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Source: @levelsio
Apple raised the iPhone price 6.3% this year, yet in gold the phone in your pocket still got cheaper.
The iPhone 18 Pro Max with 1 TB costs 0.38 ounces, under half the 0.92 of the original in 2007. The iPhone and the In Gold We Trust Report hit their 20th edition this year! Source: In Gold we trust
US Treasury bond vol is spiking, dramatically decoupling from equity vol... (chart on the left) In fact bond vol is now higher than equity vol for the first time in a year ! (chart on the right)
Source: zerohedge
The chart says it all: small caps are a "rates sucker". As 10-year yields rise, IWM keeps losing ground to QQQ.
Source: LSEG Workspace, TME
The AI boom has a construction problem.
Oracle has reportedly sent a force majeure notice to the developer of Project Jupiter, its vast New Mexico data center. The notice seeks to protect Oracle from payments if the site misses its planned 2028 opening. Oracle says the project remains on schedule. Meanwhile, roughly $18 billion in loans backing the project have reportedly traded around 90 cents on the dollar. Local concerns over water and air quality, along with obstacles to supplying power, have raised questions about delays. That is the risk behind the AI buildout: compute contracts and financing can be signed quickly. Power infrastructure, permits and community support take longer. If a data center opens late, the consequences can run through its lenders, tenant and customers waiting for capacity. The next AI bottleneck may be getting the buildings online. Source: zerohedge
Why European manufacturing is doomed in one chart
Every European auto maker has lost market share in Europe. The only winners: Tesla (small) and China (absolutely ginormous gains) Source: zerohedge, GS
Investors now pricing in three rate hikes through mid 2027.
While I like overnight index swaps if one looks at fed fund futures its pricing in three hikes through spring. Source: Bloomberg
Trump’s net worth hit $7 billion in 2026.
That’s triple where it was in early 2024, according to Forbes data. Source: Steve Rattner
