The $100B Refund Most Investors Ignore
Washington is refunding more in tariffs than it collects. Gold is a quiet beneficiary.
SanDisk Is Rewriting the Memory Hierarchy
The $93.9B contract floor answered the cycle question. High Bandwidth Flash is the one Wall Street hasn’t priced yet.
Two Reports Just Killed the September Hike
July CPI hit 3.4% as hiring turned negative. The Fed hold case is now the consensus trade.
Iran Just Set a 2029 Clock. MPC Is the Trade.
An Iranian adviser signaled the Hormuz standoff may last into 2029. Marathon Petroleum just posted $17.73 in adjusted EPS. The two facts belong together.
The Floor Under $4,400 Gold Is Not Iran
Central banks bought a Q2 record 289 tonnes as prices fell. That structural bid is what matters now.
Terafab Is Not a Building. It Is a Supply Chain Argument.
SpaceX and Tesla committed $16.8 billion to phase one of a 100-million-square-foot chip megafactory in Grimes County, Texas. The $119 billion ceiling gets the headlines. The execution gap is where the real trade lives.
SMCI’s Margin Doubled. That’s the Number That Matters.
A revenue miss still sent SMCI up about 10%. Gross margin rising to about 17% is rewriting the investment case.
Nvidia Just Turned GPUs Into Collateral
A $500 billion financing consortium reframes AI compute as infrastructure debt. The real debate is whether chips can hold their value long enough to repay it.
$963B in Interest. The Japan Risk Nobody Is Pricing.
The CBO’s August update just raised the debt-service alarm. The 30-year auction Thursday is where the real stress test begins.
The $78-Per-Share Spread Nobody Disclosed
The Adit Ventures case is a warning for pre-IPO funds promising access to SpaceX, Klarna, and the next blockbuster listing.