Syz the moment

Over the past two decades, Alphabet $GOOGL has made billions of dollars in private investments — and some of those bets are now reaching the public markets. 🚀 SpaceX $SPCX now represents roughly 95% of Google’s publicly traded investment portfolio. And there could be another major addition soon. 🤖 Anthropic, one of Google’s biggest private AI bets, is expected to go public in the coming months. Alphabet owns a significant stake in the company, potentially unlocking another substantial source of value. Google is therefore becoming more than just Search, YouTube, Cloud and AI. Its portfolio of early-stage investments could increasingly become a meaningful part of the Alphabet story. Is Google slowly becoming a hedge fund with a technology business attached? Graphic credit: Leverage Shares, Global Markets Investor

- Revenue of $2.58B beating expectations of $2.56B 🟢 (up from $1.212B in the same period last year) - Adjusted operating income of $128M beating expectations of $66.6M 🟢 - Adjusted EBITDA margin of 59%, above expectations of 55.4% 🟢 Net loss of $626M, widening from a $290M net loss in the same period last year CoreWeave said its revenue backlog was now $104 Billion. Stock is up +8% after-hours Source: Wolf_Financial, Evan

USD/JPY is now back to the same level where the US intervened to strengthen the yen. Also, USD/JPY rallied almost 0.9% yesterday, its biggest daily gain in 5 months. At this pace, we might see USD/JPY above 164 in a few weeks again. Source: The Macro Paper

The retail tranche alone drew a staggering 5,526-fold oversubscription. Priced at 150.80 yuan ($22.36) per share, the landmark deal values China's first mainland-listed humanoid robot maker at roughly 61 billion yuan ($9 billion) For context, SpaceX’s much larger offering was approximately 4x oversubscribed ahead of its June debut, Snowflake’s 2020 IPO was 120x, and Facebook’s 2012 deal was 20x.

The U.S. Strategic Petroleum Reserve (SPR) fell by another 6.1 million barrels last week, dropping to 298.7 million barrels. That pushes the reserve below 300 million barrels for the first time since January 1983, and to its lowest level in more than 43 years. The pace of depletion is also accelerating: • Previous week: -2.8 million barrels • Latest week: -6.1 million barrels Since the Iran war began, Washington has relied heavily on the SPR to offset disruptions to global oil supplies and limit upward pressure on crude prices. But that strategy has a limit. The reserve is now entering the estimated 250–300 million barrel operational floor, where extracting additional oil can become increasingly difficult. At the current pace of withdrawals, the U.S. could move deeper into that critical range within weeks. The SPR was built as America’s emergency energy insurance policy. That insurance policy is getting dangerously thin. Source: Global Markets Investor, zerohedge

US federal interest costs have reached roughly $2.85 billion per day, more than $1 trillion a year. That’s around 14% of federal spending and now rivals or exceeds some of Washington’s largest spending categories. Meanwhile, US national debt has crossed $40 trillion. The problem is not just the size of the debt. It’s the cost of refinancing it. The US continuously rolls over maturing debt by issuing new Treasuries. But much of that debt was originally issued when interest rates were significantly lower. Now it is being refinanced at much higher yields. The 30-year Treasury recently reached 5.27%, its highest level since 2007. That creates an increasingly uncomfortable cycle: Higher rates → higher interest costs → larger deficits → more borrowing → even higher interest costs. And this doesn’t stop in Washington. Treasury yields are the foundation of the US financial system. Higher government borrowing costs ultimately feed into mortgages, corporate debt, car loans and business investment. The debt problem is increasingly becoming an interest-rate problem. Source: Bull Theory

The fund's stake in hashtag#SpaceX remains quite limited when compared to the other technology stocks in its portfolio. Source: ATA CAN

Warren Buffet: "Never bet against america" Source: Bloomberg