BTC ETFs have seen massive outflows (10 of last 11 days)...
Source: zerohedge
Bloomberg's US Macro Surprise data slumped yesterday with headline and core PCE printing below expectations on a MoM basis
Initial jobless claims a little weaker than expected, GDP disappointing, personal consumption weak (income unch), core capital goods orders declined, and a plunge in new home sales... Source: zerohedge
Space ETF assets
Eric Balchunas, Bloomberg
Nasdaq at 875 trading days after the release of Netscape on 12/19/94: +144.55%.
Nasdaq at 875 trading days after the release of ChatGPT on 11/30/22: +144.77%. Past performance is no guarantee of future results! Source: Bespoke
Forward P/E Ratios...
Costco $COST: 45 Walmart $WMT: 36 Nvidia $NVDA: 17 Which one is the bubble? Source: Charlie Bilello
44% of every dollar companies spend on AI goes directly to fixing bugs that the AI itself created.
A report from Entelligence AI across 2,444 companies shows that for every $1 spent on AI tokens, $0.44 goes to bug fixes, $0.27 to rewriting AI-generated code, and $0.11 disappears into review and merge delays. Companies spending $100,000 on AI tokens and only $18,000 worth is reaching production. The other $82,000 is overhead generated by the tool itself. Lightrun's 2026 report found that 43% of all AI-generated code still requires manual debugging in production even after passing every quality test. Not a single engineering leader surveyed said they were fully confident AI code would behave correctly once deployed. Wall Street is pricing AI as a productivity tool and the data says 82% of the spend never reaches the actual product. SOURCE: @Aiswarya_Sankar Sam Boboev
AI Race To Return On Investment
Only **Amazon** is expected to generate a positive return on its massive AI capex through 2030 — even under the most generous assumptions (zero costs). Microsoft: -9.2% Alphabet: -15.7% Meta: -28.8% Oracle: -35.6% The AI arms race is getting expensive. Source: FT BraVoCycles Newsletter
The Fed expanded the money supply by nearly $9 trillion under Powell.
Inflation has averaged >4% per year over the past 6 years. Powell's explanation? It was nearly all due to rolling “supply shocks" over which the Fed has no control. The truth: this inflation was made in Washington as it always is - from too much government borrowing/spending and too much government creation of money. Source: Charlie Bilello
