semis double top here. smash

RT @SuburbanDrone: These AI storage stocks are now in silver melt-up mode and the crash will be epic. Western Digital is up 45% in four da…

Calling a bottom for Brent. $81.40. See how we go...

is that a lot?

the purpose is not to remove young people from the internet. the purpose is to remove anonymity from the internet in a country where the government routinely punishes dissent with jail. the british caliphate is no longer free.

Wall Street just pulled off the exact move that turned 2008 from a housing problem into a global collapse. They turned Nvidia graphics cards into bonds, stamped them investment grade, and started selling them into the funds that hold retirement money. Here is what happened while everyone was busy arguing about whether AI stocks were overvalued: The company at the center is CoreWeave, which rents out Nvidia chips to AI companies. To buy those chips, it borrows enormous sums, and the collateral on the loans is the chips themselves. That alone is alarming because a graphics card LOSES most of its value within a few years as the next generation makes it obsolete. You are lending against an asset built to rot. In January, Nvidia invested $2 billion straight into CoreWeave, which then used borrowed money to buy more Nvidia chips. On March 31, CoreWeave closed an $8.5 billion loan backed by its chips, and for the first time the rating agencies stamped that chip-backed debt investment grade, with Moody's assigning it an A3. Debt secured by depreciating graphics cards was rated nearly as SAFE as a blue-chip corporate bond. Then on May 18, CoreWeave closed the first chip-backed facility designed to be publicly syndicated and traded on secondary markets. And that's the part that really matters because it means this debt can now be sliced up, passed around, and bought by anyone, including the bond funds and pension managers who are required to hold "safe" investment-grade paper. On June 11, it announced another $3.5 billion in bonds on top of all of it. Now compare this to what happened in the past: Subprime mortgages in 2007 were not dangerous because some people got loans they couldn't repay... They became a global bomb the moment that debt got rated AAA and sold into the wider financial system, because the rating is what let it bleed into money market funds, pensions, and bank balance sheets that were supposed to be boring and safe. The bad loans were the spark but the packaging and rating were the detonator. And that detonator just got built for AI. Debt backed by graphics cards is now rated investment grade and trades on secondary markets, which means the AI bubble is no longer trapped inside tech stocks you can choose not to own. It has been quietly converted into bonds and routed toward the retirement accounts of people who have never typed a single prompt in their lives. And the whole structure rests on a backlog of customer "commitments" that CoreWeave values at nearly $100 BILLION, backed by a $21 billion Meta deal and a $6 billion Jane Street deal. Those are promises to pay over many years, made by AI companies that are themselves mostly unprofitable and burning cash. If even a few of those customers slow down or walk away, the collateral sitting under all this rated debt is a warehouse of chips losing value by the month. The AI bubble used to be a stock-market story you could opt out of. But as of this spring, that isn't the case anymore. So here's the real question: When the people packaging this debt swear to you that it's safe, who do you think is standing on the other side of that trade?

NY FED'S EMPIRE STATE BUSINESS CONDITIONS INDEX ROSE 5.7 IN JUNE, LOWER THAN EXPECTED 14.0, DOWN FROM 19.6 IN MAY.

The BBC spins this story very dishonestly. What does 'shadow fleet' actually mean? Well it means sanctioned by Western Governments. Such sanctions have no standing in international law, they are simply threats issued by Governments. They use 'international sanctions' to make them sound legal Under international law, the UN Convention on the Law of the Sea (UNCLOS) all vessels - even foreign warships and submarines - have the right of unimpeded passage through the English Channel. There is a real danger here in that the more contempt the British Government shows for international law, the more it trashes the rights of foreign civilians, the more international law simply disintegrates and the greater risk they expose British citizens overseas to.

The GOP is running a larger federal deficit than the pandemic year when we printed $7 trillion It’s no surprise that stocks are up The currency is fake

Aaaaaaand there it is…

I guess Iran has to go along with Trump's dog and pony show "peace deal" to avoid being labelled belligerent until Israel's blood lust inexorably rises to an uncontainable level and they bomb more civilians.

Nobody could have predicted... 🙄 Toyota veteran reveals his worst fear as EVs surge: The company's hydrogen bet may be a dead end autos.yahoo.com/ev-and-futur…

Fake news. It was a false alarm.

Wholesale memory prices have reportedly jumped by 700%. Thank you, AI... Xbox Reportedly Losing “Hundreds Of Dollars” On Every Console Sold. gameobserver.com/xbox-report…

Uranium...

The Art of the Deal: Create a no-win crisis and then run down the clock until you're completely out of options forcing you to capitulate to the opposition's every demand. Declare victory. newrepublic.com/post/211802/…

-‘Tell Him He’s a Piece of Shit’: Meta’s New AI Unit Is a Total Mess. wired.com/story/mark-zuckerb…

Jim Chanos: The AI bubble is bigger than the dot-com bubble youtu.be/18AoA02QOLM?si=pSq3…

Aaaand it's all bullshit as suspected...