Trump envoy seeks to replace Iran with Italy in upcoming World Cup
Source: FT
TRILLION DOLLAR BABY...
OpenAI's pre-IPO valuation has officially hit a record $1 trillion. Pre-IPO instruments trading onchain, backed 1:1 by SPV exposure on Jupiter, are providing a real-time proxy for the company’s implied IPO valuation. OpenAI’s implied valuation is now up +163% since October 2025. This comes as Anthropic is also nearing a potential $1+ trillion IPO and SpaceX is reportedly targeting $1.7+ trillion. The world has never had this many trillion-dollar private companies... Source: The Kobeissi Letter
In case you missed it... US Retail Sales hit another all-time high while Consumer Sentiment is at its lowest level in history.
Watch what they do, not what they say. Note however that retail sales chart looks less fancy when you consider real data (instead of nominal) Source. Charlie Bilello
Bitcoin is breaking...
BTC is pushing higher. The long-standing downtrend line has broken, and price is now trading well above the 100-day by a margin not seen in a long time. A clean close here or higher, and things could get very squeezy for a largely forgotten BTC. Source: TME, LSEG
In case you missed it... Avis Budget Group $CAR crashed 50% in just 6 hours.
After rallying 750% in the last 35 days, the stock has now erased roughly 57% of that entire run in a single selloff. $CAR went from one of the biggest squeezes of 2026 to one of the fastest reversals, showing how quickly crowded trades can unwind once momentum breaks. Source: Bull Theory
Markets don't seem to care that much about all these prices going to the roof...
Source: Charlie Bilello
S&P 500 12 month forward earnings are going to the roof...
Below, an interesting Bloomberg chart showing the difference between forward 12 months EPS estimates and trailing 12 month EPS Source: Bloomberg
Jensen Huang shared a simple framework for understanding the entire Al economy the "Five-Layer Al Cake."
His message is clear: Al is no longer just software. It's becoming foundational infrastructure, similar to electricity or the internet. The 5 Layers of the Al Economy 1) Energy - The Power Behind Al Al requires massive electricity to run data centers and train models. This is why nuclear, renewable energy, and power infrastructure are becoming critical to the Al race. 2) Chips - Turning Power Into Compute Al chips convert electricity into computing power. Leaders like NVIDIA, TSMC, and Broadcom. dominate this layer with GPUs, advanced semiconductors, and high-bandwidth memory. 3) Infrastructure - The Al Factories Massive GPU clusters and cloud data centers coordinate tens of thousands of chips to "produce intelligence." Neo-Cloud leaders like Oracle, Nebius, Coreweave and Iren are building the backbone of Al compute. 4) Models - The Al Brain Large models process data and generate intelligence across language, science, robotics, and simulations. Competition is intensifying between companies like Meta, Microsoft, Amazon and Alphabet. 5) Applications - Where Value Is Created The top layer is where Al transforms industries: autonomous driving, Al agents, robotics, enterprise software, and more.
