JUST IN: 🇺🇸🇨🇳 Nvidia $NVDA and AMD agree to pay 15% of Chinese chip sales revenue to US government, FT reports.

Gold and Bitcoin being the best-performing assets of the year tells you all you need to know

There are some great-looking crypto charts out there rn, but finding it hard to see anything that looks as good as gold. 4-month base, failed breakdown, defined invalidation below the 50dma. Gold feels like a bit of a narrative sponge here fundamentally.

Total crypto market cap excluding BTC & ETH nearing all-time highs

COLLEGE: Harvard and Brown have bought $IBIT. Harvard is pretty sizable too, the 29th biggest holder out 1,300 holders. IMO Endowments are the hardest institution to hook, they rarely bite on ETFs.. h/t @TheBlock__

Deloitte’s ’25 survey shows why Gen Z & Millennials are hyper-gambling across asset classes: - 52% live paycheck to paycheck - 48% of Gen Z & 46% of Millennials feel financially insecure (up from 30% & 32% in ’24) - ~40% fear they’ll never retire comfortably - ~35% struggle to cover monthly expenses Desperation + lack of hope are why they're letting it rip

ETH volume exploding to the upside, > BTC volume 14 days in a row now, closest thing in the past is summer 2022 reversal (n=1) not necessarily bearish but fair to say price is working through lots of supply

The probability of long end rates blowing out to new highs is greater than the probability of a recession

Few mkt thoughts as we end the week Still like gold, hate long-duration bonds. Gold looks ready to crack its 3450 highs finally soon, yields making a higher low here, Gold/Bonds seemingly in a bull flag. Also added $glxy this week on the pullback to 26, see bottom right chart.

Upside risk is the new downside risk. 08 was the spark, 2020 was the entrenchment of destructive QE and politically driven global fiscal mania. The reason homes cost so much, insurance, HC, cars, schools - anything with a modicum of scarcity is ballooning is because your purchasing power is crumbling in real time. If you cannot gather assets quickly enough, you will be shut out of these essentials by inflation, it has already begun. Politicians have chosen to inflate numbers through immigration to paper over this dynamic, which only serves to further pressure prices of scarce assets. I truly believe this is the regime the dictates investing until the next bust or war arrives. So you need to be long, levered long to outpace where asset price are going. Long Equities / Short Bonds - I think this works for decades Long brokerages for the gambling bid Long both Gold and BTC for debasement Long AI / Industrials for the GDP growth which is the only viable solution.