JPMorgan $JPM restricted access to Anthropic's Claude models for its Hong Kong employees, following $GS similar move in April. The decision came from wording in Anthropic's usage terms, as Hong Kong falls outside the 150 officially supported regions for Claude's API and website. While U.S. and approved-area staff keep access, and alternatives like ChatGPT remain available, the steps highlight banks' caution on AI compliance, data privacy, and regional regulations in global finance.

Look at where the market's value actually sits. Sort the entire S&P 500 by price-to-sales. Half the names trade at reasonable multiples, 1x to 8x, the normal range of a normal market. Then one bar dwarfs everything. 51% of the index's market cap sits above 10x revenue. Not a frothy corner. Not one hot sector. Half of the benchmark inside most pension funds and retirement accounts. The same multiple that made a tech CEO call his own shareholders irrational now applies to half the most important index in the world. A bubble doesn't have to burst. It just has to return to the base rate. That's all bubbles have ever done.

Starts charging fees

BREAKING: Traders now price in two Fed rate hikes by the end of 1Q 2027, per Bloombert

My 2026 theme: INFLATION > LIQUIDITY Jan 28th: "hike will be a concern EOY. but when Fed intonates a hike, market will repulse and bond vigilantes will strike" this will be a future headline: FEARS OVER FED INDEPENDENCE COULD BOOST HAWKISHNESS

BREAKING: Iran officially posts the fully executed “Memorandum of Understanding” which has now taken effect.

*US APPROVES PLAN FOR AI DATA CENTERS TO CONNECT TO GRID: AP The assumption is data centers will power themselves; the reality is that will happen in 5-10 years and in the meantime they will be a drain on the grid.

BREAKING: US oil prices drop below $74/barrel for the first time since March 5th after the US and Iran officially sign the "Memorandum of Understanding."

There's a reason dealers want this to close below $80. They have a lot of gamma there. 8k contracts = 800,000 shares. $ASTS

JUST IN: Waymo is recalling nearly 4,000 robotaxis after some drove into freeway construction zones at highway speeds

Amazon, $AMZN, in talks to sell Nvidia, $NVDA, rival chips to other companies, per Bloomberg.

US equity market valuations remain highly polarized, with the largest 100 stocks trading at dot-com-era valuation premiums while small- and mid-cap stocks trade at historically wide discounts. Source: @Callum_Thomas

Thanks a lot Warsh

All that debt-funded capex about to get more expensive

WATCH THE DOLLAR Warsh managed to sh*t on Fed track record of inflation - not hard to do but not cool to do as bond holders stare at the spiking higher PCE expecatations just shared while listening intently for cueson lower rate gymnastics. Also Warsh, sh*tting on Fed competence - hence the need to bring in outsiders & form committees with *new data* ... all to support the Trump/Bessent/Warsh agenda of removing transparency AND Fed Indepence. Warsh is pushing forward more of the Project 2025 agenda. Dollar smells it even if market doesn't.

BREAKING: The S&P 500 falls over -1% after Kevin Warsh concludes his first meeting as Fed Chairman.

75% of U.S. Homes are Now Unaffordable as Dave Ramsey Calls This ‘The Most Unrealistic Real Estate Market in 100 Years’ barchart.com/story/news/2339…

RT @SamanthaLaDuc: Here comes the dove...

Hawkish dots, and Warsh - as some speculated - did not even submit a dot

Only ~5% of SpaceX stock is floating right now ~95% $SPCX is still locked Most don’t realize bearish pressure often comes later, when insiders finally get liquidity Unlock schedule below ⬇️