I won’t dress this up. I hated the session. It was as if ORCL and other datacenter stocks sucked all of the money out from the tape and spit names out with reckless abandon. Sure, we made +69bps today — nearly 40bps above SPY — but everything else was drek. I think the reason was...Read More

Last quarter Ellison described how datacenter demand was “insatiable“:Oracle just got an order to take every bit of AI compute they have. Europe, Asia, wherever. Larry Ellison says demand is “almost insatiable.” CapEx is going up and it still won’t be enough. This is the AI infrastructure gold rush. $ORCL $NVDA pic.twitter.com/GZWMJvsUMA— Ben Pouladian (@benitoz)...Read More

Markets mailed in a flaccid day but we were entreated to some ribald gains, booking +105bps for the session, +82 over the SPY. It feels like an eternity going through several sessions without something asymmetrical happening to me. But alas we are here now and steaming higher.Gains were largely attributed to HOOD +15.5% after being...Read More

There is not a more important question than the current yield of treasuries and the direction in which it is heading. Let’s lay out the bull and bear scenarios.CASE FOR LOWER RATES:Inflation has moderated to the point that job market softness outweighs the dual mandate importance, demanding immediate action by the FOMC.Although debt burdened and...Read More

Jobs came in much weaker than expected at +22k for the month with a downward revision for June, placing it in negative territory for the first time since 2020. The initial response was ribald gains and then at around 9:40am I noticed a distinct rotation, the stuff I’ve been mentioning the past month — out...Read More