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Tariff ruling, appeal now likely / TACO / JPN verbal YCC / NVDA up / FOMC minutes: 'on hold' / AI job impact...

  • Writer: Stéphan
    Stéphan
  • 5 days ago
  • 4 min read


  • Most of Donald Trump’s global tariffs were deemed illegal by the US Court of International Trade, that could throw the president’s global trade policy into disarray. The White House will appeal the ruling, which laid out a 10-day deadline for the levies to be stopped, it will now be followed by an appeal process (who knows with Trump who de facto owns the supreme court..) and President Trump's budget bill is about to meet the realities of the Senate, where the rules of reconciliation could help Democrats force changes to the bill >>> there are 3-4hours till Donald wakes up and will start to tweet....stay tuned

  • Dario Amodei — CEO of Anthropic, one of the world's most powerful creators of artificial intelligence — has a blunt, scary warning for the U.S. government and all of us:

    AI could wipe out half of all entry-level white-collar jobs — and spike unemployment to 10-20% in the next one to five years, Amodei told us in an interview from his San Francisco office

  • Markets : NVDA beat (what else, although the stock price is near highs again, althought GROSS margins down from 71% to 61%..if you want some negative), ''There is no justification for this type of equity multiple given restrictive monetary policy, trade war and macro uncertainty'' (JPM), If Putin doesn’t watch out, Trump might be forced to go ALL CAPS on him sooner or later, yesterday Trump ordered U.S chip software suppliers to stop selling to China (doesn't make any economic or strategic sense really), Trump clamping down on foreign students too (its really about China) >>> UST30y 5+ again, equity not far off highs, seems a little too bullish but hey, USD rebounded too on FOMC minutes (on hold..) and tariffs ruling (as FX clauses in future trade deal less likely

  • #JGB's are the 'captain' now in bond world (UST's 2-3years ago) : Japan’s verbal YCC (Yield Curve Control), IMHO, is not a signal of strength or stability that should reassure ' bond investors' in Japan and globally, this action is more of a signal of systemic strain

  • BlackRock issues a rare warning about the quantum computing threat to Bitcoin in their latest iShares Bitcoin Trust filing >>> you cannot ''quantum'' Physical GOLD #XAUUSD

  • Saylor says on chain proof-of-reserves a ‘bad idea’ due to security risks >>> reminder: he was found guilty of accounting fraud in 2001

  • Ramaphosa’s treatment at the White House cemented that the U.S. is writing itself out of the African continent’s future

  • Lavrov: Ukraine-Russia direst talks will resume thanks to support from the US, Saudi Arabia, and Turkey. The first round after resumption took place on May 16 in Istanbul

  • Walter Isaacson predicts inevitable merger of xAI and Tesla

  • Germany to fund long-range weapons in Ukraine, says Merz



There are many, but this could be one of the best headline yesterday :


“I went to Saudi Arabia, Qatar, and UAE, and we brought back $5.1 trillion. So I made that money in about two hours.” - Trump Good news guys. Vague CapEx commitments now count as after tax free cash flow


The best part of the news cycle this week is the introduction of TACO - that’s going to stick around and annoy him >>> “The open air grifting feels like it has now reached bubble status. The collective invulnerability is palpable with participants at all levels believing it is unstoppable. No one believes the crowd’s moral compass will swing back. Put simply, it feels like something big is about to happen.”




AND





RIP American AI industry. According to a recent study by the Paulson Institute, 38% of the top-tier AI talent working in the US are Chinese, more than Americans themselves.













 
 
 

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