First day of Israel-Lebanon talks reportedly ended without any progress; Israeli Defence Minister said they will not withdraw from Southern Lebanon, even if the US asks them to do so; GOOG said to lose two more AI staffers to Anthropic; GOOG to replace VZ in DJ; OpenAI & AVGO unveil LLM-optimised intelligence processor; Mixed Aussie inflation; ECB's Schnabel views more hiking as needed to get to 2% inflation; EIA crude stocks draw more than expected; Weak US 5yr note auction.

"How management communicates the evolution of LTAs and balances near-term revenue trade-offs against longer-term stability will likely determine whether the stock can extend its re-rating from already elevated expectations."

EEM = Asia AI + volatility + leverage

Luna and her allies are using the only leverage they have: the ability to make the House floor a dysfunctional mess.

"Iran will not have the ability to close the Strait of Hormuz going forward."

 

Exposure to Medium-Term Momentum remains near record highs...

"We expect the title to catalyze a sustainable, multi-year improvement... "

Reactor developers are moving from site prep to technology selection 

Gold. China. Central bank reserves - None of them have killed the dollar.

The Long-Only demand here is super interesting, albeit thin...

“The one pillar which remains strong is central bank demand, and we expect this to be the case for some time to come...”

Oil tanker rates have soared since the US and Iran announced the memorandum of understanding as oil importers scramble to charter vessels to pick up Persian Gulf cargoes in the hope these can transit the tentatively reopening Strait of Hormuz

With the markets navigating a mixed macro backdrop and as hedge funds reposition heading into the summer, Goldman's trading desk has observed the following notable movements in crowding across US sectors and themes.

Overall, this was a rather disappointing auction, and one which pushed yields fractionally higher from the lows of the day, although considering the big slide in the 10Y from 4.49% this morning to just over 4.40% we doubt too many will lose sleep. 

"Multiple drones interconnected & moving as one with smaller drones below the bigger drones like legs..."

A major fuel supplier to the whole region...

Livermore’s rules remain just as valuable in 1940 as they are today because human behaviors largely remain the same...