The new AI infrastructure stack
Piper Sandler mapped the new AI infrastructure stack across 8 layers from the power grid all the way to the agent as AI scaling creates bottlenecks across power, cooling, networking, storage, cloud & inference: Source: Shay Boloor Piper Sandler
A nightmare chart for Germany
Source; Robin Brooks
The longest duration bond ETF is now down 63% from its peak in March 2020.
How is that possible? The 30-Year Treasury yield has moved from an all-time low of 0.8% in March 2020 up to 5.3% today. Long duration + Rising interest rates from all-time low levels = Pain Source: Charlie Bilello
TARIFF REFUNDS ARE POURING BILLIONS INTO AMERICA’S BIGGEST COMPANIES
More than 40 S&P 500 companies reported $9.6B in tariff refunds, including $2.1B already received in cash. - Apple: $2.2B - Nike: $986M - FedEx: $800M - Amazon: $640M - GM: $500M Companies are getting their tariff money back, but the higher prices passed on to consumers haven’t come down. FedEx, Costco and Amazon say they’ll return tariff refunds to customers. Source: Bull Theory
Speculators are now the most long on the U.S. Dollar in more than a decade
Source: Barchart
If you ever doubted how big a deal stablecoins were regarding lowering shorterm borrowing costs, this is for you. Since Stablecoin Act, issuance strongly negatively correlates with yields.
Now, market cap is shrinking & yields are on the rise. Coincidence? Source: Tidal Macro
On the back of the cooler than expected PPI this morning (which followed the cool CPI), rate-hike expectations (for 2026) tumbled further yesterday to their lowest since Warsh's first FOMC meeting...
Source: zerohedge
A very interesting chart by Danny Younis.
EveryWatch’s comprehensive “H1 2026 - Secondary Market Report” uses real sales data with over 795,000 watches actually sold in the 1H of 2026 by 650 dealers and 472 auction house worldwide. It is not guesswork, or estimates, or forecasts used by some shonky “analysts” and “consultants.” 1H 2026 (January-June 2026) (USD): • Secondary-market sales value surged +37% to $10.5B • Top 3 brands generated 65% of market share (FY25: 57%), and Top 10 83% (FY25: 75%) • Rolex easily remained the market’s king → Generating $4.3B in sales, a surge of +44% on last year → This represents 41% market share, significantly up on 2025’s 34%, with over 227,000 watches sold → That is 3x is nearest rival! Source: Danny Younis
