TACO on Swiss tariffs, India, RE / The AI money machine, circular economy, overstated earnings / GOLD back up
- Stéphan
- Nov 11
- 3 min read
Markets : Goldilocks scenarios returned to Wall Street as the spectre of deeper disruptions from the government shutdown started to clear, bypartisan deal (more debt), lower interest rates (SOFR drop in 10days pretty impressive, ALL about liquidities), Oz consumer conf way up, Data Centers in Nvidia’s hometown stand empty awaiting power, Michael Burry and few others talks a lot about 'AI overstated earnings' thus hiding future losses etc (Thread), Scott Galloway said he suspects many of these deals are “jazz hands,” an expression for a lot of flash to disguise a lack of substance, or all sizzle and no steak etc, another ''NVIDIA is literally subsidizing / “paying” customers to buy their hardware - and Wall Street is treating it as revenue'' >>> bottom line 'when' the music stops, it 'will be a spectacular fall-out and reset, I'm waiting, usual FX risk on reaction, CROSSJPY, USDJPY higher, equity markets right back to highs, let's see of this 'Senate deal' is not a ''buy the rumour and sell the fact'', no-one will get $2000 check in the post.. don't count on it, GOLD, precious metals, easily back up #monetization !..
Trade : Trump tacos' on Swiss tariffs, same old same old, a lot of shouting, threats and eventuel TACO action
Geopolitics : Israel and Iran on the brink of a new war — The New York Times,
Fed's Miran said 50 bp cut appropriate for December and 25 bp cut at a minimum
Shock COP Dirty Secret: at least half the Balsa Wood in wind turbine blades is illegally logged in Amazonian rainforests #windpower
Warren Buffett will stop writing the firm’s annual letters and speaking at its meetings, going quiet !
Switzerland is said to be close to securing an improved 15% tariff on its exports to the US. Levies on Indian goods will be lowered “at some point,” Trump said. And China plans to fast track approvals of rare earths to US companies with no military ties
Is THIS time actually different ? AI potential bubble, this is well explained, NVDIA is literally subsidizing / paying customers to buy their hardware and WS is treating is as revenue.. is this sustainable, or even profitable long-term ? 15 minutes video, well worth a watch imho: It's Happening Again and Nobody’s Talking About It
OR is it nowhere near the top, sustained compute scarcity and pricing power still driving
The big short is trying to prick this bubble.. not going to be easy, but fair to say 'earnings fraud' has been mentioned in few places, last few months, that all said, as we saw last few days... it's hard too hard for the bears, ALL ABOUT LIQUIDITIES, SOFR... ‘Big Short’ Michael Burry exposes big tech’s ‘common frauds of the modern era’
ALL about liquidities..
Meanwhile, rest of the world gets richer and richer, have you ordered yours ? FLIBS 2025 review: Industry reports indicate "massive demand for yachts above 60 metres"
And this - pure madness -lies Drax still burning 250-year-old trees sourced from forests in Canada, experts say | Drax | The Guardian
AI bubble? Well of course it is. Today's market is all about the story. One day it will be about the price again.. so dance near the door and hang on to gold - nice podcast for a car jouney
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