVIDIA, 4.5% Qualcomm, 4% Micron, and 5% Intel) Source: Rand Group
JUST IN: President Trump on CNBC:
"The stock market is at an all-time high. 81 days, 81 records. Nobody's ever seen anything like it." "They have this phobia about inflation. Growth can be good for inflation. It's a shame."
US jobs report screams slowdown beneath the headline: payrolls rose just 57k, but the household survey showed employment plunging 507k and the labor force collapsing 720k.
Unemployment fell to 4.2% for the wrong reason: participation cratered to 61.5% from 61.8%. Source: Holger Zschaepitz Bloomberg
There goes credit:
CRWV, ORCL CDS blow out to 2 month wides. AMZN, GOOG, MSFT drifting wider; SpaceX at 141, up 31bps since breaking last week. Source: zerohedge
Here are the top 10 most valuable European private tech firms, that are yet to be acquired or go public
Data as of 29 June 2026 Source: Sebastiaan Vaessen, X Multiples
One more push?
SOX broke below the short-term trendline earlier this week and is now approaching both the 50-day moving average and the lower end of its recent trading range. Chasing momentum breakouts in either direction has been a costly strategy since mid-May, as mean reversion has consistently dominated. RSI has now fallen to its most oversold level since late May. Source: TME
The US government just made it law that an entire generation's first savings account can be invested in one thing, and one thing only.
The stock market. No bonds, no cash, no choice. The program opens to the public on July 4, and a chipmaker just wrote the largest corporate check to fund it. “Micron has announced a HISTORIC $250 MILLION investment in TRUMP ACCOUNTS.” Micron committed 250 million dollars to Trump Accounts, the children's savings accounts created under last year's tax law. Every American child born between 2025 and 2028 receives 1,000 dollars from the federal government, deposited inside. Families can add up to 5,000 dollars a year. The money is locked until the child turns 18. And by statute, it can hold only one kind of asset: low-cost funds that track the US stock market, the S&P 500 as the model. Source: Shanaka Anslem Perera ⚡ @shanaka86
