Quick Market Update

• Futures are higher. Oil is down.

• SpaceX IPO was strong, brokers were cutting allocations to retail in favor of the institutional allocations.

  • Elon is projecting $1T in rev by 2030

  • 51% of Tesla/SpaceX merger by end of year

  • Oppenheimer is saying ASTS, BKSY and IRDM will benefit from SpaceX

• Price is always more important than the narrative

• Gold oversold but technically in a downtrend now so stay away.

Anthropic’s new Fable model (Mythos with guardrails) had a jailbreak loophole so the US Gov basically banned it. This is just the tip of the AI iceberg. >80% of people have no clue what is coming and how big these datacenters are. There will be companies that go under, but a few will prevail and change the entire world. China just released GLM 5.2 an OPENSOURCED model that is pushing incredible scores.

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Bloomberg free cash flow estimates are extremely high in 2 years. THIS IS WHEN MASSIVE UNEMPLOYMENT WILL HAPPEN.

7250 on the S&P held.

% Of S&P above 200ma still showing a strong broadening. Markets are not narrow like ‘99. This needs to stay above 50% for us to continue to be constructive on Equities

Healthcare still strong.

We found this chart to be interesting. It is how the hyperscalers use “commitments” to get debt off their balance sheet to build these massive datacenters.

A make-or-break point for the JPY. Something needs to happen.

Bitcoin sitting firmly at the 200ma.

Ajinomoto had a strong week.

ASML: NEW HIGHS. Elon is pumping ASML as the terafab partner. This is confirmation investors needed.